Chief financial officers of MNCs are now betting on the positive side of the goods and services tax as almost 77 per cent of the CFOs accept that the GST is worth for implementation.
The Deloitte survey of over 250 CFO’s had cleared the point that goods and services tax has made the GST return filing easy along with enhancement in supply chain and revenues.
Also, 58 percent of the Chief Financial Officers have seen a betterment in the ease of doing business nature in India which was also the main goal of new indirect tax regime while implementation.
The challenges were also there for the top officials regarding the increased regulatory compliances increase in working capital requirements, technology up-gradation.
A CFO from a renowned MNC stated that “Introduction of GST necessitated a relook at the existing business models by CFOs, It had far-reaching implications on business functions, where the impact was on taxation, finance, legal, IT systems and supply chain. Overall, GSTs value proposition has been appreciated by CFOs.”
It was the survey held from all the listed and unlisted companies, from both private sector and PSUs; Indian and multinational companies. However, it would be interesting to see the short and medium term growth of the economy as speculated by the top financial officers.
