GST has New Job Opportunities in Store for Accountants

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During 2017, volatile economic conditions and recession unfolded as a hard hitting fact for many job seekers and employees across a few industries.  In the current year, experts have estimated employment of about 20,000 professionals for finance jobs. Thanks to the full-fledged GST roll out that has opened new opportunities for both fintech and firms from different sectors to adapt and comply with the new tax regime.

With the government pushing for online tax filing and reporting, graduates with a basic finance degree and IT background can be a part of the big picture by grabbing new job opportunities in core areas such taxation, accounting and data analytics. The need to go fully digital and also understand the GST tax format and practices is creating sizable demand for certification and vocational training in the same area. This trend has significantly replaced the previous format of employing only MBA graduates and Chartered Accountants.

A few companies are looking to bring onboard fresh talent that come in with expertise in GST while, the other are seeking services out of independent accounting and auditing firms or even individuals that are well-versed in the implementation of  GST levied at both State and Central level.
As per the findings from a study report by TeamLease, besides leading to 11 to 18 percent growth in hiring, GST has had the highest impact in the job market of South India. Further, areas like E-Commerce and logistics are also predicted to observe rapid increase in the demand, scale and profitability with GST. The other sectors that are also likely to witness a hike in the employment are retail, manufacturing, supply chain, banking and finance.

A certification course in GST implementation and filing offered by renowned accounting certification and training firm would help a graduate expand his/her knowledge base to enable many businesses or individual traders stay updated and easily adhere to the recent tax amendments.
At just the initial period of GST implementation, over one lakh jobs were reportedly created and the number is further predicted to increase with the number of sectors and businesses that get included in the GST format.

“Once the GST ecosystem develops, the impact will be seen on job opportunities at all levels including entry level. This is a good move which will go a long way in furthering economic growth and job creation,” says Arpit Prakash Mathur, Co-founder, KaamKaaj.com, reports a daily.
To accommodate this new indirect tax law, both Indian and multinational companies are making significant investments to not just employ GST professionals, but also facilitate their accounting and finance teams to make their firm GST-ready. This would also mean more work at the HR front and creation of additional jobs in various back-end processes.  IT companies and software developers too are making the most of the situation by recognizing opportunities to build platforms that render additional technological bandwidth and support to automate GST filing and other practices. 
Register for Munimji’s certified corporate accountant course for hands-on expertise in GST practices.
Location: Ahmedabad, Gujarat, India

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