Indian Inc.’s confidence in Goods & Services Tax (GST) has grown to 84 per cent in 2024 as against 72 per cent in 2023, a survey by Deloitte said on Wednesday. The survey has been done at a time, when the new indirect tax regime is set complete 7 years.
- 84% of respondents reported a positive perception of GST in 2024, up from 72% in 2023.
- The survey was conducted by Deloitte and involved top executives from various industries.
- The survey suggests easing GST registration for MSMEs through virtual verification and standard documentation.
- Positive sentiment towards GST is attributed to supply chain efficiencies, tax benefits, technology, and stakeholder engagement.
- Recommendations for GST 2.0 include expanding the tax base, rationalizing tax rates, removing ITC restrictions, liberalizing export rules, unlocking working capital, and addressing compliance issues.
- The survey involved 760 responses from sectors like consumer, energy, healthcare, technology, banking, and government services.
- Key areas for reform include rationalizing tax rates, effective dispute resolution, removing credit restrictions, faceless assessments, and a compliance rating system.
- 88% of C-suite leaders identified challenges in audits and assessments, highlighting the need for simplification, technology integration, and capacity building.
- 91% of leaders support extending audit timelines to improve compliance.
- Over 70% of respondents advocate for aligning pre-deposit requirements for GST appeals with pre-GST norms.
- The survey’s recommendations are expected to be discussed at the upcoming GST Council meeting on June 22.
Source: thehindubusinessline.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
