• 16 Jun 2022 05:35 PM
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GST made it easy to do biz, says Deloitte industry survey

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Industry leaders are of the view that introduction of the goods and services tax (GST) 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 that it held.

Industry leaders are of the view that introduction of the goods and services tax (GST) 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 that it held.

The GST regime has also positively affected prices and costs of goods and services to end consumers and also helped companies to optimise 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 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 is another 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.