According to the recently held survey conducted by Deloitte one month before the 5th anniversary of GST law, 90% of businessmen and industry leaders showed a positive response. According to them, the GST regime has made businesses easy along with helping companies optimise their supply chains. It has also made business easier by bringing down the uneven barriers of taxes across the country.
The survey named GST@5 Survey 2022 is conducted by Deloitte Touche Tohmatsu India LLP and it has surveyed some 234 CXO and CXO-1 level individuals which were done over a period of four weeks. The survey is based on the impact of GST on different sectors like consumers, energy resources and industries, financial services, government and public services, life science and healthcare and technology, media and telecommunications etc.
According to the survey, automation of tax compliances and the introduction of e-invoicing/e-way bill facilities emerged as the most liked and beneficial reforms introduced by the government.
According to the industry leaders and businessmen, GST law has simplified the tax regime by promoting the ease of doing business and upgrading technology to facilitate new reforms and auto-population of monetary and annual returns. Goods and Service Tax Act which subsumed 17 local levies and 13 cesses were introduced by the central government on the 1st of July, 2017.
The act was introduced with the aim to introduce the concept of one tax, one nation. Earlier different types of taxes were used to levied on different items. It was introduced and enacted to bring uniformity in the taxation area across the country.
According to Mahesh Jaising, Partner and Leader at Deloitte Touche Tohmatsu India LLP, “the buoyancy in the GST collection in a couple of months is an indicator of the success of GST law and also this technology-driven act has brought happiness and positivity”. He also stated that the GST regime and act are user-friendly and quite easy to access and understand.
He further added that it will be interesting to watch new developments under this GST law and other proposals which can be accepted in the future such as an extension of GST revenue compensation from the center to states, Increased GST on online gamine and cryptocurrencies, setting up of the GST tribunal and GST small seller parity and grievances issues.
According to 90% of businessmen and industrial leaders, the Goods and Service Tax law has definitely eliminated the borders and barriers across the country by introducing uniformity in the Goods and Service Tax regime.
Looking forward the industry leaders and businessmen are now hoping to find solutions to simplify the input tax credit matching, reduce operational complexities for taxpayers etc, manage tax disputes, and set up appellate forums to resolve significant issues leading to serious long-term effects and ramifications added by Mr Jaising.