The companies have reported that their confidence in the reform has significantly risen from 59% in 2022 to 84% in 2024
On Wednesday, A Deloitte India survey said that at least 84% of India Inc. has expressed strong support for the implementation and has called for progressive steps to take the regime to a new level. The Deloitte @ 7 survey disclosed growing confidence in GST among C-suite and C-1 level executives. It highlights the positive impact of GST automation and a consultative environment in policy preparations.
According to the reports, the companies have reported that their confidence in the reform has significantly risen from 59% in 2022 to 84% in 2024. Automation of tax compliance, including e-invoicing, continues to be voted as a peak performance area, The enhanced and continued stakeholder consultation, leading top the issuance of clarificatory instructions was considered as a positive step.
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The survey also spotlights the areas where more reforms are needed which include, rationalising tax rates, offering an effective dispute resolution process, removing credit restrictions, adopting anonymous assessments, liberalising export rules and implementing a compliance rating system.
Goods and Service Tax (GST) which subsumed 17 local taxes and charges was rolled out on July 17, 2017. Deloitte India conducted this survey to capture India’s Inc.’s view on this transformational tax reform marking the seven years journey of GST.
Deloitte India Partner and Leader Mahesh Jaising said, ” India INC has enhanced confidence in the workings and efficiency of the GST governance. Such positive sentiment is reflective of supply chain efficiencies, the benefits of tax, technology and continued stakeholder engagement on GST policy truly matters.
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The survey suggests easing GST registration to support the Micro, Small and Medium Enterprise (MSME) by implementing streamlined processes, like virtual verification and standard documentation across the country. These would help MSMEs navigate compliance challenges and contribute more to India’s economic productivity.
Deloitte India LLP conducted the GST@7 survey in May 2924, which comprised of 40 questions and received 760 responses from key sectors.
