India Inc Embraces GST's Simplicity but Calls for Enhanced Clarity and Dispute Resolution

India's industry leaders view the Goods and Services Tax (GST) positively, noting simplified compliance and business growth. However, they seek clearer rules and improved dispute resolution. A survey highlights calls for rate rationalization, export rule liberalization, and consistent documentation for GST registration across states.

A recent survey conducted by Deloitte reveals a generally positive outlook from India's business sector towards the Goods and Services Tax (GST), which has been in place for eight years. The tax system is credited with simplifying compliance and fostering business growth. However, calls for clearer guidelines and more effective dispute resolution mechanisms persist.

The GST@8 survey, which collated responses from 963 senior executives across diverse industries, underscores the demand for rationalizing rates and liberalizing export rules. Industry leaders also seek uniformity in audit practices between state and central tax authorities to enhance the GST framework.

Deloitte India President, Tax, Gokul Chaudhri, noted that confidence in GST compliance has grown significantly, largely due to digitization and direct collaboration between policymakers and businesses. Despite these developments, many still face challenges such as obtaining refunds and navigating complex legal interpretations, signaling areas for potential reform.

(With inputs from agencies.)