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 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.
To take benefit of the employment opportunities arising as a result of the implementation of the GST, people need to stay aware of them. The Placement Consultants in India always keep track of the new employment openings in various sectors and help candidates in getting jobs with the best companies.