This is the best time to become a GST professional and take home hefty packages. These are the skills required to become one

Advertisement
The Indian Government is optimistic about the roll-out of country’s biggest tax reform, the Goods and Services Tax (GST), from July 1.
Advertisement

In a bid to ensure a smooth roll-out and adoption of the GST, which will bring India under a unified tax regime, the government has called for several programmes that will teach and inform traders, wholesalers, retailers, small-medium enterprises, businessmen about the GST and how tax will be levied.

For this, companies such as EY, PwC, Deloitte, KPMG and Grant Thornton have been roped in to ensure a smooth and systematic adoption of GST.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More
In this regard, the demand for GST professionals, basically people who are helping different communities understand GST, has shot up.

“For large enterprises, GST professionals have been conducting extensive impact analysis and identifying all the pain points for GST implementation. GST professionals are helping out on GST enrollment, which is the migration process from current regime to new regime,” said Archit Gupta, Founder & CEO, ClearTax.com, who is also roped in for informing about GST and its impact.

Advertisement

Professionals from finance background are involved in outreach awareness campaigns. “Since GST is also about understanding IT systems and digital compliance, software engineers too are now participating in awareness and designing business solutions,” said Gupta.

Presently, there is a dearth of these professionals due to which companies are luring them with hefty pay packages and good increments.

Here’s what you need to be a GST professional and salary that you will receive

{{}}

1. Skill set:

1. Skill set:

To be a GST professional, you have to be a Chartered Accountant or a Cost Accountant. Unlike the current regime wherein only finance professionals are involved in tax compliance, GST regime calls for participation from software professionals too. Many of these techies are even showing up for GST Certification courses to explore wider opportunities. Apart from knowledge on GST law and related procedures, understanding of IT system and security is also crucial now.

2. Salary:

2. Salary:

Demand for GST professional has shot up. Big Four are revamping their teams and offering a hike of up to 30% for joining their GST team. Large enterprises which have their in-house tax compliance team are even offering attractive remuneration to avoid any kind of disruption in their businesses.

Advertisement

3. Training:

3. Training:

There is an acute shortage of skilled talent. GST is a new law and not many are aware of its implications. Professionals are still undergoing training on GST and updating their knowledge on it. This shortage will persist for next two-three quarters.