CFOs feel GST lowered output

Mumbai, Aug. 2: More than 31 per cent of the chief financial officers (CFOs) from various companies feel the implementation of GST is challenging and manufacturing is the most affected sector, according to a survey.

Further, over 54 per cent CFOs believe that the impact of demonetisation has been neutral, while 56 per cent are “highly optimistic” of the country's macro-economic growth in the next 4-5 years, the Deloitte Annual CFO survey said.

“The country remains optimistic about economic prospects, as it remains buoyant post demonetisation and amongst global uncertainties,” the survey report noted.

Given the macro-economic trends that point to a possible global growth revival, there will be opportunities to increase exports and investment which have been a concern for the past few quarters, it said.

Technological upgradation is among the key focus area of most CFOs, followed by analytical solutions.

Other focus areas include cyber risks, cloud solutions and social media marketing among others, the report noted.

As far as investments are concerned a majority of the CFOs are focused on consumer and market expansion, followed by technology and innovations, the survey noted.

With the economy adopting GST, companies have shifted their focus to supply chain modification, inventory cost management which might disrupt their working cycles, the report observed. — PTI

AS MANY as 27 lakh businesses are yet to complete registration on the GSTN portal and the process has to be completed before they file their returns by August 20, GSTN said