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90% Of Indian Business Leaders Believe GST Made Doing Business Easy & Effective: Survey
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India, 16 Jun 2022 12:26 PM GMT
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A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
The Deloitte GST@5 Survey 2022 found that the GST regime has affected the prices and cost of goods and services to the end consumers in a positive manner and has also helped companies optimise their supply chains.
According to a survey by Deloitte, around 90 per cent of Business Leaders in India feel that GST has made doing business easier and more accessible by bringing down barriers across the country.
The Deloitte GST@5 Survey 2022 found that the GST regime has affected the prices and cost of goods and services to the end consumers in a positive manner and has also helped companies optimise their supply chains.
GST Regime
In a report by Business Standard, Mahesh Jaising, Partner and Leader Indirect Tax, Deloitte Touche Tohmatsu India LLP, said that the buoyancy in tax collection in the recent months acts as an indicator of the success that the new technology-driven tax reform has brought into the system.
He said it reflects the taxpayer-friendly nature of the GST regime. He added that the new developments coming under the GST space would be interesting to watch.
Survey Findings
In a report by Business Today the survey stated, "Ninety per cent Indian CXOs across key sectors have backed this dynamic and technologically driven indirect tax regime."
The survey noted that the business leaders are of the view that 'one nation, one tax' reform has brought down barriers across the country, making doing business easy and effective for both businesses and taxpayers.
The survey said that when looking ahead, the industry looks forward to simplifying input tax credit matching, followed by reducing operational complexities for taxpayers. Business leaders are also considering managing tax disputes and the absence of appellate forums to resolve disputes.
Why Is The Survey Conducted?
Deloitte Touche Tohmatsu India LLP conducts GST@5 Survey 2022. The survey has responses from 234 CXO and CXO-1 level individuals and was done over four weeks. It tracks the impact of GST across multiple sectors, including consumers, energy resources and industries, financial services, and many more.
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