NEW DELHI : Industry leaders are of the view that introduction of Goods and Services Tax (GST) reform has brought down barriers across the country and made doing business easy and effective for both businesses and taxpayers, Deloitte Touche Tohmatsu India LLP said on Wednesday quoting an industry survey it held.
NEW DELHI : Industry leaders are of the view that introduction of Goods and Services Tax (GST) reform has brought down barriers across the country and made doing business easy and effective for both businesses and taxpayers, Deloitte Touche Tohmatsu India LLP said on Wednesday quoting an industry survey it held.
The GST regime has also positively affected the prices and costs of goods and services to end consumers, along with helping companies to optimise their supply chains, Deloitte said quoting the survey.
With the completion of half a decade of GST implementation in July, a majority of the industry professionals feel that overall input credit management vis-à-vis GST rules is one of the top issues faced in complying with the GST law. Keeping track of the changing tax landscape and developments ranks as the other key challenge, especially by consumers and micro, small and medium enterprises, Deloitte said.
Within the GST law and its compliance, increased tax regulations and reporting demands from tax authorities topped the chart as main challenges. Some ground still needs to be covered as far as implementation efforts go, especially to save one's time and ease taxpayers' burden during audit or investigation proceedings, Deloitte said.
"The transition to the 'one nation, one tax' reform was introduced to build an end-to-end, technology-based tax ecosystem to lower compliance burden on businesses. The buoyancy in the tax collection in recent months is an indicator of the success that this technologically driven tax reform has brought into the system and reflects the taxpayer-friendly nature of GST regime," Deloitte said in a statement quoting Mahesh Jaising, partner and leader – indirect tax at Deloitte Touche Tohmatsu India LLP.
Introduction of GST gave a push to Indian companies to upgrade their technological infrastructure, statement said.
Automation of tax compliances has brought major synergies and efficiencies compared with the erstwhile regime, the statement said.