GST expected to bring in immediate job openings
Research says that GST may help logistics and e-commerce sectors create the most number of jobs.
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Goods and Service Tax (GST), which is proposed to be implemented from 1 July 2017, is expected to add momentum to the entire hiring procedure in various sectors. It is aimed at creating a single, unified market that will benefit both corporate and the economy.
A recent report clearly states that the GST is likely to create about 1 lakh immediate job openings in the country helping the job sector witness an annual growth of about 10 percent to 13 percent and increase the demand for professionals in various sectors of the economy. Apart from GST bringing in numerous benefits and lowering the burden for the common man, the increased production will lead to more job opportunities in the long run. Logistics and e-commerce will create jobs fastest, with an increase in demand, scale and profitability. GST is expected to craft out nearly 50,000-60,000 new jobs in the industry in the areas of, logistics data management as well as e-commerce.
Research says that GST bill is expected to trim the logistic costs upto 20 percent from the current level. India being emerging country with prime dependency upon transportation through the land, i.e. through rail and road together which contributes about 60 percent followed by warehousing, 24.5 percent compromising industrial and agricultural storage. The savings on logistics by fast-moving consumer durables, logistics companies, and e-commerce companies will result in a greater investment by them towards employment generation. The new taxation process will ensure invoicing at each stage by the supply chain and business to avail the tax credits which will mean a further flip to digital and official economy leading to employment by logistic companies.
“GST seeks to eliminate cascading effect of taxes in our current tax system. The implementation of GST will not only have a positive impact on the ease of doing business, it will propel formal job creation. Lower prices will increase demand which will lead to increase supply. Hence, rise in production of goods. The increased production will lead to almost 1 lakh bright job vacancies across various segments with a remarkable number of job opportunities in the logistics industry in the long run. Logistics is likely to be the main beneficiary of this trend in terms of hiring manpower,” said Brijesh Lohia, managing director, Global Ocean Group.
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