Moneycontrol Podcast 4674: What are next steps in India's GST evolution?
Jul 1, 2025
In this discussion, Mahesh Jai Singh, a partner at Deloitte India with a tax specialization, and Saurabh Agarwal, a tax partner at EY India, illuminate the complexities of India's Goods and Services Tax (GST) after eight years in play. They highlight rising consumer satisfaction and the ongoing challenges faced by MSMEs. The conversation explores potential reforms to simplify tax processes, optimize GST rates, and enhance economic growth, while addressing the balance between compliance and revenue generation for the government.
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GST Growth and Buoyancy Success
- India’s GST collections doubled from 11.1 lakh crore to 22.1 lakh crore in 8 years.
- Taxpayer base and detection cases have significantly increased, boosting tax buoyancy above 1.0.
High GST Satisfaction Among MSMEs
- Surveys show rising GST satisfaction, with 85% positive sentiment overall.
- MSMEs share high satisfaction at 82%, reflecting broad approval despite complexities.
Factors Driving GST Revenue Growth
- Formalization, technology, and quarterly filing boosted GST collections and compliance.
- Increasing taxpayers and economic growth underpin optimistic future GST revenue projections.