On the sidelines of the inauguration of the Skill Development Centre in VijayNagar area, Rudy, Union Minister of State for Skill Development and Entrepreneurship said that the implementation of the biggest tax reform in the history of Indian economy from July 1 will lead to the generation of nearly five lakh professional who are equipped with financial and IT skills.
"On an immediate basis, our understanding is that GST will contribute to a direct employment of lakhs of youth in IT and finance side; to create systems to enable over 8,00,000 companies for GST rollout and invoicing," said Lohit Bhatia of IKYA Human Capital.
Additionally, due to a complete shift to digital mode of payment from the current cash-based payment, individuals competent in payment technologies shall be looked upon.
The new tax regime subsumes several local taxes, service tax and value added tax. Also new jobs shall also be included in verticals such as logistics, data management and compliance due to GST roll-out.
The rates on as many as 1211 goods and 500 services were decided by the Council earlier this month to fall in among four of these tax slabs; 5%, 12%, 18% and 28%. Of these goods, nearly 81% have been categorized under the tax rate of 18% or less.
Speaking on the job loss across sectors, the Minister stated "The focus of the government is to provide entrepreneurship skills and promote self-employment. We want our youth to become job-providers and not job-seekers."