Know your supplier Scheme: GST Council to propose a new rule for rating of a supplier
It has been in news that GST Council has proposed that a new rule should be insertered in the CGST rules, for indentification of non-compliant supplier. This Scheme has been referred as “Know your supplier” Scheme
This is being done so that a bussiness can identify if a supplier is compliant or not and can take his bussiness decisions accordingly.
It is anticipated that, existing GST Identification number will now display rating of the person on GST Portal. In case of poor rating one can understand that doing bussiness with the vendor can lead to Input loss.
Source : CNBC TV-18