The Goods & Services Tax (GST), which is set for a historic rollout on July 1, is expected to be a game changer for the country in terms of simplifying taxation processes, promoting ease of doing business, boosting the economy, and attracting FDI. Another good thing about GST is that it is expected to create 1,00,000 immediate job opportunities in areas such as taxation, accounting and data analysis. Indian staffing companies have already started preparations to meet this impending demand for GST professionals. It is expected that most small and medium businesses would outsource GST related processes, which would create more job opportunities with financial and accounting firms.
Indian Staffing Federation’s President Rituparna Chakraborty believes that GST will significantly improve the procurement and distribution of goods, making it much faster. GST will also allow businesses to make better approximations about their cash flow and profitability. It is being said that after the first wave of 1,00,000 GST related jobs, more jobs would follow in the coming months. Around 50,000 more jobs will be created in the coming months related to specific activities for GST.