A transition to goods and services tax (GST) would arguably be the most important change in India’s fiscal history as it will stitch together a common market in the country, which should eventually translate into lower costs for industry and consumers.
Also See Goods and services tax: how industry perceives it (Graphics)
Finance minister Pranab Mukherjee has set 1 April as the target date to transition to GST. The preparatory work on the transition has been restricted largely to politicians and the bureaucracy. In a survey of 304 companies spread across India which was carried out last month, Deloitte has tried to gauge the views of industry on important aspects of GST. The survey of senior finance executives gives an insight into the general views of industry on diverse areas, including rates and an appropriate target date.
The graphs below are excerpts sourced from the Deloitte survey.
Graphics by Ahmed Raza Khan / Mint