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In the 39th GST Council meeting, a new facility called Know Your Supplier (KYS) was introduced. This facility will benefit the recipient of goods or services under the Goods and Services Tax (GST) law.
The new facility called ‘Know Your Supplier’ (KYS) was introduced to enable every registered person to obtain some basic information about their suppliers. The suppliers can be either with whom they conduct or propose to do business in future.
The government previously wanted to implement the compliance rating system that gives a rating to the suppliers based on their accuracy in invoice uploading, regularity in return filing and compliance with the other law requirements.
This rating system needs a separate mechanism to be established by the government. The government believes that it is better to provide suppliers with information to the recipients so that they can make the best assessment of the suppliers before continuing to do business with them.
At the press meet after the 39th GST Council meeting, the Hon’ble Union Finance Minister explained that this facility was inspired by the ‘Know Your Customer’ (KYC) scheme. The KYC is a process where banks collect proofs to identify the existence and genuineness of their customers.
This facility might be made available to the taxpayer only after he logs into the GST portal. This facility provides information about the existing suppliers as well as the proposed suppliers. A user may be able to enter the GSTIN of the supplier available on his record to fetch further details about the regularity of GSTR-1 filing and so on. However, further details about the functionality are yet to be notified as on 16th March 2020.
The taxpayer can get access to the authorised information submitted by suppliers at the time of GST registration or at the time of amendments to their GST registration.
The KYS facility will launch soon. As of 16 March 2020, the date of the launch is not notified yet by the Council.