Four Years Of GST | 64% Businesses' Accounting Costs Increased, 28% Express Dissatisfaction: Survey

GST rates have changed several times over the 4 year period. A survey reveals that 43% of the business is satisfied with the GST.

New Delhi: GST was implemented on 1st July 2017 and it marks its 4th anniversary today. The GST rates have changed several times over the 4 year period. A survey reveals that only 43% of the businesses are satisfied with the GST.

The LocalCircles conducted a survey as GST (Goods and Service Tax) completes 4 years. The survey reveals that 43% of the respondents are happy with the GST. However, 28% of businesses have expressed dissatisfaction with GST. According to the survey, one in two traders is spending more time on GST compliance versus pre-GST business taxation.

Cost Overruns

64% of businesses say that their monthly accounting costs have increased post-GST. Around 46% of businesses complain about the issues with understanding, login, and submit information on the GSTN website. 57% of businesses say that invoice matching between inputs and outputs is their primary issue with GST.

The survey conducted by LocalCirclesreceived about 18,000 responses from businesses located in 171 districts of India. To be part of this survey all the participants had to be registered with the LocalCircles platform.