According to the survey more than half of the respondents revealed that their business sales post-GST implementation has declined.
· Around 43% of the respondents revealed that the technicalities followed by moving on to GSTN are slightly difficult, whereas 29% and 24% responded that they are very difficult and highly complex, respectively.
· On the questions pertinent to refund mechanism, around 55% of the respondents revealed that the refund mechanism under GST is slightly complex but time saving, whereas 35% of them responded that the mechanism is very complex and time consuming.
· Around 38% revealed that the legal cost incurred due to compliance by their business for entering into GST network was greater than INR 1 lakh whereas half of the respondents revealed that the technical cost was greater than INR 1 lakh.
· On the overall transparency scenario in the GST network, majority of the respondents said that there is less transparency in the mechanism. Around 48% of the respondents said that the refund procedure and accessibility of laws and rules are less transparent. Similarly, 43% of the respondents revealed that changes in rules and laws are less transparent.
To mitigate the hindrances created due to the implementation of GST, the report suggested various reforms in the GST regime. These suggestions include filing of returns quarterly instead of monthly; to keep supply to Merchant Exporter under zero category supply; time limit to pay vendors should be removed; GSTR 2 and 2A matching should be made GSTN wise than Invoice-Wise; to bring back all the benefits of 100% EOU companies under GST regime among others.