Goods and service tax was earlier thought to be only effective in the integral economic agendas but now it has conveyed that it will also make a way for a new era of professionals.
Goods and services tax will bring a row of new opportunities and front forward news faces to resolve and meet everyday new tasks growing from the tax implementation. Banks to government offices are now flourishing with job vacancies focused upon financial and tax expert. A creation of formal employment on behalf of GST is highly potential and very much needed too.
Now to discover the exact demand and scope of GST on the jobs , let's check some of the points individually:
Chartered Accountants - The main and foremost profession which will be receiving a direct advancement of the new goods and service tax regime is chartered accountant, who's role is utmost important in transitioning towards new tax regime. A chartered accountant can tap the opportunities within the GST as most of the GST bills are based on service tax/central excise / VAT of the previous tax schemes. While talking about business firms, they are in acute need of tax professionals like CAs who can help them transitioning towards GST with all the compliances intact. So, it would be better to say that a CA can perform all the newer responsibilities like ascertaining entitled credits, reforming contracts and agreements, understanding the vendors and their pre-requisite documentations. It is the market demand which compels to hike a CAs remuneration upto 75 percent from current, making it the most profitable job scenario in GST.
GST Practitioners - This profile has been referred in the Central GST Act 2017 in Section 48 with the specific name tag of GST practitioner, so there is an upright opportunity brimming for all those tax aspirants. It has emerged to be a newly incorporated designation of work responsibilities solely for the purpose of GST compliances. The position will be eligible for all the commerce students as well as for financial professionals as described in Rule 24 of GST Return Rules, 2017. A GST practitioner will be required with thorough knowledge of GST rules and regulations. Starting from transition phase to post GST daily operations, there will be a need of GST practitioner at every stage. A person can enrol himself to become a tax practitioner by filling out FORM GST PCT-1 with tax authorities and have to get pass a dedicated examination which will be held in tax commissioner led authority.
GST Data Analysts - The job opportunities for data analysts in GST has its own importance for complete financial data security and scrutinization. Big corporates are in search of experienced data analysts who are also skilled in financial and tax knowledge. According to the PwC reports, the MNC’s are in search of professionals which are proficient in statistical and data analysis. While the tax obligations will be devoted to data management of tax in the IT environment, the GST data analysts will also be responsible for executing the newest of taxation technology complying with GST.
GST Accountants - With the term GST accountant, it clearly showcases the importance of accountants who were considered secondary to the CAs and tax practitioners. With GST into the picture, the accountants will be required to assemble and maintain the data formation into a better shape. GST will require thousand of the invoice to be generated with every data possessing its own importance, in the purview of input tax credit followed by it. It will be the duty of GST accountants to take account of all the invoices into the system and process them clutter free for further requirements.
Apart from these captivating choice of jobs, there is also industry wide scope for employment, let's have a glance:
Next to financial and tax sector, there comes a big industry, the Automobile Industry. It is one of the fastest growing business house which is on the verge of complete transformation. Upon arrival of GST, the sector is in need of young tax professionals who are capable to exactly figure out and solve dynamic shifts occurring within the tax compliances. A significant drop in tax rates from previous 44 percent to now 28 percent + cess will give its dealers a chance to claim the GST paid on sales ultimately expanding the horizon of its business with added employees. The sector is going under tremendous splurge of demand due to the betterment in tax conditions on vehicles,. According to the combined statements of TATA and Hyundai, it is very clear that the automobile industry is searching for young talented pool of GST experts apart from chartered accountants and financial consultants. There will be a straight advantage of a single tax on the automobiles which will let a boost in demand across the nation and for which a professional is required to process the data generated.
After that, the Cement Industry is about to see a lot of profitability under the GST regime. Due to the availability of uninterrupted input tax credit, there will be a flourishing scope of jobs in cement industry with 11 to 18 percent of additional jobs per year. Earlier the industry has executed its financial responsibilities from lots of diversified channels but the coming of GST opens up a constant requirement of eligible professionals of GST compliances to consolidate the revenue structure of the overall business unit. According to the IIFL, a retail broking and financial services conglomerate, it is studied that post GST, there will be a year wise growth in job opportunities in numerous sectors including:
Logistics and E-commerce will see a growth of 11 to 18 percent job opportunities while the Home Décor and Media & Entertainment sector is also ready to employ an added 10 percent in the current work force. Whereas the IT, ITeS and BFSI will deploy an approximate 10 to 12.5 percent employees in coming days after the settlement of newly laid tax structure.
The reason for increase in jobs and professional requirements is found out to be growth in consumer demand with a profitable tax revenue. There will be an increase in overall GDP of the country which will strengthen purchasing power of citizens, thus to conclude it, more business means more GST professionals.