With the implementation of the Goods and Services Tax (GST), India has witnessed one of the biggest indirect tax reforms ever. This tax reform was rolled out to bring India under the “One nation, One tax regime.” It was done to bring positive changes in the tax revenue system of the country.
Even though GST aims to make taxation simpler, its tax structure and continuous updating policies make it very complex. To understand the same, it becomes really important to learn the GST system. Hence, we have lined up details in the below article about GST, and the best GST certification courses in Lucknow.
What Is GST?
The concept of Goods and Services Tax or GST was first introduced in the year 2000 in India by the then Prime Minister. It took more than 10 years for GST to get launched. It was finally launched on 01st July 2017.
GST is inspired by VAT/GST legislation of countries like the European Union, Australia, and Malaysia along with international VAT/GST guidelines of The Organisation for Economic Co-operation and Development (OECD).
The pre-GST indirect tax structure in India was very complex. While it not only had central taxes, tax administrations, various acts & rules, and procedures by the central government but also had multiple state taxes, multiple state tax administrations, multiple acts & rules, and procedures by state governments. This all was forgone to convert the Indian indirect taxation system into a single tax – GST with single tax administration, uniform law, and computerized uniform procedures.
Thus, various indirect taxes were converted into four types of GST –
- Central GST (CGST)
CGST is a tax collected by the Central Government on an intra-state sale, i.e. transactions happening within a state.
- State GST (SGST)
SGST is a tax collected by the Central Government on an intra-state sale, i.e. transactions happening within a state.
- Union Territory GST (UTGST)
UTGST is similar to SGST, which is a tax collected by the Union Territory on the supply of goods and services within the concerned Union Territory.
- Integrated GST (IGST)
The inter-state supply of goods or services is under the ambit of IGST. In this type of GST, the Centre levies IGST, which comprises CGST and SGST, on all inter-state supply of goods or services or both. The center, after receipt of tax, then transfers the importing state’s share to the concerned state.
Slabs of GST
Presently, GST has five tax slab rates. They are as follows: –
- Zero % or No Tax – This slab covers almost 7% of goods and services. It includes daily essential goods like fruits and vegetables, milk, curd, fresh meat, eggs, etc. along with stamps, newspapers, printed books, etc. Hotels and lodges with tariffs below INR 1000 are also covered under this slab.
- 5% – Almost 14% of goods and services come under this slab.
- 12% – It covers 17% of goods and services. It covers edible items like frozen meat products, cheese, butter, fruit juices, packed dry fruits, etc. On the other hand, it also includes items like cellphones, apparel above INR 1000, non-AC restaurants, business class air tickets, etc.
- 18% – The majority of goods and services fall under this slab. Hence, this slab contains almost 43% of goods and services. It includes items like biscuits, pastries and cakes, mineral water, footwear costing more than INR 500, cameras, printers, AC restaurants serving liquor, restaurants in five-star and luxury hotels, telecom services, financial services, etc.
- 28% – This slab has the second-highest number of goods and services covered under it as it covers almost 19% of goods and services. Goods and services like aerated water, personal care items, washing machines, automobiles, motorcycles, five-star hotel stays, and movie tickets above INR 100 fall under this category.
What Is A GST Course And Why Is It Important?
Since its inception, there have been apprehensions regarding the GST procedures and thus, many government institutions, as well as private institutions, have come up with GST courses to enable professionals and the public to understand the GST concepts and procedures.
As GST is still adapting and in the infant stage, it becomes really important to know about the fundamentals of GST. Here, GST courses come in handy as they can clear the concepts and procedures. The course helps one to know about GST laws and procedures to help the organizations and institutions to comply with the new tax regime.
The Main Objectives Of GST Courses Are As Follows: –
- It provides specialized up-to-date knowledge and thus, enhances the GST domain skills of students and industry members.
- It provides in-depth knowledge of GST laws, applications, and concepts.
- It provides knowledge of the different procedures required under the GST Act, like registration, filing of GST return, TDS, etc.
Who Should Do This Course?
GST certification course is best suited for those who are commerce graduates or finance professionals. It gives them a great opportunity due to the complexity of GST and great demand.
Every industry, be it manufacturing or service, needs account executives or chartered accountants who are well versed in GST. The companies need professionals who have in-depth knowledge of GST and taxation to file their returns.
If you are a chartered accountant or financial expert and have GST knowledge then you have an upper hand compared to your peers. Not only has GST made businesses more transparent and their financial books online but to maintain the same it has also created good career opportunities. GST has created a demand for certified professionals in all sizes of industries. You can build your career as an account executive, tax consultant, etc.
Due to its vast scope, GST experts are required in every part of the country. For example, Lucknow is the state capital of Uttar Pradesh and thus, it needs good professionals who are well versed in GST.
As a result demand for GST certification courses in Lucknow has seen an upward trend. Thus, to do a GST certification course in Lucknow, it becomes really important to know about the good institutes available along with their comparison. This article below ensures that you get to know about some of the good options for pursuing GST certification courses in Lucknow.
Best GST Certification Courses in Lucknow
1. IIM Skills
IIM Skills is one of the leading online educational institutions in the world. It has been ranked number one by top education blogs such as Career360 and CourseReport.
IIM Skills offers one of the best online GST courses. It is a four-week live online course containing 16 hours of lectures, practical assignments, hands-on learning, freelance opportunities, free ebooks, invoicing tools, and software.
The curriculum of the GST certification course from IIM Skills is divided into 9 modules. Each module covers all the relevant topics and thus makes it exhaustive. The curriculum details are as follows: –
- Module 1 – The genesis and concept of GST and its impact on businesses
- Introduction to Goods & Services Tax (GST)
- Types of GST
- How do we determine GST liability
- GST rate slabs, etc
- Module 2 – The Framework and Structure of GST
Topics covered under this module are as follows: –
- Meaning of Goods and Services in GST
- Meaning of supply in GST
- The taxable event in GST
- Time of supply
- Place of supply
- Valuation of Supply
- Module 3 – Registration under GST: Criteria and Regulations
The topics are: –
- Online Registration
- Process of Registration
- Issued Registration Certificate
- Amendments in Registration
- Surrender of Registration
- Module 4 – Invoicing in GST: Invoicing Rules and Regulations
Topics are: –
- Raised invoice and charged GST
- GST invoice
- Bill of Supply
- Debit Note / Credit Note
- Payment voucher
- Module 5 – GST Returns Filing
Return filing and reconciliation
- Module 6 – Composition Scheme under GST
Topics are: –
- Limitations and registration of composition scheme
- Tax rate and return form in composition scheme
- Module 7 – Reverse Charge Mechanism
It includes RCM and taxability under it
- Module 8 – E-way Bill under GST
It includes necessity and issuance of E-way bill
- Module 9 – Input Tax Credit and Payment in GST
It includes off-set GST liability, mode of payment, electronic liability ledger, credit ledger, and cash ledger
This course is one of the best GST certification courses in Lucknow for students or professionals who wish to get complete knowledge about GST.
The fee for this course is Rs 2900.
Other Courses offered by IIM Skills:
IIM Skills Brand Partners
Reviews and Testimonials
Recommended Read: IIM Skills GST Course Review
To enhance the knowledge of its members, ICAI has started a certificate course on GST.
It is a 10 days course and you have the option to attend classes on weekends or weekdays.
Who Can Do This Course
This course is open to the members of ICAI.
Syllabus in Nutshell
- Definition and concept under GST
- Time and place of supply
- Input tax credit
- Registration and returns
- Payment, Refund
- Offenses, penalties
- Miscellaneous provision
Fees For The Course
- Rs 14,000/- plus GST for Delhi, Kolkata, Chennai, Mumbai, Bangalore, Hyderabad, Pune, Ahmedabad, and Jaipur.
- Rs 12,600/- plus GST for other cities.
This is again one of the very good options to do GST certification courses in Lucknow if you want to pursue a course from one of the most recognized bodies and have the necessary qualifications.
Also, look at the Top 10 GST Certification Courses in Mumbai
3. The Institute of Cost Accountants of India
It is offering an online Certificate Course on GST.
The total course duration is of 72 hours.
- Members who are qualified cost and management accountants.
- Professionals like chartered accountants, company secretaries, MBA, B.Com, Lawyers.
- Tax practitioners and industry executives.
- CMA qualified or CMA pursuing students.
Rs 10,000/- plus 18% GST (excluding exam fees.)
Rs 8,000/- plus 18% GST for CMA members, CMA passed candidates, or CMA final pursuing students.
Rs 1,800/- plus 18% GST.
- Constitutional background, concepts, and definitions in GST
- Classification, HSN, SAC
- The input tax credit, refund of ITC
- Records and returns
- Penalties and prosecutions
- Annual return and assessment
This is a very good option as they also have live doubt clearing sessions. Moreover, they also provide study materials and mock test papers to students. Hence, if you want to know about GST from scratch then this course is one of the best GST certification courses in Lucknow.
Apart from the above-mentioned course, this institute also provides 40 hours of online advanced certificate courses in GST.
4. BSE (Bombay Stock Exchange) Institute Ltd
BSE Institute is offering a certificate program on GST. The main objective of this certificate course is to develop the necessary skills of GST in students and industry members. This course aims to not only give an overview of GST but also enhance one’s knowledge in tax invoices, credit, debit notes, payment of tax, and refunds. In this course, they are also going to give demo sessions on the registration of GST.
It is a 4 days course where each day classes will be held from 10:00 am to 05:30 pm.
- Day 1 – Overview of GST, determination of nature of supply, time and value of supply, and place of supply of goods or services or both
- Day 2 – Input tax credit, registration, and online demo of GST registration
- Day 3 – Tax invoice, credit and debit notes, accounts and records, returns, and online demo of all the GST returns.
- Day 4 – Payment of tax, refunds, and assessment (includes self-assessment, provisional assessment, scrutiny of returns, and accounting entries in GST)
Who Can Do This Course
Stockbrokers, investment bankers, professionals of the industry, investors, and students can sign up for this course. Thus, it is open to all.
On successful completion of this course, certification will be given by Bombay Stock Exchange Institute Ltd.
This course is a good option if you want to know details about GST in a very short duration. This is like a crash course in GST. Since BSE is providing this certification, it stands out to be one of the best GST certification courses in Lucknow.
NIIT has launched a certificate course “Introduction to GST” to enable students to learn about concepts of GST, implementation, and impact of GST in the taxation system.
It is a 20 hours classroom course.
You will be able to understand the concepts of GST.
You will get knowledge of GSTN and GSTP.
You will be able to do transition to GST and Input Service Distributor(ISD).
You will be able to file returns and make payment of taxes.
The above learning outcomes are not exhaustive. More details can be checked from their website.
Eligibility Conditions For This Course
The student should be a pursuing B.Com or a graduate or had Commerce as the subject in class XII. One needs to also have an understanding of the taxation system.
NIIT is an industry veteran and has good faculty with them. By attending this course, you will be able to get good knowledge about GST in a very short period. Thus, this also turns out to be one of the best GST certification courses in Lucknow as they have a presence all over India.
Frequently Asked Questions
- What is GST?
GST is an indirect tax that was introduced to replace the various number of indirect taxes to make the Indian indirect taxation system simpler. GST was introduced with the aim of one India, One Tax.
2. How will GST certification help?
By getting a certification in GST, you will become well versed in it. You will be a certified professional with domain knowledge. You can even start your consultancy.
3. Is there a good option available for GST certification courses in Lucknow?
Yes, of course. Nowadays, with the focus more on online delivery of courses, plenty of options are available to choose a course of your choice and that too from a reputed institution. Hence, you do get many options to choose from the best GST certification courses in Lucknow.
4. Why is GST important?
GST is one of the most important taxation systems of the country. All businesses from any sector need to comply with this GST. Hence, they need to file returns, make tax payments.
Regular audits take place and if found guilty, companies need to pay huge penalties. Moreover, the process of GST is online and hence, it brings transparency. Thus, the structure of GST makes it important for businesses to comply with it.
5. Is there good demand for GST practitioners/professionals?
Yes. Due to its complexity and still being new, it becomes really important for companies to involve a professional to comply with GST laws. Moreover, due to its nature and compulsion, it becomes very important. Hence, there is a huge demand for a GST practitioner or professional.
In today’s time, when GST has become very important, pursuing a course from one of the best GST certification courses in Lucknow will give a boost to your career. GST is the future of the Indian indirect taxation system. The GST is here to stay.
As GST is making the Indian indirect taxation system simpler, it is a good thing to make yourself well-versed in GST. With the option of online classes, you do get to choose the most suited course from the best GST certification courses in Lucknow.
Apart from the above, you can explore other online platforms like Coursera, Udemy, UpGrad, etc. to choose the best GST certification courses in Lucknow.