Bhopal: India has now a single tax system which came into force on July 1 in the form of Goods and Service Tax (GST). Though the complexities of this new tax regime have baffled many, it is seen as an opportunity for job creation in new sector by a few.
If complexities related to account maintenance in GST persist, it is likely to step up the use of computers which will then require experts of the field.
The situation which now arises is that the new tax system will create difficulties for business entities to deal with the figures while filing taxes owing to which there will be the need of additional manpower.
City-based chartered accountant LK Maheshwari told Free Press that registered business entities, who are maintaining manual account books and not having computer knowledge and skills may need to seek assistance of persons who can help these entities filing returns.
Another chartered accountant S Krishnan too shared similar view saying that the way GST has been implemented, it will now be required to have accountants in business groups.
The big groups can hire chartered accountants while small traders will require accountant owing to affordability issues. Now that the accountancy work will be increased in the business houses and even small entities, it will also lead to spurt in creation of jobs for the experts in the field.
However the job creation will somehow create another kind of crisis in the market said Govind Goyal a businessman. The problem will not be faced by giants but by small retailers who will not be able to handle computer. They will also have to hire someone for the computing and they may end up loosing their business in this way.
