GST boost: Job market eyes over 1 lakh immediate openings

Monday, June 26th, 2017 - Jobs




New Delhi: 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 inspecialised 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 annualised growth rate of 10-13 per cent and fuel demand for professionals in various segments of the economy, experts said.

Indian Staffing Federation’s President Rituparna Chakraborty said the GST (Goods and Services Tax) will make procurement and distribution of goods much faster while cash flow is expected to become more predictable and profitability should improve, too. “All these and the transparency of compliance shall make working with unorganised players exponentially less attractive thereby pushing the country towards greater formalisation,” she added.

“We are expecting an annualised growth to the tune of 10 -13 per cent in formal job creation on account of GST,” Chakraborty said.

Leading executive search firm GlobalHunt’s MD Sunil Goel said, “On an estimation, it looks like it will create more than one lakh jobs immediately from the first quarter of the implementation date and another 50,000-60,000 jobs will be created for specific activities for GST, going forward.” Mid-and small-sized companies will prefer to outsource similar activities to the third party account firms, he said.

The historic tax reform, to be rolled out from July 1, is expected to help the formal job sector attain an annualised growth rate of 10-13% and fuel demand for professionals in various segments of the economy.

While it will create more than one lakh jobs immediately, another 50,000-60,000 opportunities will be created for specific activities later.

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