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.
