GST Rate Rationalisation Tops Demand List for Cos

Rate rationasation under the goods and services tax (GST) remains the top priority for businesses who are now seeking simplified tax structure, fewer slabs with more items brought under, lower tax brackets, says a recent survey.

More Sectors along with healthcare and financial services are pushing for rate rationalization to promote sect oral growth.

The latest GST@8 survey by Deloitte, involving 963 senior corporate executives, says that businesses are now confident about the stability of the GST system and they feel it is now easier for companies to manage interstate trade, with the e-way bill system reducing corruption at checkpoints.

About 85% companies have expressed their confidence in the GST system, up from 59% in 2022, saying that the regime has reduced overall tax burdens on businesses, enabling them to invest in new projects and support sustainable growth.

Digitalization of compliance processes and proactive tax policy engagement have been key drivers of this trend, the companies felt.

About 62% of respondents cited digitalization as the most impactful reform, while 48% appreciated the government’s responsiveness. Businesses said, over the period, they benefited the seamless flow of input tax credit (ITC), standardizing processes across states, and improved refunds.

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