GST: GOLDEN OPPORTUNITY FOR COMMERCE GRADUATE
Goods Service Tax is a biggest reform in recent past. Technology will play a pivotal role in GST implementation and administration from both, the government and business perspective. GST will be implemented with state of art IT infrastructure and here comes an opportunity for all the commerce graduates.
Before we discuss the opportunities let’s have a look on some statistics:
|Tax base under GST (as per Government Statistics)||80,00,000.|
|Returns to be filed every year||37|
|Total returns to be filed per annum (1×2)||29.60 Crore|
|Average filing fees per return||Rs.250/-|
|Expected Revenue from Filing returns||Rs.7,400 Crore|
Let’s see what are the opportunities for a commerce graduate?
Now, looking at the above mentioned statistics it’s quite clear that GST definitely brings lots of new job opportunities.
1. Financial Accountant
With the increase in transparency of work there comes a need for an efficient accountant. Since there are roughly 80 lacs assesse there will be an equivalent requirement of good accountants.
Skill Set required: Accounting knowledge, basic understating of tax laws, Hands on training and experience on accounting software.
2. Tax return prepares
There is an increase in the tax base and even an increase in the returns to be filed per person resulting into overall increase in the demand of tax return prepares.
Skill Set required: Accounting knowledge, basic understating of tax laws, Hands on training and experience on return filing software.
3. MIS Executive
In the GST regime more thrust is on the technology. There will be need for reconciliations so that there is no mismatch in the final reports. Moreover the management may need executives who can prepare timely reports so that the same can help in effective decision making.
Skill Set required: Basic & Advance excel, accuracy in data handling & analytical skills
Average Pay scale: 7,500/- to 35,000/- per month.
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