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The Indian industry considers the Goods and Services Tax (GST) as a step in the right direction. The Indian industry considers the Goods and Services Tax (GST) as a step in the right direction and the majority is satisfied, the Confederation of Indian Industry (CII) said Sunday citing his own investigation.
Releasing a survey of more than 200 companies on the first anniversary of the
GST roll-out, CII reported that 83 percent of respondents 65% are satisfied with its overall implementation, despite some start-up problems .
"A year of GST application, companies are very optimistic about the impact of the GST on the economy. The report indicated that the implementation of the GST had increased the efficiency of businesses by reducing their transportation time, due to the absence of state barriers.
"The GST had a dampening effect on retail price inflation, which could have risen to a higher level without the new tax regime," said CII CEO Chandrajit Banerjee in the release. . the evolution of wholesale prices of their supplies, while nearly 30% saw a decline in retail prices of supplies. The majority of respondents observed no change in their supply prices
"The survey also indicates a positive impact of the GST on employment as well as on the demand for goods Since it is the largest tax reform in independent India, the government is to be commended for its efficient and transparent administration, despite some "start-up problems". " , said Mr. Banerjee
.The respondents stated that the products they manufactured had been listed or filed in the GST and that they were largely satisfied with the tax rates and exemptions. granted for the supply of goods and services.
According to the report, many companies stated that they were satisfied with the process for the payment of GST taxes and interest and felt that the preservation of documents is also important.
Respondents were also very comfortable with the provisions on valuation
"The survey confirmed The return and payment of the tax are much simpler and simpler under the new regime, as well as retention of records, "said Banerjee, 1969. As for demand, 78 percent of the demand for products was found to have increased or not after implementation of the GST, while the same percentage was 90 percent for services.
The survey was based on the responses of more than 200 companies of different size, with 46 percent having an annual business turnover of more than Rs 100 crore, 29 percent with a figure of Business between Rs 5 crore to Rs 100 crore, 11 percent have a business figure between Rs 1.5 crore at Rs 5 crore and 13 percent with a turnover of over 39, an event held here Sunday, Finance Secretary Hasmukh announced that the recovery of VAT revenues in June at 95.610 crores of rupees was higher than the average monthly collection of 89.885 crores of rupees in 2017 -18. [19659003] The collection in May rose to Rs 94,016 crore.
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