9 Top Career Opportunities in GST
Oh yes, it is the buzzword. One of the boldest steps of the current government. It changes the entire taxation scenario in India. GST is a merger of all indirect taxes we had before 1-7-2017. Even at the time of lockdown GST compliances and filing was mandatory. Every corporation is required to comply with GST whether they are a tech giant or infrastructure. Every single business is required to comply with GST. This brings in a huge opportunity for the people having the knowledge of GST. Let us have a look at the hottest job profiles in this niche.
#1. Taxation Manager
Almost every medium-level company requires a person to take care of its taxation matters. It is a senior position depending on the size of the company. E.g. a large corporation will have separate managers for direct and indirect tax. Also, the manager will have a team to do the compliances and a consultant to take care of complex issues. In case of notices from the department and other legal matters, a person with good representation skills is also required. This makes it one of the most suitable career opportunities in GST.
Required compliances under GST, How GST portal works, good drafting skills, and good knowledge of Ms. word and excel.
How To Make A Career In Taxation?
#2. Taxation Research Analyst
This profile is for large corporations. They have complex structures and transactions. E.g. An infrastructure company like L&T signs new contracts every now and then. They need a person to look at the contract from a taxation point of view. Incorrect signing may turn a profitable contract into a loss-making one. Thus they hire taxation analysts. Every new contract and transaction is vetted from the taxation point of view. In case of any potential liability, it is included in the contract.
Thorough knowledge of all provisions of GST, Industry based analysis, Practical implementation.
FAQs on GST e-invoice/IRN System
Large incorporations need a person who can reconcile the sales, purchase, and input tax credit. Wrong feeding into GST return can have disastrous consequences. Following reconciliations are normally required by any taxpayer in GST.
- Sales entered in books with sales entered in GSTR 1 and GSTR 3b.
- Tax paid on sales declared.
- Input tax credit with the purchases
- Input tax credit with GSTR 2b, 2a
- Input tax credit with the bills and goods received.
Ms. Excel, GSTN portal, GST compliances
Use the Lockdown Period to Learn GST
#4. GST Compliance Practice
A small business can’t afford to have a dedicated person for GST compliances. They outsource their compliances to compliance professionals. Even some large businesses also outsource their compliances as they don’t want to maintain a large team. Professionals with the knowledge of compliance can do the compliance practice. In this case, they don’t need to work under anyone. They can work independently.
Compliances, Software handling for bulk filing, Staff management, and sales skills.
Suggestions on GST on specified issues by ICAI
#5. GST Consultancy Practice
Corporates need constant for various transactions. It is hard to implement and interpret the law in a practical situation. Deep knowledge of not only the GST law but also of other relevant laws is required. Legal precedents and case laws may also be relevant in decision-making.
Analytical skills, GST law, GST litigation trends.
#6. GST Legal practice
It’s normal to get notices. GST is a new law and it will take time to settle. The language of law breaks into multiple interpretations. This results in litigation between the taxpayer and the department. In this scenario, the role of a litigation professional is very important. They need to protect the interest of taxpayers with the limit of the law.
Strong representation skills, drafting skills, and knowledge of litigation trends.
#7. GST Department
The GST department also needs trained staff. The Taxation department has a huge responsibility of collecting correct taxes. They also need to handle the litigation arising from the interpretational variations. They hire people with deep knowledge of the law.
#8. GST Practitioner
GST law allows a GST practitioner to perform certain functions for the taxpayers. You need to qualify for an exam conducted by the NACIN.
#9. GST Trainer
GST is included in the syllabus of most universities. Many professionals also get GST training to get leverage in their careers. This opens a new area to try your chance. GST qualified professionals can try in training and teaching.
Important Skills to Make a Career in GST
In case you want to crack any one of the opportunities in GST, you need the following skills.
Knowledge of all important sections and their interpretation.
These skills are required to handle practical issues. Every business is different. You can’t use the same formula everywhere. Your analytical skills will help you to translate the law into practical situations.
GSTN Portal Knowledge
GSTN portal is notified for GST compliances. Even after having a good knowledge of the law, it is a must to know about the GSTN portal. All compliances are done via portal only. GST return filing, GST registration, GST refund filing, and even appeal in GST are done via the GSTN portal.
Basic Excel and Word
It is required to do the reconciliations. In GST compliance reconciliations are very imp[ortant. It will make return filing very easy and accurate.
It will come only and only with experience. More time you will spend with various industries. But yes if you have got the training from a good course you will get the pulse of all major industries. Good GST courses cover the important industries and how GST works for them.
How Can I Learn About GST?
You can learn it from any online course on GST. Students doing graduation in commerce stream will learn it in their lectures. But yes colleges focus on theory only. We need people with practical knowledge. You can have a look at various good courses for GST available only. These courses provide not only theoretical knowledge but will also give practical knowledge too.
Recommended GST Certification Courses for You
- GST Course for Beginners
- GST 2.0 – Next Phase of GST
- Full coverage of issues related to ITC in GST
- Export and Refund Under GST
- Handling Litigation under GST
- Workshop on Litigation Management under GST
- Certificate GST Course for Real Estate Sector
GST has opened floodgates of opportunities for the youngsters. It is a new law. Anyone can learn it easily. But yes, proper training and guidance are required. It is always better to learn practical subjects from the niche experts in place of a typical teacher. Practical knowledge can be imparted only by a person handling the practical scenarios. Only theoretical knowledge won’t serve the purpose. Corporates need a person who can take responsibility from day one. No one wants to spend time training employees. Thus it is important to get thorough knowledge before you join anywhere.