India Inc.’s Tax Digitalisation: A Technological Revolution
The Financial Express reports on a transformative shift in India's tax landscape, driven by digitalisation and innovative technologies. According to the second edition of Deloitte India’s Income Tax Digitalisation survey, there is an increasing trust among Indian corporations towards technology-driven tax solutions. The government's push for innovation has significantly enhanced business efficiencies and reduced compliance burdens.
The report highlights that 92% of organisations have either adopted or plan to adopt advanced technological platforms within five years—a notable increase from less than 80% earlier this year. This trend underscores the growing recognition of AI/ML, GenAI, robotics, blockchain, and other cutting-edge technologies as essential tools for streamlining tax operations. Furthermore, over half of these organisations express confidence in integrating such innovations into their systems.
Deloitte's findings also reveal heightened expectations around real-time reporting capabilities facilitated by government e-initiatives like Standard Audit File for Tax (SAF-T) and open APIs for seamless data exchange with portals such as GST. Approximately 74% anticipate SAF-T will enable near-instantaneous audit processes while enhancing compliance monitoring efficiency; meanwhile, 63% look forward to leveraging API connectivity improvements.
Rohinton Sidhwa from Deloitte India emphasizes how the upcoming 'Viksit Bharat' budget aims at furthering R&D efforts alongside ongoing digitisation endeavors—ultimately reshaping administrative frameworks across sectors including taxation itself! Notably noteworthy too are plans announced recently regarding full-scale digitisation initiatives targeting remaining income-tax services slated for completion in the next two years, thereby promising streamlined, user-friendly experiences overall!
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