Job market looking forward to GST booster for one lakh immediate new employment

Vastavam web:  The job market is looking forward to a big boost from the new GST regime and expects over one lakh immediate new employment opportunities, including in specialized areas like taxation, accounting and data analysis.The historic tax reform, to be rolled out from July 1, is expected to help the formal job sector attain an annualized growth rate of 10-13 per cent and fuel demand for professionals in various segments of the economy, experts said.”All these and the transparency of compliance shall make working with unorganized players exponentially less attractive thereby pushing the country towards greater formalization,” she added.”We are expecting an annualized growth to the tune of 10 -13 per cent in formal job creation on account of GST,” Chakraborty said.
Mid- and small-sized companies will prefer to outsource similar activities to the third party account firms, he said.GST is expected to create significant job opportunities as the businesses will need to hire professionals for dedicated GST management, upgradation and reconciliations.”The new tax system will have a positive impact on ease of doing business, thereby making it conducive for foreign investors and companies. This would help in better execution of all government initiatives and propel formal job creation,” Monster.com’s APAC and Middle-East MD Sanjay Modi said.However, this will become a reality only if the infrastructure and logistical challenges on the path of GST implementation are mitigated in time, she emphasized.”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.