Businesses Embrace GST, Seek More Reforms: Deloitte Survey

Businesses in India have widely adopted the Goods and Services Tax (GST) system, but still seek more reforms and clarity in indirect taxation, according to a survey by professional services firm Deloitte.
The e-invoicing and e-way bill systems have significantly improved compliance and transparency through India's trusted tax framework, GST Network. As per the survey, more than 90% of businesses report that the current GST system has improved their ability to manage accounts, track compliance, and reduce manual work.
However, 80% of businesses expressed concerns about additional GST compliance requirements, and 52% want the implementation of a single rate of 18% for all goods and services.

Key findings:
* 91% of businesses believe that the current GST system has improved their ability to manage accounts
* 80% are concerned about additional GST compliance requirements
* 52% seek a single rate of 18% for all goods and services
* Small and medium-sized businesses are facing more challenges than large corporations due to compliance complexities and settling the GST amount.

While the GST system has largely been seen as having a positive impact, there are many areas for improvement, according to stakeholders. The government will need to consider these concerns and provide the necessary support to ensure that businesses can fully leverage the potential of the GST.