Inventory software to create jobs

July last year witnessed the introduction to Goods and Services Tax, which is a revolutionary tax reform with far reaching consequences. A lot has been spoken about the positives and negatives 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.The wide-spectrum of businesses and economic activities that the system has encompassed within its folds necessitates addition of skilled workforce and opens up employment opportunities.

FACTORS LEADING TO JOB CREATION

The sharp rise in 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 to 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 unorganized sector has come into the fold of direct taxation; it has led to 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. Digitization of these processes has pushed all goods and service providers to follow the online route and those who are experts of accounting software.

TRANSITIONING TO NEW SYSTEM

The new taxation system has made old laws and understanding outdated to a point.

Transitioning to the new system meant a complete workforce needed to be upgraded, which has created more space and avenues of experts to impart knowledge and learning.

INDIRECT IMPACT ON SKILL TRAINING

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 softwares. A series of skill-training centers are on the rise, as there is much requirement for experts of the field in rural areas to metros for performing various functions. The job sector in these domains is highly exciting with new opportunities.