Lately, there have been many speculations regarding the Goods and Service Tax (GST) in India, but the biggest benefit that it is likely to provide is an increase in the employment opportunities. GST will unite several Central and State taxes into a single tax system, making it less complicated and affordable for the taxpayers. The lower taxes will improve the business undertaking conditions and encourage entrepreneurs to expand their projects, which in turn will increase the employment in India.
The implementation of GST will remove the indirect taxes levied on goods and the cascading effect of taxes. It will lower the burden on the manufacturing sector and reduce the production cost of goods. The lower price of products will encourage buyers to buy more and help sellers to sell more. It will immigration consultants in hyderabad increase the supply and demand cycle and attract the investments in the manufacturing sector, which will let more manufacturing units to flourish in the market, increasing the employment opportunities in the manufacturing, logistics, e-commerce, telecom industry, etc.
The simplified tax system will encourage budding entrepreneurs to set their startups which will generate more employment opportunities for the skilled people in the private sector. The introduction of GST will promote initiatives like Make in India and Digital India that will set up one common market in the country. The companies and factories started under the Make in India initiative will create many jobs at the different levels in various sectors.
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.