Indian industry believes that it is high time to usher in the next phase of reforms in GST administration and has called for an amnesty scheme to effectively resolve tax disputes, as revealed by a recent survey.

The survey conducted by Deloitte highlights the significant transformation that the GST administration has undergone since its inception on July 1, 2017. It indicates that businesses are increasingly embracing the simplified tax regime, with 88 percent of MSMEs reporting reduced costs for goods and services, as well as streamlined supply chains.

The survey also reveals that 80 percent of business leaders believe that the government should introduce the next phase of GST regime reforms to enhance ease of doing business and drive sectoral growth.

Respondents to the survey recognized the importance of implementing an amnesty scheme, which is crucial for resolving existing tax disputes that have been tying up business capital and government revenue.

Additionally, the survey found that 70 percent of business leaders have expressed their continued confidence in the evolving aspects of GST law, marking a 10 percent increase from the previous year. Mahesh Jaising, Partner and Leader of Indirect Tax at Deloitte India, stated that India Inc. holds a positive outlook regarding the changes brought about by the GST regime and the resulting improvements in supply-chain efficiencies.

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