New Delhi, June 26: Employment is expected to gather a huge impetus with more than 1 lakh immediate new job opportunities being created, thanks to the new GST regime. The jobs would come in specialised areas like taxation, accounting and data analysis.
Indian Staffing Federation's president Rituparna Chakraborty said GST will make the procurement and distribution of goods much faster, while cash flow is expected to become more predictable and profitability should improve.
"All these and the transparency of compliance shall make working with unorganised players exponentially less attractive thereby pushing the country towards greater formalisation," she added.
"We are expecting an annual growth of 10 -13 per cent in formal job creation on account of GST," Chakraborty said.
"The new tax system will have a positive impact on ease of doing business, making it conducive for foreign investors," said Sanjay Modi, Monster.com's Apac and West Asia managing director.
GST, the single tax regime, roll out from July 1, will benefit consumers and attract private investment also replace multiple state and central taxes to create one national market. This bill seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax and also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.
Notably, Services like religious pilgrimage, healthcare, education, skill development and journalistic activities will remain tax-free under the GST regime. Crude oil, petrol, diesel, aviation turbine fuel (ATF) and natural gas are also being kept out of GST net.
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