GST :1 lakh new jobs will be created

New Delhi, June 25: The Government is gearing up for Independence Day celebrations on June 30 midnight. The GST will be implemented from July 1. The experts have analyzed how the new tax regime will affect the job market and business. The highlights of their analysis are

* 1 lakh new employment opportunities will be created in the First quarter of GST implementation and followed by 50,000-60,000 in coming quarters by next year.

* Jobs will be available in specialized areas like taxation, accounting, and data analysis.

* The formal job sector will grow at an annual rate of 10-13 percent.

* Profits of the companies will increase which leads to more employment.

* Informal economy will become more formalized.

* More FDI will be invested and employment opportunities will increase.

* Professionals will be needed in sectors such as automobiles, logistics, home decor, e-
commerce, media and entertainment, cement, IT and ITeS, BFSI, Consumer durables, pharma, and
telecom.

Finally, experts also said that there would be some challenges in hiring during transition phases but hiring will pick pace in coming years.