As some colleges have started introducing certificate courses in the Goods and Services Tax (GST) for commerce graduates in a bid to enhance their hiring prospects, it appears that the job market has already seen an increased demand for these graduates. If chartered accountancy firms and professionals are to be believed, they have already started hiring these graduates to manage the additional work pressure on them after the introduction of GST.
With the new tax leading to more accounting and compliance-related work for their clients, CAs said they are already reeling under the work pressure, which has prompted them to hire additional staff. “In the last few months, I had to hire at least four new people, besides dedicating a part of my team to only GST-related work. That’s because we have to do taxation and accounting work for most of our clients. Now, with a monthly, quarterly and annual system in place, the workload has increased tremendously. A BCom graduate has basic knowledge of accounts and taxation, and that’s why I have hired such graduates,” said Rishabh Parakh, founder of Money Plant Consultancy.
Most CAs said that the graduates can’t actually file returns on behalf of their clients, but they can manage the data needed for compliance. “Most of the work is software-based… these graduates need training in the processes and after that, they can do it. They can do the jobs related to basic accounting, data exploration…. We can’t employ CAs for these jobs and that’s why now jobs for BCom graduates may have increased. I have hired two BCom graduates recently,” said Bhupendra Bhandari, a chartered accountant based at F C Road.
But most industry professionals say that while a small number of jobs may have opened up for BCom graduates, the biggest gain from the new tax regime is for vendors who sell software for maintaining business-related accounting data. “Before July 1, my software vendor was offering me an upgrade of my existing software for Rs 2,500, with Rs 600 for installation. Now, he is charging Rs 4,500, and Rs 900 for installation. And even then, he has a waiting period of at least one week,” said Shashwat Kumar, who owns a retail goods store at NIBM Road.