74% of High-End Corporate Taxpayers Favor Real-Time Tax Reporting: Survey

A recent survey revealed that 74% of India’s top corporate taxpayers favor near real-time tax reporting and compliance monitoring. Conducted among 250 high-end corporate taxpayers, the survey highlights a preference for technology-driven tax solutions. Key insights include the need for real-time updates on tax compliance, interest in tax e-wallets for faster refunds, adoption of the Standard Audit File for Tax (SAF-T), and implementation of APIs for seamless connectivity. Over 57% of respondents suggested leveraging technologies like blockchain and AI to modernize tax administration. The survey noted an increase in tax transformation budgets, with 77% of companies investing more in FY24. Despite advancements, challenges such as a lack of skilled professionals, resistance to new technology, and integration issues persist. The survey underscores the need for government collaboration with businesses to enable a smoother transition to a digital tax environment.