Indian industry feels the time has come to unleash the next phase of reforms in GST administration and called for an amnesty scheme to resolve tax disputes, according to a survey.

The GST administration has undergone tremendous transformation since its introduction on July 1, 2017, the Deloitte survey said on Tuesday.

The survey found an increased acceptance of the simplified tax regime amongst businesses, with 88 per cent of MSMEs reporting a reduction in goods and services costs along with optimised supply chains.

According to the survey, 80 per cent of business leaders said the government should introduce the next phase of GST regime reforms for enhanced ease ofdoing business and sectoral growth.

Respondents to the survey acknowledged the need for introducing an amnesty scheme, essential for resolving existing tax disputes that had tied up business capital and government revenue.

Further, it added that 70 per cent of business leaders have reaffirmed their positive reliance on evolving aspects of GST law — a 10 per cent increase from the preceding year.

Mahesh Jaising, partner and leader - indirect tax at Deloitte India, said India Inc is quite positive towards the changes facilitated by the GST regime and the increasing supply-chain efficiencies.