LatestIncome Tax 24 June 2026
Businesses Embrace GST, Seek More Reforms
A Deloitte survey reveals that nearly 69% of Indian businesses support expanding the refund formula for Goods and Services Tax (GST) to include all input taxes, as they struggle to adapt to the new tax framework.
Businesses Seek More GST Reforms
A recent survey by Deloitte has shed light on the sentiments of Indian businesses navigating the Goods and Services Tax (GST) regime. With nearly 69% of respondents supporting the expansion of the refund formula to include all input taxes, it's clear that many businesses are still struggling to adapt to the new tax framework. However, they remain optimistic about the long-term benefits of this 'digital GST' system.
Some key takeaways from the survey include:
- Majority support for refund formula revisions: Almost 7 in 10 respondents are in favor of revising the refund formula to include all input taxes.
- Persistence of GST challenges: Despite the government's efforts to simplify GST, businesses continue to face numerous challenges, including complex tax rules and lack of clarity.
- Trust in India's tax framework: Despite the difficulties, the majority of respondents still express trust in India's tax framework.
Need help understanding this update?
Connect with our domain experts instantly via WhatsApp for customized legal guidance.