10 Step Guide To GST Practitioner Course, Syllabus, Fee, And Examination
The GST or Goods, and Services Tax as we all know, is a new indirect tax that has been implemented by the government of India in 2017. It is to smoothen the process of tax payment and collection by the people of the country, state, and central governments.
However, there might be some queries, confusion, and doubts regarding the implementation of GST and how to pay for the same. Payment and procedure of tax payment can be harrowing for individuals as well as business entities.
Therefore, you need an expert in the field to look after all the areas like registration of taxes, tax returns, while abiding by all the rules and regulations, and complying with all the terms and conditions under the GST act. This is where the work of a GST practitioner comes to relevance. They aid you in helping remove all the glitches and to simplify the process of GST payment.
One of the most important reasons why a GST practitioner is so trusted is because they are approved by the different governments Central and State to carry out the activities concerning the different facets of GST.
A GST practitioner has to be well-versed with the fundamental as well as the advanced concepts of the tax structure. This includes being informed about the basic knowledge and carrying out exercises to understand the practical implementation, aspects of the goods and services tax. It is not just registration or returns but the in-depth understanding of the accounting structure, and recording of the different GST transactions carried out.
Before moving on to understand the GST practitioner role, responsibilities, course, examination, and fee in detail, let’s look at what GST is all about.
GST is perhaps one of the most forward-thinking taxes implemented in the Indian economy since independence. It is the most progressive step towards eliminating fraudulent activities, corruption, and ending the inconsistency in collecting and implementing the different taxes. It relieves the taxpayer of the burden of the N number of taxes imposed previously.
They have been hesitancy among certain people in accepting the efficacy of the tax. Over the years, it has become apparent that GST helps in eradicating the negative impact of the tax structure that was previously in place. GST essentially is about bringing a sense of consistency and stability in the taxation process in the country and across the different states.
Over the course of three years, it has helped in increasing the taxpayer base along with reducing the tax rates. Thus, it provides stability to the economic situation and propelling FDI (Foreign Direct Investment). In the coming years, the fruits of its success are going to be even more evident.
You can also checkout our article on the Top GST Certification Courses In India
GST has been instrumental in bringing about a positive change in the following aspects
- Understanding of taxation by businesses with more clarity
- Eliminating uncertainties regarding tax payment
- Lower tax rates and a hence lower burden on the taxpayer
- Ease of filing tax returns, smoothening of the process of movement of goods, and application of services
- A positive shift in the direction of improvement of the economy.
Let’s see how GST impacts and helps the different sections of our society
For The public:
Owing to the consolidation of the tax structure, it is easier for the public to understand the taxation system and pay for it. Moreover, it also reduces the multiple taxes charged on the price of a good or service.
Running a business is anyway a complex process. Doing away with the multiple tax structure helps in better understanding of the tax regime, and ease of doing Business for enterprises involved in the diverse sectors.
For State and Central Govts:
Both Central and state governments reap the benefits of a unified tax structure that helps to bring in foreign investments and propels growth in the different industries and sectors such as the manufacturing industry and the services industry.
For Finance Professionals:
Though this is not directly related to the ease of doing business, the GST tax structure has helped to open up new career avenues and job opportunities for finance professionals. It is also a very lucrative form of work that provides both job satisfaction as well as a good salary.
There are few different types of GST. They are as follows:
CGST: The central goods and services tax as the name suggests is the GST tax imposed on the purchase and transactions of goods and services within a state. The central goods and services tax is charged on the basis of predetermined rates between the center and the state in accordance with the market price.
SGST: SGST all state goods and services tax is the tax levied on transactions on purchases of goods and services in every state. It consolidates the tax structure and includes VAT entertainment tax sales tax etc. The state has all the rights over the SGST tax
IGST: The integrated goods and services tax involves taxes on those goods that are imported to various States. It is an inter-state tax that is levied when products and service transactions take place from one state to another. The revenue from the IGST is shared by the central and the state governments in accordance with pre-decided rates.
UTGST: Union territory goods and services tax is the application of the GST in the five union territories Andaman and Nicobar, Lakshadweep, Daman Diu, Dadra, and Chandigarh. The central government collects the tax for the union territories without legislature. Union territories with the legislature this tax are collected by the state government.
GST Practitioner Career
The career of a GST practitioner can be very fulfilling and it can be one of the finest vocations for a finance professional. It opens up a whole world of new avenues to explore and can be a very rewarding job option.
It is important to understand the nuances of the implementation of GST. This will help in understanding and creating a more efficient business structure that complies with all the enforced GST rules and acts.
The average salary of a GST practitioner can be up to up to 6.5 lacs per annum. However, it all depends on your efficiency, knowledge, and your advanced skill sets. The salary also depends on the business enterprises you work for.
Some of the defining points of a GST practitioner are as follows
Since a GST Practitioner is well aware of the taxation and accounting structure they are efficient in handling the financial aspects of clients. You can also go to them for advice regarding financial decisions.
They have more lucrative career options with enhanced skills. Since they have expertise in the financial field, it lends them credibility and the trust factor establishing them as some of the most efficient professionals in the financial department.
It is important to go through the curriculum for the various courses available today in India for GST practitioners. You have to carry out thorough research about the different institutions offering GST courses. It is imperative that you choose a valid institute that has qualified mentors and resources and study material that will come to your use.
Some of the important duties that a GST practitioner performs when you employ them to carry out your GST compliances are as follows:
Registering for GST:
GST practitioner helps in applying and registering for GST. This involves taking care of all the areas of tax payment along with making changes, cancellations, and amendments to the GST registration.
When you apply for GST you have to pay GST returns on a monthly, quarterly, or annual basis. This is done with forms such as GSTR-3B, GST-R1, and GST R9. Your designated GST practitioner will make arrangements to file returns and make due payment.
When you hire a GST practitioner, you give them the authority to pay taxes on your behalf.
Your GST practitioner also helps you to file for a refund and claim any money in case of any such issues.
Representing The Client:
The GST practitioner you employ can appear as your representative before officers of the GST department, the appellate authority, or tribunal.
The work of GST practitioners holds the utmost importance in terms of taxation for yourself and your business. They have to be registered on the GST portal along with passing the examination for the certification of GST. It is only after these two processes that they can start their own practice, take up client work, and file information on a client’s behalf. This is why the GSTP examination is so vital as it helps to foster credibility for the different services that a GST practitioner provides to their clients.
The process of becoming a GST practitioner involves few important steps.
1. You have to enroll as someone who wants to pursue their career as a GST practitioner.
2. To become a GST practitioner, you have to be a citizen of India. Insolvency is a ground to reject your application to become a GST practitioner. So, you have to comply with the rules and regulations before you can start working as a GST practitioner.
3. You to sit for the GST Practitioner examination and pass the exam within 2 years of enrolling as a GSTP.
4. The eligibility criteria for GST practitioners position is as follows:
i) the candidate should be a graduate or postgraduate in commerce, law, banking, business administration, and management from a recognized Indian university. They can also be a pass out from a recognized foreign university that is regarded as equivalent to the degrees mentioned above in India.
ii) You should fulfill the criteria mentioned in point (i), and you may consider taking a GST practitioner course if you have additionally passed the final examination of the Institute of chartered accountants of India or the Institute of cost accountants of India, and Company Secretaries of India.
iii) You can also become a GST practitioner if you have passed any other test as notified by the government of India to pursue a career in GST.
You have to register on the GST portal inform PCT-01 as a GST practitioner. Thereafter, you obtain the enrollment certificate in PCT- 02. You have to provide them with the necessary documents to register as a GST practitioner on the portal.
You will be provided a reference number (TRN). As with every verification process, an OTP will be sent to your registered mobile number. After confirming, you can upload the required documents and submit the application through a digital signature certificate and or electronic verification code. You will receive your GST practitioner enrollment number on your registered email ID within 15 days of application.
6) GSTP Examination
You have to appear for the GST practitioner exam conducted by NACIN (National Academy of Customs, Indirect Taxes, and Narcotics) for your certification. To qualify for GSTP, you have to get a minimum of 50% of the total marks.
After enrolling at the GST portal you have to appear for the exam conducted for practice within 2 years of enrollment. You have to pay the requisite fees for the exam.
A candidate can get to see the list of names of enrolled GST practitioners on the GST common portal. This would enable the taxpayers and public to choose the preferred GST practitioner for implementing all the work required to file for GST.
The GST exams are conducted twice every year and the exam fee is Rs 500. It is an MCQ (Multiple Choice Question) Examination. The results for your examination are out within one month of appearing for the date of the exam and candidates are informed by email and/or post.
7) GST Practitioner Syllabus
The topics for the exam are as follows:
- Central Goods And Services Tax Act
- Integrated Goods And Services Tax
- Union Territory Goods Services Tax Act
- All States GST Act Integrated Goods And Services Tax Rules
- States Goods And Services Tax Rules
- Compensation To States Act
- Circulars, Notifications, Rules, And Orders Issued At Intervals Under The Mentioned Acts And Rules
8) Along with the GST PCT- 1 and GST PCT-2 form, in case of any misconduct you’ll also be provided with PCT-3 and PC-4 form for notice seeking more information on the candidate for any wrongdoing, and order of rejection for misconduct respectively.
9) You have to remain updated with information regarding amendments made to the GST act and in the GST law. Devote some time to study about it every day.
Remember you are eventually going to work for the taxpayers and that requires an in-depth understanding of the concepts. Therefore you have to be equipped with all the advanced knowledge. In case of any doubts or queries, take the help of the support desk. Make sure you are punctual on the date of the examination. You should carry your original documents in case you have to show them.
10) Some prerequisites to appearing for the GSTP exam is that the candidate fulfills all the fundamental terms mentioned in points 2,3, and 4.
The examination is conducted at designated centers and the date of the exam is notified by NACIN to all enrolled candidates. Moreover, it is available on the GST portal, Council Secretariat, and leading vernacular and English newspapers. All the information relating to the application fees, and manner of payment is available and specified on the NACIN website.
Steps to follow for a GST practitioner for the client:
The GST practitioner should collate and prepare every required statement meticulously on behalf of the client and electronically verify those statements. Once the statement is prepared they should apprise the client and seek confirmation of the same through emails and SMS.
Any statement prepared and furnished by the GST practitioner will be available on the GST portal for the client. The client should then go through the statement and confirm that all the information provided is valid and there is no discrepancy anywhere.
If there are any changes to be made that should be conveyed to the GST Practitioner in a stipulated time frame. Otherwise, the GST practitioner will take the information prepared as confirmed. The authenticity and correctness of all the statements are the responsibility of the client and the GST has no liability whatsoever. They are only concerned with performing the duties that come under filing and payment of GST under the GST act.
So here, you have the detailed guide on the GST Practitioner courses, syllabus, examination, and fee. All other important details are also mentioned that would help you in your journey to becoming a prolific GST practitioner.
It requires a proper understanding of the different laws that govern the GST act. Delving a little deep into the purpose behind every tax rule and act is important for a GST practitioner to do his or her work properly. Since you have a time frame of two years during which you will have to prepare, and appear for your exam, have clarity of thought regarding the various topics covered in the goods and services tax. Learn all the components incisively and appear for the exam.