Job Market in India Anticipates GST Rollout to Result in Annual 10 to 13% Increase in Job Opportunities

June 28, 20178:18 am390 views

With GST rollout expected to be July 1, 2017, the job market in India is quite upbeat expecting this move by the Government to help create more job opportunities, a notable increase by 10 to 13 percent from the current annually.

It is expected that businesses will now need to hire dedicated professionals to manage and upgrade GST norms, while helping departments across the organization comply with the new regulations.

The new GST regime is expected to create more than 1 lac immediate job opportunities in specialised areas such as taxation, regulatory and audit professionals, accounting and data analysis. This rule will formalize the job sector and fuel demand for professionals across various industries to boost economic growth.

Some experts believe that the Goods and Service Tax (GST) will make procurement and distribution of goods much faster, with cash flow becoming more predictable and thus improving profitability. The transparency of compliance imposed by the Government will make working with unorganized players exponentially less attractive, thus pushing the country towards greater formalization.

“Although GST is set to propel hiring, compliance ambiguities such as place of supply (intra- or inter-state), for instance, could pose as a challenge for industries that could adversely affect job creation in the near future. However, once the transition phase eases out, in the long run, GST will add momentum to the entire hiring landscape,” LabourNet Services India co-founder and CEO Gayathri Vasudevan was quoted by the Business Standard.

Also read: Implementation of GST Will Create Jobs and Promote Increase in Hiring by 11% in India

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