GST Implementation– Impact On Job Market In India
GST Implementation
Goods
and Services Tax (GST) is an indirect tax in India that unifies several Central
and State taxes into a single tax system. The Chairman of GST is Arun Jaitley,
the Union Finance Minister of India and it is directed by the GST Council. GST
Implementation will reduce the effect of taxes on production and distribution
costs of goods and services and help in creating a single market that will
benefit both economy and job market in India. GST affects various sectors of
our economy, including FMCG Sector, food industry, construction industry,
infrastructure sector, IT industry, financial sector, etc. therefore, its
implementation will also improve the job scenario in these sectors.
The
execution of Goods and Services Tax (GST) will reduce the net market price of
the products due to the lower burden of taxes which will benefit both the
consumers and manufacturers. The lowered cost of goods will allow consumers to
buy more and manufacturers will be able to sell more. The lower MRP will
increase the demand and supply of goods which will further increase the requirement
of labors, manufacturing industries, logistic units, ecommerce, warehouses, etc.
leading to more job opportunities in these sectors. The GST impact will also
promote initiatives like Made in India, Digital India, and Start-up India, which
will promote manufacturing and create employment opportunities for the skilled candidates.
During
the initiation of GST implementation, a lot of job opportunities will arise in
the accounting and training industries. There will be the requirement for
people who specializes in handling GST accounting and related issues to impart
training to others which will generate job prospects for the people in the concerned
sector. Investments will be made on infrastructure projects, including the
construction of roads, highways, etc. that will boost the employment
opportunities in the infrastructure sector.
Due
to the implementation of the GST, many sectors of the Indian economy will see a
rise while few others will not have any impact because of their indirect connection
with it. But if we concentrate on the larger picture, GST will have profound implications
on the Indian economy and job market, which will eventually lead to the overall
economic growth of the country.