A recent survey titled “GST@8” has revealed that Indian businesses overwhelmingly view the Goods and Services Tax (GST) as beneficial.
Over 85 per cent of the 963 senior industry executives surveyed across eight sectors believe GST has simplified compliance and supported business growth since its introduction in July 2017. This marks a significant rise in confidence compared to 59 per cent in 2022.
Industry leaders have lauded the digitisation of tax processes through features like e-invoicing, auto-populated returns, and e-way bills, which have made GST compliance more efficient. However, several critical concerns remain unaddressed.
Many respondents flagged issues such as delays in refunds, differing interpretations of GST rules, and limited understanding of newer business models.
Among the key reforms sought, 45 per cent of large and 47 per cent of very large enterprises ranked dispute resolution as the top area in need of attention.
Companies want a faster, more effective system to address tax-related disagreements. Rate rationalisation is another priority, especially for MSMEs, 45 per cent of whom believe that simplifying GST rates across the supply chain is essential for maintaining competitiveness.
Uniformity in audits and documentation across central and state tax departments also emerged as a major demand. Businesses are pushing for standardised registration and compliance practices across the country to reduce delays and complications.
Additionally, the industry is calling for easier export procedures, quicker refunds, and policies that help unlock working capital trapped in GST credits.
While businesses remain confident in the long-term benefits of GST, they expect structural reforms to further improve the ease of doing business under the tax regime.
