Goods and Service Tax or GST was rolled out in India in the year 2017. The aim of GST was to replace the plethora of taxes with a single comprehensive tax nationwide. Goods and Services Tax is an indirect tax that is levied on goods and services and is not applicable unless the consumption of goods and services takes place. GST has replaced a range of taxes such as VAT, Excise Duty, Service Tax, Luxury Tax, etc. Considering the intricacies and an adjustment phase that usually accompanies every change, we highlight some of the GST Certification Courses in Indore to help you comprehend the new taxation system.
Implementation of GST
Goods and Service Tax in India is a multi-stage and destination-based tax levied on every value addition from the production of the product until it reaches the consumer. GST is levied on the consumption of services as well. The stages are as follows:
- Procurement of raw materials
- The manufacturing process
- Storage of the finished goods.
- Goods sold to wholesalers
Under GST, the buyer can adjust the amount of tax he/she has paid on the purchase of the raw material from the manufacturer. Thus, the liability of the tax to be paid to the government is limited to the difference between the tax amount paid and what is included in the invoice. This step is repeated until the product is used by the end consumer. The value addition process is detailed in the illustration below.
As GST is a destination-based tax that is levied at the point of consumption, the tax revenue will be accrued to the state in which the end consumer is present. For example, if goods manufactured in West Bengal are sold in Kerala, then the tax revenue collected will benefit the state of Kerala.
Goods and Services Tax consists of four distinct subcategories which are detailed below
CGST & SGST:
Central GST (CGST) and State GST (SGST) are intrastate taxes. They are levied for transactions within a state. The CGST component goes to the central government and the SGST component goes to the state government. The tax rate is mentioned under the headings of CGST and SGST with exactly half the rate levied under each heading. For example, if the tax rate levied is 12%, then 6% is under the CGST heading and the balance 6% under the SGST heading.
This tax is levied when the buyer and seller reside in different states. Unlike CGST and SGST, here the tax rate will not be split up, but the total tax rate will be mentioned in the invoice, i.e., 12%. IGST goes into the coffers of the central government. The tax proceeds, however, are shared equally between the state and center.
The UTSGST or Union Territory Goods and Service Taxis the GST applicable only within any of the Union Territories of India This UTGST will be charged in addition to the Central GST (CGST) and replaces the State GST (SGST), that’s applicable in other states.
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Objectives of GST
1. To usher in uniform taxation countrywide
The primary aim of GST was to have a single tax rate across the entire spectrum of goods and services being consumed and availed in the country. Under GST the Central Government decides on the tax structure and other rules that are to be followed. Tax compliance would be better as they wouldn’t have to be burdened with disparate rules and regulations and along with having to file multiple returns and deadlines.
2. Replacing varied taxes
Prior to GST being introduced, India had several taxes in vogue, such as Central Excise, Value Added Tax or VAT, Service Tax, etc. These taxes were levied at multiple stages and there was a lack of a uniform tax structure with different taxes levied by the center and states. To have a synchronized tax rate and to make compliance easier for the taxpayers was one of the major objectives of rolling out the GST regime.
However, as computer literacy still isn’t all that widespread in India, many small traders and businesses have had to cope with the burden of increased compliance and trying to comprehend a system they don’t fully understand. The frequent changes in rules and the inclusion of new processes haven’t helped either thus making compliance not as easy as envisaged.
3. Eliminate the cascading effect of taxes
The predominant objective of the implementation of GST was to remove the cascading effect of taxes. Prior to the introduction of GST, due to the erstwhile indirect tax laws in vogue, taxes incurred on dissimilar taxes could not be used to claim input tax exemption.
For example, the excise duty paid for the purchase of raw materials required for manufacture could not be set off against the VAT levied during the sale, thus leading to an increase in the final price of the commodity when it finally reaches the consumer’s hands.
4. Curbing tax evasion
In order to curb tax evasion, under GST rules, the taxpayers would be permitted to claim input tax credit only on invoices uploaded by their suppliers. This impedes the possibility of claiming input tax on fake invoices. Thus, GST has managed to curb tax evasion and minimize tax fraud to a large extent.
5. Increasing the taxpayer base
GST has helped in furthering the objective of widening the indirect tax base in India. Each of the prior tax laws had differing threshold limits for registration under them, based on turnover. The only way in which to claim input tax credits and reduce their tax burden was to register themselves under GST.
In addition, the only way commercial organizations could claim tax input was to deal with dealers registered under GST. This is another factor that encouraged registration under the new tax system.
Top 9 GST Certification Courses in Indore
A GST practitioner is a classification a consultant who dispenses online services to other taxpayers. Other registered taxpayers can approach a GST practitioner to file tax returns and provide other allied services to the taxpayer.
1. IIM Skills
IIM Skills provides one of the prominent GST Certification Courses in Indore. The GST Course at IIM SKILLS meticulously covers all that is to know about becoming a GST practitioner. Its curriculum meets industry standards and provides 100% hands-on training. This course is recognized by the MSME Department, Government of India.
- Pre-recorded and comprehensive online sessions with in-depth practical exercises.
- Well-researched teaching methodologies and a curriculum that is up to par with the latest developments in the GST domain.
- You will be trained by leading industry experts and the course is complemented with case studies, thus providing you with an immersive learning experience.
- The course will provide you with clarity and provide insights into the theoretical and practical applications of GST.
- Immediate resolutions on doubts that enable lucid learning through their discussion forum.
This is one of the GST certification courses in Indore which is brought to you by Udemy. This course elaborates on all the major topics of the GST law from scratch by explaining their practical implications. This includes – how to break down the law into simpler parts, and how to read and interpret the provisions.
- Obtain practical knowledge of the legal provisions, procedures, and various other issues as per the provisions under GST.
- Developing skill-sets required to mitigate issues under GST.
- Get skills that will help to be a GST professional.
3. The Institute of Chartered Accountant
The Institute of Chartered Accountants of India has been an umbrella organization for Chartered Accountants for over 6 decades. It is a venerated and prestigious association of GST practitioners. This course is well equipped to impart comprehensive training on GST and is one of the top GST Certification Courses in Indore in lieu of the course being conducted by the same institute that oversees all the Chartered Accountants in India and has the same exacting standards for its GST courses.
- The ICAI provides two GST courses, one being a basic certificate course, and the other being an advanced certificate course on GST.
- The eligibility criteria for both of these programs require the applicant to be a chartered accountant.
- The learning material and other resources can be accessed through the Learning Management System of LMS. The recorded sessions of remain open to the aspirants for a period of two months.
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4. International Society Of International Learning
This is one of the most exhaustive GST Certification Courses in Indore. Via this course, the students obtain expansive tutelage regarding the Goods and Service Tax regulations. International Society for Executive Learning has added this GST Certification Course, in affiliation with MSME, Government of India to impart training in all aspects of Good and Service Tax (GST) that include registration, returns, and in-depth understanding of various GST rules and regulations.
- Access to high-quality learning material and content of 30 hours.
- Online interactive sessions on Sunday. Q&A session available after.
- Training material for the course is designed and dispensed with, by a reputed industry practitioner with more than two decades of experience.
- Aspirants will be informed of any GST updates on a weekly basis via email.
- Technical support via email.
5. CA Club India
One could say that there has been a paradigm shift with regards to the Indirect Tax structure when GST was rolled out on 01st July 2017. It is of paramount importance to comprehend and assimilate with the GST tax regime in India. To help train the aspirants and to keep them abreast with the ongoing changes in the rules pertaining to the Goods and Service Tax, CA Club India come up with their most compelling and rewarding training program.
- In-depth understanding of current GST provisions along with practical examples.
- Detailed analysis of complicated issues in GST.
- Preparation and filing of GST returns
- Study of divergent judgments and case studies from different adjudicating authorities.
- Understanding of all recent amendments and implications of the GST Act.
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Another of the GST Certification Courses in Indore conducted by the IIPTR aims to bridge the gap in their knowledge of GST rules for those seeking to educate themselves on various GST rules and regulations.
- Helps to update knowledge on the recent amendments and the challenges arising thereof.
- Assistance in resolving your doubts on GST during the training process and lifetime faculty support after course completion.
- Helping the aspirants understand the practical aspects of GST regulations.
- Learning about GST implementation using appropriate software.
- Experience first-hand the challenges which can be faced via case studies and examples
- Earning an industry-recognized certification that can prove useful for setting up your own consultancy.
7. Tally Academy
The main USP of the Certified GST Professional with E-Filing training provided by Tally Academy is that it is one of the GST Certification Courses in Indore in which your queries are being handled by Chartered Accountants and GST Experts. It is an elaborate guide to the Goods and Service Tax regulations.
The GST course by Tally Academy covers all the aspects of Good and Service Tax (GST) including new registration, GST returns upload and detailed accounting and recording of GST transactions.
- The best GST experts in the industry will be involved in your training.
- Your GST queries will be resolved by CA & GST experts.
- Assimilate knowledge about GST filing in English or Hindi.
- Acquire knowledge of how to handle errors while filing returns.
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8. The Institute of Professional Accountants
This is another of the GST Certification Courses in Indore that aims to impart GST Training and provides live projects and practical training on how to file GST returns be it monthly, quarterly, or annually. The training of the filing process and allied skills to help you develop into a seasoned GST practitioner are imparted by experienced faculty.
This course is apt for both tax professionals, graduates, and people looking to file their own taxes such as entrepreneurs.
- Study of GST Laws.
- Filing online GST Returns.
- Practical assignments are given.
- The government recognized Diploma Course.
- Opportunity to have own consultancy.
9. Henry Harvin
Finding itself among the GST Certification Courses in Indore, the GST Practitioner Course gives an absolute 360-degree insight into GST procedures. These discourses are delivered by experts who have spoken on Aaj Tak, NDTV, and other renowned platforms. This course covers all GST topics such as filing returns, generating e-way bills, etc. Henry Harvin further guarantees placement support post-completion for a period of 1-year.
- Experience gained by way of computer-based practical training on GST.
- Stay updated on recent GST amendments & their challenges.
- Interview skills and a guaranteed internship will be provided.
- GST experts will share real-life cases as well as experiences.
- You will earn an industry-recognized certification in GST.
- Comprehend practical issues faced with GST taxation by way of focused FAQ sessions.
FAQs related to GST Certification Courses in Indore
1. What is GST in simple words?
The tax is included in the final price and is paid by consumers at the point of sale, with the seller passing it on to the government. The GST is a common tax that is used by the vast majority of countries around the world.
2. What are the 3 types of GST?
- Integrated Goods and Services Tax (IGST) – This is an interstate tax
- State Goods and Services Tax (SGST) & Central Goods and Services Tax (CGST) – Both are intrastate taxes.
- Union Territory Goods and Services Tax (UTGST) – This is charged in lieu of SGST along with CGST only in Union Territories.
3. What are the GST taxation rates?
The GST rates in India chargeable for goods and services are divided into four slabs, 5%, 12%, 18%, and 28%. There are certain essential commodities such as vegetables, poultry, books, etc.
4. Is becoming a GST Certified Professional a good career move?
Every business concern has to get itself registered under GST if they are to continue functioning. Thus a GST-certified professional has good options with regard to getting a high-paying job. Obtaining a GST certification further adds a competitive advantage to resumes of accounting and financial resumes.
All of the options mentioned in this list are noteworthy institutes that provide GST Certification Courses in Indore. These institutes have the option of weekend batches to accommodate working professionals who are looking to upskill. Based on your criteria such as duration, the flexibility of timings, mode of instructions, etc., you can choose among any of the institutes listed that provide GST Certification Courses in Indore.