ET SCM GST expectations and concernsET Edge
A survey taken during The Economic Times Supply Chain Management & Logistics Summit amongst logistics industry experts on June 16th 2017 brings out following findings pertaining to GST expectations and concerns:
Key Expectations from GST
Approximately 30% of the survey participants are looking forward to convenience, ease and simplification of processes rather than tax efficiencies, which are more of a long term concern. The survey result participants are excited by the idea of simplification of the process and flexibility of operations.
Chart 1 – Top 3 expectations from GST
Percentages represent proportion of respondents who rated the factor as one of the top 3 expectations
Stakeholders are focused on vendor compliance and process related clarifications. Furthermore, they are concerned about their team’s capability to adhere and adapt to changing circumstances, as well as issues such as API integration and flow of e-way bills.
Chart 2 – Top 3 concerns related to GST
Percentages represent proportion of respondents who rated the factor as one of the top 3 concerns
Stakeholders are relying on improved technology and intensive training to help them overcome immediate teething issues. Companies expect training and IT partners to help in compliance with GST documentation, efficient and accurate tax filing & reconciliation reports and adherence to compliance to enable tax credibility.
Chart 3 – Top 3 initiatives to overcome the challenges
Percentages represent proportion of respondents who rated the factor as one of the top 3 initiatives