GST- Goods and Service Tax

Goods and Service Tax, famously termed as GST, is the biggest move by Indian Government. It was launched on July 1, 2017. It is considered as the biggest reformation in the Indian Indirect Tax structure. Its main purpose is maintaining ONE SINGLE TAX from the hands of the manufacturer to the hands of the final customer. The actual meaning is that the final consumer of the goods will have to bear the entire tax.  Different taxes such as VAT, Excise and service tax will all be under one name – GST.

There were four GST bills that were passed in the Union Cabinet,

• Central GST bill
• The Compensation Bill
• Integrated GST Bill
• Union Territory Bill

While there are some difficulties faced with GST, it’s in a way good as there will be an Uniform tax. The manufacturers will benefit hugely from this as their tax rate is reduced.

Scope and Career –The GST Effect

The people who have benefitted the most after the launch of GST ARE THE Commerce graduates. Their career Scope has raised to a higher level. Their salary has increased by more than 80-100%. The demand for commerce graduates has suddenly increased.  BCom is the gateway for Commerce and accounts which plays a pivotal role in GST. Hence students who are currently getting into colleges have started applying for BCOM.
Seminars and specials courses are being conducted everywhere for GST Awareness. Crash courses are much in demand and each every Institute are conducting the crash courses and they are adding a special subject in GST for their Commerce and Accounts students.crash courses and they are adding a special subject in GST for their Commerce and Accounts students.

Previously, a   fresh commerce graduate used to earn 10000- 15000 per month. But with the newfound GST, their salary has gone up to 20000 per month. Experienced professionals are earning in four or five figures as their salary.