A new scheme called ‘Know your Supplier’ has been introduced so that the taxpayers are informed about the basic details of the suppliers with whom they transact or propose to conduct business.
In industry there was supplier who making tax payment on time & filing GST return on time. However few suppliers have default in GST compliances. Due to which buyer faces problem in claiming GST Credit. From buyers point it important to ensure all purchases ITC is reflected in GSTR 2A. GST Council decided to introduce Know Your Supplier Scheme to solve this trade problem.
Know Your Supplier Scheme was introduced in GST for benefit tax payers. Purpose of this scheme was that buyer can check details of Registered GST suppliers online from government site. This information will help buyer to check genuine suppliers. This information help to find supplier who paying tax & filing GST returns on time. Below information available under this scheme. Click to check details https://services.gst.gov.in/services/searchtp
GST Council held 39th meeting on 14 March 2020 some of key decision was taken in meeting. One of decision was introduction of Scheme called Know Your Supplier Scheme. Notification is pending for this scheme. Once notification is issued this scheme will get active.
