"All these and the transparency of compliance shall make working with unorganised players exponentially less attractive thereby pushing the country towards greater formalisation," she added. "Mid- and small-sized companies will prefer to outsource similar activities to the third party account firms, he said.is expected to create significant job opportunities as the businesses will need to hire professionals for dedicated GST management, upgradation and reconciliations. "The new tax system will have a positive impact on ease of doing business, thereby making it conducive for foreign investors and companies. "Although GST is set to propel hiring, compliance ambiguities such as place of supply (intra- or inter-state), for instance, could pose as a challenge for industries that could adversely affect job creation in the near future. However, once the transition phase eases out, in the long run, GST will add momentum to the entire hiring landscape," Vasudevan said.

Source: Times of India June 25, 2017 07:28 UTC