GST in India: Positive Industry Experience, but Improvements Needed
New Delhi, Jun 23 (PTI) India Inc had an overall positive experience with Goods and Services Tax (GST) over the past 8 years as the new tax regime has simplified compliance and supported business growth, but clarity in rules and better dispute resolution are still essential, a Deloitte survey said on Monday.
Deloitte India's GST@8 survey also called for industry demand to strengthen the dispute resolution mechanism, rationalising rates across sectors, and ensuring audit uniformity between central and state tax authorities.
Based on 963 responses from senior corporate executives across eight industries, the survey said that industry wants liberalisation of export rules, rationalising GST rates for the entire supply chain and unlocking working capital measures.
The Deloitte survey said persistent impediments to the ease of doing business under GST include challenges in obtaining refunds, a limited understanding of new-age business models and expansive pro-revenue legal interpretations by authorities remain a challenge
With regard to GST registration process, the survey suggested pan-India standardisation of registration documents, enabling simultaneous amendment and reduced registration timelines, were highlighted as key reforms to enhance the GST registration process.
