While salary in various sectors continues to take a hit across the country, GST (goods and service tax) professionals have got a strong mid-term dividend along with a 25-30 per cent hike in their salaries for getting transferred into the GST team.
The GST rollout has created a big opportunity for professionals to join GST teams in order to reduce the work load. Experts believe there is a huge scope for experienced talent in the market. GST, India’s largest tax reform, has provided the opportunity to professional services firms help their clients understand the tax reform and implement it accordingly.
The dearth of trained professionals in the market has benefitted the talented and experienced professionals to understand the rights of the Centre and state in the new tax reform and help businesses in the impact and guide them.
Industry experts believe that consulting firms such as Deloitte, KPMG, PWC and Grant Thornton are hiring trained professionals with a 25-30 per cent hike in their salary who get shifted into the GST team with the same organisation.
“We have hired a significant number of people and partners. As there is dearth of indirect tax practitioners, we have encouraged practitioners from other parts of services, both tax and non-tax, who may have the desire or aspiration to learn the new and exciting legislation,” Vipul Jhaveri, partner – Deloitte Haskins & Sells LLP, told the Economic Times.
Jhaveri further added, “In the last six-nine months, Deloitte has added 25-30 per cent to GST headcount, got on secondment experienced people from overseas, doubled partner strength and introduced special incentives to recognise the significant effort and contribution of the team in getting the clients GST-ready in a very short period.”
Professionals from assurance, advisory and direct tax teams have shifted to GST teams. Firms are roping in experts from overseas to benefit from international experience and have added about 2,500 professionals for GST. Clients have increased demand for experts for help in transition of their business and thus firms are increasing their strength by 20-30 per cent.
GST is set to roll out from 1 June and has a requirement of various teams of professionals who can understand and expertise in business and help out in admissible technical and commercial aspects. A lot of emphasis will be put on up skilling the workforce to speed up with the regulations and relieve of some work load on the GST team.
