The GST Council held its 39th Council Meeting on 14th March 2020 in New Delhi headed by the Union Finance Minister Nirmala Sitharaman who had some new announcements under GST.
According to the GST Council Meeting, the implementation of e-invoicing and QR Code generation has been extended to 1st Oct 2020 for companies with a turnover above 100 CR. Also, the date of implementation of the new returns has been extended to 1st October 2020. Taxpayers can continue with the current return system (GSTR-1 & GSTR-3B) until September 2020. The deadline for GSTR-9 & 9C has been pushed to 30th June 2020 for the financial year 2018-19. It also stated that the taxpayers having an aggregated turnover less than 2 crores for the financial year 2017-18 & 2018-19 need not pay any late fees for the delayed filing of GSTR-9.
They also announced a new scheme known as “Know Your Supplier”. According to this, every registered taxpayer can have access to the basic information about the suppliers with whom they are planning to do business. Although it is not detailed out as to what this will include, Cygnet is already providing GRC score that can help you know your vendor better
Know Your Supplier using Cygnet’s GRC Score
GRC Score or GST Returns Compliance Score is a rating calculated based on the returns filing trends of a company. GRC score comprises of score based on a company’s GST returns filing trends (GSTR-3B), over the last 12 months.
The score is scaled from 0 to 100. If a taxpayer gets a score of 100/100 this indicates that the taxpayer has filed all returns on time in the past one year. But if the score is 0/100 it clearly states that no returns were filed over the last 12 months. The score is generated based on the delay in filing returns. Filing returns on time can be taken as a healthy indicator of an organization’s cash flow. In case a company is running out of cash in their business, they will postpone their tax filings rather than hitting their daily business operations. GRC calculations are definitely a very strong indicator of an organization’s health.
Understanding the score is not at all difficult. The score is calculated as on the date, which means if you calculate the score today then your score will be based on the returns filed to date.
Choosing the right Vendor gets easy!
Cygnet GSP’s GST software has solved the problems of many organizations. Our existing clients are already having access to this tool and they can know their vendor through the GRC score. They can see the score which if is less than 45/100 and or more than that they know what decision to take.
Cygnet GSP’s GRC Score is a good indicator of a company’s health and here you get all the details of the vendor you plan to do business with. It helps you assess the vendor before you make any kind of business agreement. Being a government recognized GSP it already has access to the public records of all the companies filing their returns.
You can use this tool through the ASP GSP or as a stand-alone to calculate the score of your Vendor. For standalone access, simply visit www.gstreturnscompliance.in and enter the GSTIN of your vendor.
Benefits of GRC Score
The GRC Score has multiple benefits. With the help of the GRC Score, you can assess your customers, vendors and get 100% authentic data. Read the below points to check how.
Assess your Customers
This is especially for banks and financial institutes who give loans and see the upcoming defaulters. It helps banks and financial institutions to be aware of any kind of fraudsters or defaulters. If they haven’t filed their returns on time, then it’s an alert for them. Hence, the GRC Score is beneficial to them.
Assess your Vendors
To understand whether you should do business with them or no, based on their filing patterns. As already discussed above the GRC Score gives you the privilege to know your vendor before doing business with them, so that you don’t face any kind of issue in the future.
Get 100% Authentic Data
The GRC Score gives you 100% authentic data as it is a government recognized GSP, it has access to the pubic records giving you only genuine and authentic data.
Why Choose Cygnet GSP’s GRC Score
Cygnet GSP is well known and trusted Tax technology firm and is one of the best GSP’s in the country offering integrated solutions for E-invoicing, E-way Bill and New GST Returns. If you want to avoid any kind of defaulting or loss to your business, then this is the best solution for you.
To know in detail about GRC Score you can refer to our Blog and get a clear understanding as to how the GRC Score will be beneficial to you and your business. You can also contact our experts on email@example.com or read more about GRC Score.