GST Impact
90 pc businesses feel GST broke barriers, made doing business easy: Deloitte Survey
New Delhi: Contrary to the opposition against the GST regime, 90 percent of Indian industry leaders feel that GST has made doing business easier as it removed barriers across the country, a Deloitte survey said on Wednesday.
The GST regime has also positively affected the prices and costs of goods and services to end consumers, and helped companies optimise their supply chains, Deloitte GST@5 Survey 2022 found.
The industry captains hailed the automation of tax compliances and the introduction of e-invoicing/e-way facility as the most important reforms introduced by the government.
With the introduction of GST came a simplified tax regime that enabled the ease of doing business backed by technology upgrades to facilitate auto-population of monthly and annual returns were the key asks from industry leaders, as per the survey.
The GST regime, which was rolled out on July 1, 2017, subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses.
"The buoyancy in the tax collection in recent months is an indicator of the success that this technologically driven tax reform has brought into the system and reflects the taxpayer-friendly nature of GST regime," noted Mahesh Jaising, Partner and Leader - Indirect Tax, Deloitte Touche Tohmatsu India LLP.
"Ninety percent Indian CXOs across key sectors have backed this dynamic and technologically driven indirect tax regime. Industry leaders are of the view that 'one nation, one tax' reform has certainly brought down barriers across the country and made doing business easy and effective for both businesses and taxpayers," the survey said.
Input tax credit matching, followed by reducing operational complexities for taxpayers are the major issues that the industry leaders want the government to resolve in the future.
GST@5 Survey 2022 is conducted by Deloitte Touche Tohmatsu India LLP.
The survey has responses from 234 CXO and CXO-1 level individuals and was completed over a period of four weeks.
It studies the effect of GST across sectors, including consumer; financial services; energy resources and industries government and public services; life science and healthcare; and technology, media and telecommunications.
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