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• Survey conducted among 1000+ MSMEs across 22 Indian cities;
• 72% MSMEs feel GST will have high impact on simplification of Indirect Tax strucutre;
• 53% foresee GST implementation driving more investments in technology;
• More than 70% MSMEs foresee a low to moderate impact on reduction in cost of warehousing and operating cycle of their business
• Product/ service pricing, cost allocation and training of employees seen as key areas facing readiness challenges
Mumbai, June 29, 2017: Dun & Bradstreet, the world’s leading provider of global business information, knowledge and insights, in association with SAP today concluded a pan-India survey on GST readiness among MSMEs.
Speaking about the survey findings, Ms. Preeta Misra, Director, Learning & Economic Insights Group - India, Dun & Bradstreet, said “MSMEs are understandably excited and anxious on the eve of the rollout of GST. Though there are challenges in terms of readiness, we believe and our survey points out that this game-changing initiative will receive overwhelming support from MSMEs.GST will definitely lay the foundation for a double digit economic growth in the country.”
The Survey touched six critical areas for implementation of GST and probed MSMEs for their inputs on 37 questions.
When probed about the impact on business in India 72% MSMEs feel GST will have high impact on simplification of Indirect Tax strucutre, while 53% see a low impact on reduction in compliance requirements. Interestingly when asked about the impact of GST on their business, 53% is of the opinion that it will increase the technology cost where as the same number of respondent also sees a potential to increase market share due to uniform tax structure.
54% believe GST will help them in geographical integration of business where as on the impact of business operations 78% feels GST will help in internal control and complaince.
However when probed about the readiness of implementing GST,MSMEs have few miles to cover. Training, system upgradation, product and service pricing are few areas of concern.
Current level of readiness for each area
About Dun & Bradstreet (D&B):
Dun & Bradstreet (NYSE: DNB) grows the most valuable relationships in business. By uncovering truth and meaning from data, we connect customers with the prospects, suppliers, clients and partners that matter most, and have since 1841. Nearly ninety percent of the Fortune 500 and companies of every size around the world, rely on our data, insights and analytics.
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For more information, please visit www.dnb.co.in
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