Casting off a tangled multiple tax system, all for an uncomplicated, unified one, India has welcomed a new GST structure. Eliminating a plethora of local, state and national taxes, the country will now have a 5-tier GST rate structure. The effect of this revolutionary switchover on the economy is yet unknown, but there’s one thing that should be celebrated. Firms are fishing for B. com. graduates and salaries are expected to rise up to 100%.
B. Com. Graduates are the need of the hour.
The demand for commerce graduates is SKY-HIGH. Businesses need commerce grads to do first level entries in the GST NETWORK SOFTWARE on their behalf. They need a helping hand to advance into the new platform flawlessly.
Goods and Services Tax (GST) has proved to benefit commerce graduates and put them in a dominating position. B. Com. Graduates and Finance & Accounting related JOBS, we all know about the imbalanced proportion of these two. India has oodles of B. Com. grads and not even half the number of jobs! At an average, only 5-10% of such graduates find befitting jobs. The not-so-lucky bunch of us has to go for higher studies or out-of-field jobs.
The entry of GST has led to more accounting and compliance related work. Gone are the days when one return was to be filed quarterly. Now, 9 returns have to be filed quarterly. Day-to-day tax filing is going to increase under GST and you can’t afford to go to a CA for it. This brings the firms to hiring commerce graduates.
Also, we are the Gen Y. We are techno-savvy, as most of us have had access to growing technology all our lives. The ingress of GST has also made the use of technology binding. Because the system is new, the people are off their guard. The whole system is online, everything works virtually, and hence, business concerns stand in need of fresh commerce grads.
For ensuring compliance of rules of different tax slabs on different items, uploading invoices and various returns on the GSTN software, commerce graduates are the toast of the town.
A friend, pursuing B. Com. Honors, tickled pink after getting this news. “The scenario of the job market is very competitive. B. com. grads from top colleges do not get jobs. Merely having a graduate degree is fruitless. Even I have plans of going for further studies, an MBA in finance to land in a good position. It is great to know that finally we can get desirable jobs and good salaries”
Earlier, fresh commerce grads were found working for Rs. 15000 a month. It is contemplated now that a bright graduate having a hang of GST, might even have a starting salary of Rs. 30000 a month.
The bitter truth, anyhow, is that even though accounting has been simplified with the emergence of GST, we are ill-equipped for it. For everything is in mint condition, it will take time for us to fine-tune with this path-breaking revolution. As Mr. Narendra Modi said in his speech, “Just like eyes need some time to adjust to new spectacles, if we initiate to adjust to the new system, we will surely blend ourselves with it.”
We will adapt to this, very soon. For now, being a soon-to-be commerce graduate myself, I am walking on the airrrr!