If all the arguments for GST haven’t convinced you yet that the reform will be good for our country and it will decrease corruption, crime, lower taxation, increase revenue, make inter-state transactions simpler and more — the government is now counting on an old technique: that of throwing shade.
Yep, those who comply will get a “compliance rating” from the ministry of finance” based on the regularity of their tax deposits and filing of returns. You don’t comply, your rating will be zero and for everyone to see.
So, for those who are planning to continue accepting cash, charge GST, and not report it will be in trouble, not only with the Ministry of Finance but with those they normally transact with, as the rating will be in public domain i.e. for everyone to see.
Would you do business with a company or an individual with a poor ranking?
The compliance rating will provide the name of the taxpayer as well as the GST Identification Number (GSTIN), so you have no excuse. Exact rules are still being set but if I were a merchant I would start ensuring I am GST complaint.
Will your POS be GST ready? ePaisa will be.
You still have time, but you better hurry up. Remember the lines of last December after demonetisation?