A survey by Deloitte found that 80% of India Inc feels that the time is ripe for the next phase of GST reform. The survey also found that businesses are looking for reforms in areas such as input tax credit, returns filing, and dispute resolution.
The survey was conducted among 200 senior executives from across India. The executives were asked about their views on the current state of GST and the reforms they would like to see.
The survey found that businesses are generally satisfied with the GST system. However, they are also facing some challenges, such as the complexity of the system and the lack of clarity on some of the rules.
The businesses are looking for reforms in the following areas:
- Input tax credit: Businesses want the government to make it easier to claim input tax credit. They also want the government to extend the time period for claiming input tax credit.
- Returns filing: Businesses want the government to simplify the returns filing process. They also want the government to extend the due date for filing returns.
- Dispute resolution: Businesses want the government to set up a fast-track dispute resolution mechanism. They also want the government to make it easier for businesses to appeal against the decisions of the GST authorities.
The survey found that businesses are confident that the GST system will eventually become a success. However, they believe that the government needs to take steps to address the challenges that they are facing.
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The government has already taken some steps to address the challenges faced by businesses. For example, the government has simplified the returns filing process and has extended the due date for filing returns. The government is also working on setting up a fast-track dispute resolution mechanism.
The government needs to continue to take steps to address the challenges faced by businesses. If the government does this, then the GST system will eventually become a success.
