Tax Digitisation in India: Insights from Deloitte’s Recent Survey

Deloitte Survey on Income Tax Digitisation in India

• A recent Deloitte survey shows 97% of high-end corporate taxpayers are satisfied with online tax payments.
• However, 62% feel that faceless assessments and appeals need improvement.
• The second edition of the survey highlights positive perceptions toward tax technology in India Inc.
• Tax digitisation has improved the ease of doing business and compliance efficiency.
• The survey included insights from over 250 top corporate taxpayers.
• About 74% of respondents want the government to implement the Standard Audit File for Tax (SAF-T).
• SAF-T will enable near real-time reporting and compliance monitoring, following OECD guidelines.
• This system is already operational in various European nations.
• Digital transaction reporting is expected to transform faceless assessments.
• Taxpayers desire faster audits and seamless connectivity through open APIs, like GST.
• Additionally, 63% of respondents look forward to improved data exchange with tax portals.
• Rohinton Sidhwa from Deloitte highlighted the transformative impact of digitalisation on the tax landscape.
• The ease of business and efficiency gains are highly appreciated by taxpayers.
• The survey indicates that 77% of companies are increasing budgets for tax transformation in FY24.
• This marks an increase from 67% the previous year, reflecting a growing trend.
• Companies are recognizing the need for a strong, tech-driven tax ecosystem.
• Advanced technologies like RPA, blockchain, GenAI, and machine learning are being adopted.
• These innovations are propelling the digital transformation of tax functions.
• The momentum toward tax digitisation is reshaping compliance practices.
• Enhanced digital initiatives from the government are building significant trust among corporate taxpayers.