- Deloitte survey shows growing confidence in GST among C-suite executives.
- 84% of respondents in 2024 have a positive view of GST, up from 72% in 2023 and 59% in 2022.
- Positive factors include GST automation, technology, and a consultative policy-making environment.
- Key areas of improvement: rationalising tax rates, improving dispute resolution, removing credit restrictions, implementing faceless assessments, liberalising export rules, and establishing a compliance rating system.
- GST, introduced on July 1, 2017, replaced 17 local taxes and levies.
- 88% of C-suite leaders highlight challenges in audits and assessments, calling for simplification and technological integration.
- 91% advocate for extended audit timelines to enhance compliance.
- Over 70% suggest aligning pre-deposit requirements for GST appeals with pre-GST norms.
- Deloitte India Partner Mahesh Jaising emphasizes the need for further reforms to make GST more robust and responsive.
- Jaising suggests GST 2.0 should expand the tax base, rationalise tax rates, remove ITC restrictions, liberalise exports, and address compliance concerns.
Source: news.abplive.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.
