As of now the Indian public is not sure of the future benefits of GST and have considered it to be disruptive for the business community in the recent polls conducted. Around 64 percent respondents told that they assume that the GST had led the business community into turmoil at any given time after the implementation.
Harris Poll on behalf of the International Federation of Accountants (IFAC) which was conducted from October to November covered over 1200 respondents in its survey. The research and survey were done in order to gain access to the insights of the general public on the issues being faced by the accounting professions sector and other related problems.
As the poll results showed that 64 percent general public believed that the goods and services tax has made some complication in the business community since launch. While 76 percent public stated that a business unit needs a professional acquainted with accounting knowledge to make business in line with GST.
In the poll, it was unearthed that the SMEs will be close to 50 percent of country’s GDP by 2020 as there are currently 50 million entities right now. IFAC President Rachel Grimes stated that “SMEs make up an increasingly large part of India’s economy and the accounting profession plays a critical role in helping drive small business growth, financial transparency and success in India.”
Read Also: GST (Goods and Services Tax) Impact on SMES, MSME and Startups
Coming to another 70 percent respondents who think that latest technologies like blockchain, automation, artificial intelligence (AI) may become a threat to the accounting professionals in the near future. While many of them around 64 percent said that they will not be believing AI alone for their business and accounting needs.
While many of them close to 80 percent said that financial transparency in the economy is kept stable by the accounting profession.
