Collecting taxes from the citizens is how the government contributes to the growth of a country. Many such taxes come along with various goods and services available to us in daily life, but how does the government keep track of them all? This article talks about the Goods and Services Tax(GST) that was introduced five years ago, its requirement, necessity, and benefits, and a few small and large scale institutions that provide GST certification courses in Indore, which is considered one of the most significant educational hubs in India.
Taxes are significant when it comes to the development of the country. They are a contribution from the individual for the maintenance and defense of the government and all the public properties included in it, and hence, help upkeep the economy of the nation. The main objective of tax collection is to accomplish the following purposes:
- Resource allocation
- Income redistribution
- Economic stability
- Sustainable development
Classification of Taxes
Taxes are broadly classified into two types:
- Direct Tax
- Indirect Tax
A direct tax is imposed when an individual’s income exceeds the threshold amount set up by the government i.e. a part of the person’s income goes into the government’s treasury. However, an indirect tax is put upon a variety of services that we avail in our everyday lives. For example,
- The selling of any goods or products will procure a Sales tax.
- Watching a movie in the theatre needs us to pay an Entertainment tax, this is levied along with the actual price of the ticket.
- Any of the services utilized at institutions like restaurants, hotels, airlines, and so on requires paying a Service tax.
- Any import or export of goods from another country imposes a mandatory Custom duty to be paid.
- Products manufactured within the country carry an Excise Duty with them.
Why was GST introduced?
Keeping track of all these indirect taxes that were imposed during the entire process of production, wholesaling, retailing, and selling to the consumer was expensive, complex, and time-consuming. Therefore, a single tax system was introduced in its place known as the Goods and Services Tax(GST) from July 1, 2017, by the Indian Government under the 101stAmendment of the Constitution of India.
Components of GST-
While GST might have been implemented as a single tax on the whole nation, it is still further divided into several components, which are as follows:
- C-GST – It is the part of the tax which goes to the Central Government, irrespective of where the transaction of goods and services is taking place in the country. For example, if a person is looking through the GST certification courses in Indore and purchases one of them, then a part of it will be deducted as per the GST norms set by the government.
- S-GST – It subsumes a part of the purchase made within a particular state in the country. For example, buying any one of the GST certification courses in Indore will also contribute to the state of Madhya Pradesh by crediting it with a specified tax percentage.
- I-GST – It is applied when the purchase takes place among the various states of the country. For example, if a person located in Mumbai wants to purchase one of the GST certification courses in Indore, then they will have to pay IGST along with the course fare during the transaction.
- UTGST – It is only applicable for the Union Territories of India, namely Chandigarh, Dadra, and Nagar Haveli, Lakshadweep, Andaman and Nicobar Islands, Daman and Diu, Ladakh. A part of the revenue collected in these states goes to the Union Territory government in addition to the CGST.
Registration Requirements for GST
Several eligibility criteria specify whether a person or an organization qualifies to register for the payment of Goods and Services Tax. Some of them are listed below:
- If the turnover of a business is less than 40 lakh rupees(INR), then it can choose whether to register itself or not under the GST. It is known as voluntary registration.
- However, if the turnover exceeds the amount mentioned above, then it becomes compulsory for the organization to register itself under GST. It is known as mandatory registration.
- If you run an online store or provide digital services to other firms, such as providing virtual lectures for GST certification courses in Indore and have a turnover of at least one rupee, in that case, it is also mandatory to get a GST registration for your business.
GST Form Submission
Two forms need to be filled for GST by various businesses and professionals that clear its eligibility criteria, namely
- GSTR-1: This form collects all the information about the number of sales or services rendered to the customers in detail and submitted to the Government of India. For example, if an agency has provided GST certification courses in Indore to all its learners, then it has to report its total tax liability to the government, including other details whether the nature of the services endowed was B2B (Business to Business) or B2C (Business to Consumer) and so on.
- GSTR-3B: A business person sells a product for 100 rupees and includes a GST of 18 rupees to be paid along with it. The process is repeated when that same business person purchases the product from the wholesaler for 80 rupees and a GST of 8 rupees included with it. So the net amount of GST that goes to the government is 10 rupees, and not the gross amount collected. This is known as GST credit and is paid on the 20th of every month.
Categories of GST in India
All the goods and services rendered are listed and charged according to the different categories of GST, such as:
- 0% category: includes books, bread, eggs, fresh fruits, vegetables, meat, alcoholic beverages, and petrol and petroleum products.
- 5% category: includes shoes, tea, coffee, readymade clothes, train tickets, and small restaurants.
- 12% category: includes phones, medicines, and so on.
- 18% category includes camera, mineral water, soaps, computer monitor, etc.
- 28% category: includes branded jeans, commercial vehicles, telecom services, washing detergents, hospitality services in five-star hotels, and many more.
Now that we have covered all the basic terminologies used in GST, let us take a look at the various GST certification courses in Indore that can give you qualifications as a certified GST practitioner:
Top 7 GST Certification Courses in Indore
1. IIM Skills
The agency has its headquarters in Delhi and is also one of the most reputed GST certification courses in Indore. It offers a GST practitioner course that consists of study material in the form of pdf notes and video lectures accessible through the Learning Management System (LMS), and weekly assessments through practical assignments. All learners are required to mark their presence in the online class and to take the final assessment by the end of the course, you have at least 70% attendance.
Mode: Online
Duration: 16 Hours
Fee: 9900 INR + GST
Modules:
- GST: Its Genesis and Concept, and Its Impact on Business
- The Framework and Structure of GST
- How to Register under GST: Criteria and Process
- GST Invoice Rules and Regulations
- GST Returns Filing
- Composition Scheme under GST
- Reverse Charge Mechanism
- E-way Bill Under GST
- Input Tax Credit
- Payment in GST
Certification provided: Yes
Meant for: Freshers and students, business owners/startups, accounting and finance professionals, house makers.
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2. Gupta Professional Classes
Founded in 2017, Gupta Professional Classes is rated as one of the topmost institutes to provide GST certification courses in Indore. It claims to be useful in all aspects of the industry, be it trading, manufacturing, or service.
Mode: Offline
Duration:
- Basic Course – 4 days (2 hours/day)
- Advanced Course – 3 months
- Practitioner Course – 6 months
Fee: 4000 INR
Modules:
- Overview of GST
- Definitions
- Exemptions under GST
- Composition Scheme
- Inter and Intra-state Supply
- Time of Supply
- Value of Supply
- Input Tax Credit
- Tax Invoices, Accounts, and Records
- Returns
- Payment of Tax
- Offenses and Penalties
- E-way Bill
- Job Work
- Assessment and Audit
- Demand and Recovery
- Miscellaneous Issues
Certification provided: Yes
Meant for: Students and business persons
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3. Udemy
Udemy offers various GST certification training as per the learner’s context and requirement. You can choose to begin with a basic course in GST and then gradually proceed towards the more advanced ones. The courses are regularly updated according to the current trend and can be accessed at any time, anywhere through mobiles and laptops. And there is also a “30-day Money Back Guarantee” if you are not satisfied with the course content.
Class Mode: Online
Course Duration: 42 hours
Course Fee: 4800 INR
Course Modules:
- Basics of GST
- Composition Scheme
- Input Tax Credit
- GST Registration
- Returns
- Transitional Provisions
- Place of Supply
- Time of Supply
- Value of Supply
- Offenses and Penalties
- New Council Meeting: GST Rates
- Impact on Trading Sector
Placement Assistance: Yes
Meant For: CA aspirants, ICWA, tax practitioners, CA/CS/IAS aspirants, LLB practitioners/aspirants, tax accountants.
4. Tax Guru
It is a self-learning course designed to cover all the aspects of GST from the basic to the advanced level. The lectures are headed by CA Raman Singla. Over 30,000 professionals have been trained by him, and he has authored the best-selling “Complete Analysis of GST”. The lectures are pre-recorded in both Hindi and English and available in the LMS along with the notes and mock tests for the learner’s ease.
Mode: Online
Duration: 1 month
Fee: 8000 INR + GST
Modules:
- Basics of GST, GST Laws, and their Constitutional aspects
- Taxes subsumed in GST
- GST Forms
- GST Registration
- Definition of Goods and Services
- GST Credit
- Reverse Charge Mechanism (RCM)
- Place of Supply
- Transitional Scheme
Certification provided: Yes
Meant For: Beginners, finance professionals, business heads, SMEs, and GST practitioners.
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5. AJNIFM
The AJNIFM is an autonomous body under the Ministry of Finance, Government of India that has an advanced level course in GST designed exclusively for the benefit of the institute’s members. Candidates are encouraged to gain an understanding of both the relevance and challenges related to GST inclusively.
Mode: Online
Duration: 1 month
Course Fee: 12500 INR + GST
Modules:
- Overview of GST Act
- Overview of GST Act – CGST/SGST
- Supply of Goods and Services: Meaning and Scope
- Registration
- Role of GSTN
- Filing of Returns
- Types of Returns and Formats
- Input Tax Credit and its matching
- Overview of IGST Act
- Place of Supply
- Cross-utilization of IGST & Funds Transfer
- Valuation of services and goods at the Time of Supply
- Input Tax Credit and ISD
- Electronic Commerce and Job work
- Invoices & Payments for Taxes
- Transitional Provisions
- TDS and TCS in GST
- Compensation to States under GST
- Demands, Recovery, and Refund
- Assessment and Audit
- GST Online Forms and Returns: A Practical Session
- Appeals and Revision
- Advance Ruling
- Inspection, Search, Seizure, and Arrest
- Prosecution, Offences, and Penalties
Certification provided: Yes
6. ICAI
The ICAI is another autonomous organization formed by the government that offers top-notch GST certification courses in Indore. The faculty consists of experienced mentors from industry and practice. Study material and mock test papers are provided to every learner. An objective exam of 2 hours consisting of 100 questions is conducted, and a candidate must score more than 50% marks to get the certification.
Mode: Online
Duration: 72 hours
Fee: 10,000 INR + 18% GST (Exam Fee excluded)
For CMA Members, CMA Final Passed Candidates and CMA Final pursuing Students – 8000 INR + 18% GST
Special discount of 15-20% for corporate employees
Modules:
- Constitutional Background of GST
- Concepts & Definitions in GST
- Classification, HSN, SAC
- Input Tax Credit, Refund of ITC
- Records and Returns
- Payment and Refunds
- Demands
- Penalties and Prosecutions
- Job Work
- Zero Rated Supplies, Imports, and Exports
- The Application of TDS and TCS under GST and the filing of Returns
- Event taxable, Time of Supply, Place of Supply, Composite and Mixed Supply, Works Contract, Exempt Supply
- Valuation under GST, Valuation rule
- Procedures – Registration, Invoice, Bill of Supply, E-way Bill, etc.
- Annual Return and Assessment
- Adjudication and appeal
- Advance Ruling and Anti-profiteering
- Case studies involving real-life scenarios in specific Chapters and miscellaneous provisions
Certification provided: Yes
Meant For: Students pursuing/qualified CMA, other professionals such as CA, CS, MBA, M.Com, Lawyers, executives from industries, and tax practitioners.
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7. Henry Harvin
The Noida-based agency presents a unique approach amongst the GST certification courses in Indore. It is a 9-in-1 course that contains live online training for a month. In addition to all the study material available, the learners are also offered 1-year of Gold membership which allows them access to numerous live projects, internships, and skill enhancement sessions free of cost.
Mode: Online
Duration: 32 hours
Fee: For self-paced course – 11250 INR
For live online classroom – 12500 INR
Modules:
- Supply or Levy, Place, and Value of Supply, Export & Import, E-Way Bill
- Registration, Input Tax Credit and ITC04, Transitional Provisions and Job Work
- Account & Records, Invoice, Tax Payments, Time of Supply, Returns, Refunds
- Litigation Management
- Audit & Assessments
- Offenses & Penalties
- Demand & Recovery
Certification provided: Yes
Meant for: CA/CS aspirants, tax practitioners, accountants.
Frequently Asked Questions
1. What are career options in GST?
Some of the top opportunities that a career in GST has to offer are:
- Taxation Manager
- Reconciliations
- GST Trainer
- GST Legal practice
- GST Practitioner
- Taxation Research Analyst
- GST Compliance Practice
- GST Department
- GST Consultancy Practice
2. What are the earnings of a GST practitioner?
For employees with less than 1 year of experience to 4 years of experience, the average salary for GST Practitioner Accountants in India is 2.2 lakhs per year. The salary of an accountant at GST Practitioner ranges between 1.4 lakhs and 2.5 lakhs per year.
3. What are the eligibility criteria for being a GST practitioner?
The basic eligibility criteria for becoming a GST practitioner is as follows:
- Indian citizen.
- sound mind.
- should not be deemed insolvent.
- The said person should not have committed an offense and be imprisoned for two years or more.
Conclusion:
Since the time it has been implemented, GST has displayed numerous benefits such as removal of cascading effects in tax, increase in registration hold from 5 lakh to 20 lakh rupees, the ease with which the entire process of GST(from registration to filing returns) can be completed, and a more clearly defined unorganized sector. But there have also been drawbacks in the form of increased software and operational costs, being penalized for not following the GST norms, and so on. But what you need to remember is that change is never an easy process. Government officials are trying to make GST smoother.