GST made doing business easy: According to a Deloitte survey, 90% of Indian business executives believe GST has made doing business easier by removing barriers across the country. According to the Deloitte GST@5 Survey 2022, the GST regime has had a favourable impact on the prices and costs of products and services to end consumers, as well as helping businesses optimise their supply chains.
The government’s most helpful measures were the automation of tax compliance and the implementation of e-invoicing/e-way facilities.
According to the study, industry executives also wanted a simpler tax regime to encourage ease of doing business and to upgrade technology to allow for auto-population of monthly and annual returns.
On July 1, 2017, a countrywide GST was implemented, incorporating 17 local levies such as excise duty, service tax, and VAT, as well as 13 cesses. The recent increase in tax collection is a reflection of the success that this technologically driven tax reform has brought to the system, as well as the GST regime’s taxpayer-friendly aspect.
With a decision expected on the extension of the GST compensation cess, proposals to expand the scope of GST on online gaming, the establishment of the GST tribunal, and the GST small seller parity issue, new developments in the GST area will be interesting to watch.
Looking ahead, the industry hopes to resolve the issue of input tax credit matching simplification, followed by a reduction in operational difficulties for taxpayers. Industry leaders also see managing tax disputes and the lack of appellate mechanisms for resolving disputes as major concerns with long-term consequences, according to the report.
Deloitte Touche Tohmatsu India LLP is conducting the GST@5 Survey 2022. The study received responses from 234 CXO and CXO-1 level executives and was conducted over a four-week period.
It examines how GST affects consumers, energy resources and industries, financial services, government and public services, life sciences and healthcare, and technology, media, and telecommunications.
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