The Goods and Services Tax (GST), introduced last year, is a revolutionary tax reform with far-reaching consequences. A lot has been spoken about the positive and negative side of the reforms ushered in by the government, and as people become more familiar with the new tax regime, the outcomes of its implementations are being closely watched by one and all.

One of the key highlights of the country going through the financial transformation is the growth in job sector of accounting, taxation, and inventory management.  More than one lakh job opportunities have been created ever since the new tax policy was rolled out. The wide-spectrum of businesses and economic activities that the system has encompassed within its folds necessitates the addition of skilled workforce and opens up employment opportunities.

The sharp rise in the job market in the domains of accounting, taxation and inventory management is a result of more than one factor. Today, more skilled persons are required to manage tax filing and to ensure accurate inventory management in compliance with new tax laws.

Widening spectrum of business activities under tax net: The new tax net is covering a wide array of businesses, which are not required to pay tax or were involved in tax avoidance. With the advent of the new tax regime, these enterprises have to file their taxes, thereby creating more avenues of employment in the field of taxation. The massive number of business enterprises functioning under the unorganised sector has come into the fold of direct taxation that has led to the high requirement of qualified professionals for this purpose.

Transparency in the business operations: With India going digital, and the new tax regime mandating online tax filing, there is more focus in managing inventories accurately, in timely and accurate payment of taxes, and in compliance of the stated laws. Digitisation of these processes has pushed all goods and service providers to follow the online route and those who are experts of accounting software can opt for it as a career option.

Transitioning to new system: The new taxation system has made old laws and understanding outdated to a point. Transitioning to the new the system meant a complete workforce needed to be upgraded, which has created more space and avenues of experts.

Indirect impact on skill training and education: To follow the new directives with accuracy, a niche industry has taken shape which is imparting technical know-how and training in operating GST related software. A series of skill-training centres are on the rise, as there is much requirement for experts of the field in rural areas to metros for performing various functions. Major initiatives have been to upgrade the workforce and build software skills in students, and at the same time gain good placement opportunities.

The job sector in these domains is highly exciting and brimming with new opportunities. The future of the sector also is highly positive as the tax regime will only get stronger in the future but will also open further avenues of employment. Tax and inventory software solution has indeed become the sunshine sector of Indian job market.

The writer is co-founder and managing director, Marg ERP