Why should we know about GST?
Benjamin Franklin very rightly said that “In this world, nothing can be said to be certain, except death and taxes”.
Being the citizen of India we should understand and know the tax structure of the country and how it functions. The solution to getting updated with GST knowledge is to undergo available online training.
The solution to remain updated about GST is to undergo GST Certification Course.
Today you will find a lot of information on the internet, which might not capture all the aspects. Enrolling yourself to an online GST Certification course is the one-stop solution to bring that awareness.
What aspects covered under GST certification Course available online:
Definition of GST or Introduction: The Good and service tax (GST) is the biggest reform in Indirect taxation of India, announced on 1st July 2017.
GST was implemented to simplify the existing Tax Structure of India and subsume four board categories into single.
It was implemented to simplify the existing Tax Structure which had four board categories of Indirect Taxes:
Excise Duty, Customs Duty, VAT/CST Service Tax. All this was subsumed into a single taxation structure.
What is CGST, SGST & IGST?
CGST :GST levied and collected by Central Government on an intra-state sales (transaction happening within Maharashtra) is called as Central Goods and Services Tax (CGST) which is Central Excise duty, Excise duty on production of Medicine, Toiletries, Service Tax, Countervailing duty, Duty of customs, surcharges, and cess.
SGST: GST applied and collected by State Government on intrastate sales (Eg: transaction happening within Maharashtra) is called as State Goods and Services Tax (SGST) which were Vat/Sales Tax, entertainment tax, Luxury taxes, Taxes on Gambling, State Cess, and Surcharge.
IGST: GST collected by the Central Government for an inter-state sale (e.g., Maharashtra to Kerala)
Centre GST and State GST are considered to be two separate tax bodies. Any Tax paid under Central GST can be used as input tax credits only for the Central GST and not for State GST also the administration is handled separately by State and central.
There are now seven Slab Structure 0%, 5%,12%,18%,28%,.25% for rough diamonds, 3% on gold.
GST exempted: Threshold laid for the business which is dealing with manufacturing of goods and services, which is <20 lakh a year exempted from GST but has register themselves on the GST portal this helps their buyer to avail input tax credit and the business more than 20 lakh or more will be liable for GST.
The whole system is supported by IT System, Goods and Service Tax Network (GSITN)
Reason for Implementation
- To reduce the tax impact to the final buyer on the purchase of goods
- removing the cascading effect
- Helps Manufacturer to avoid paying the tax twice, when he purchases his inputs and when he sells the final product.
- Reduce the multiplicities of the taxes arises between the Manufacturing and Sales Process.
- Composition scheme introduced for small business
- Logistics has been simplified
- It streamlined the unorganized sector
- Online Returns facility available
Concept of Supply & Types of Supply
Two types of Supply: Composite and Mixed
Registration : What are the Advantages of Registration ?
Who are not liable for registration ?
Concept of Reverse Charge & GSTIN
GST Registration and list of Documents required?
Concepts of Time of Supply , Value and Location
Concept of Input Tax Credit which is the key feature of Good and Service taxes
Exemption list of Goods and services
What are the pre-requisite for a availing ITC?
Payment of Taxes and different types of ledger to maintain for payment
- Electronic Tax Liability Ledger
- E- Credit Ledger
- E-Cash Ledger
Definition of Composite scheme and Exclusion from Composition Scheme?
Who can issue Tax Invoice?
Invoice content and details to be included?
Valid details to be recorded under Account and Records
Reverse charge Mechanism
Tax Deduction at Source and who can levy TDS?
Tax Collection at Source and it functionality through digital platform.
GST Returns with details of various returns. & Refunds
Penalties on Tax Defaulters
Assessment and scrutiny of returns
Demand and Recovery and how GST Authorities go ahead with demand and recovery for the short payment by the assessee.
GST Certification course benefits the below Professional
Chartered Accountant aspirants, Chartered Accountant, Company Secretary, Indian Administrative service aspirants, Institute of Cost and Works Accountant of India.
LLB practitioners and aspirants, GST practitioners and accountants, Tax professionals and Businesses, Students who want to upgrade their knowledge, industrialists.
Top 10 Online GST certification courses
- Udemy: It’s a Global Online Learning portal offering around 159 K courses in 65+ languages. They offer 42 hrs Online GST certification courses which cover 29 aspects we discussed earlier. Certification will be awarded once the learner completes the course. Course Fee – 4800/- INR
Who can join :CA aspirants, CA, CS,
ICWA, LLB practitioners, and aspirants.
GST practitioners and accountants, Tax professionals
Students who want to upgrade their knowledge, industrialists.
- Henry Harvin: It is one of the popular institutes in conducting training programs. They are known for their Advance Learning management system. Their GST certification course is in high demand.
They have trainers from well-known Industry and they have been also featured by media like Aaj Tak, Hindustan Times. It is one of the oldest training institutes in Delhi and ranks Top 3 in India.
They have covered all the current topics under the GST Practitioner Certification course. They have four modules covered in 32 hrs / 3 weeks. Certification will be awarded from Government Recognised Institute. Course Fees: INR 9500/-
- Taxguruedu.com: They provide self-learning courses and provided access to recorded versions on the latest topics under GST certification, They provide access to the interactive query forum.
Those who enroll for this course will have the free access of Bestselling GST Ebook: Simplified Approach to GST – A Ready Reference”. It has 14 sessions of 40 hrs / 2.5 months and covers the GST Certification course from Basic to Advance level.
Certification will be given online after the clearance of exam or completion of course. Course Fees: INR 10000/- +GST18%
- NIFM.AC.in – The Arun Jaitley National Institute of Financial Management (AJNIFM) is an institute specializes in training professionals who are dealing with Public policies, Finance Management, and other governance issues.
This institute has helped developing senior, middle, and entry-level Managers in the Government sector. This institute is based out of Faridabad. It is a 3 day (Wed-Fri) online program. The GST certification course program is a mix of case studies, Exercises, Videos & Tests to scrutinize the student’s knowledge gained.
Who can join: Academicians, Researchers, Policymakers, an officer of Directorate of Economics &Statistics, Medium & Senior level officers in Central & State Government, Managers of PSUs, and PSBs. Course Fees – INR 10000/-
- GST.ICT ACADEMY.IN – ICT Academy is one of the start-ups by the Government of India in collaboration with the state Governments and Industries. ICT Academy is recommended by NITI Aayog for the training of teachers, students, and professionals.
ICT Academy has been selected by NACEN (National Academy of Customs, Excise & Narcotics), Government of India for training on GST. The institute is located in Chennai offering an online GST certification program of 15 weeks / 2hrs per week.
Who can join :
Finance and Accounts Professionals
Business Heads, Business Owners, SMEs
Traders, Professionals dealing with Taxes in organizations,
Bankers, Consultants, CA Practitioners and Interns.
Finance and Accounts Officers,
Tax Officials, Department Heads, Project Heads, Faculty,
Students from Finance, Commerce, Economics and Business Management
Fees : INR 3540/- (Incl of taxes)
- ICSI.EDU: The Institute of Company Secretary India is known for developing professionals as Company Secretaries in India. They have around 3.5 lakhs students enrolled. It is based out of Delhi. It has four regional offices one in New Delhi, Chennai, Kolkata, and Mumbai.
ICSI functions under the Ministry of Corporate Affairs, Government of India. It has 5 weeks (Online GST certification program) of 6 hrs only on weekends (Saturday and Sunday). The candidate will be awarded the certification in the appropriate form by ICSI and BSE Institute Limited
Who can join : Professional of the ICSI only
Fees : INR 7500/- + GST
- ISELGLOBAL.com – ISEL is 100% Subsidiary of Transfuse Consulting service. It is one of the leading Training provider company. Their courses are not only accredited by the Government of India but also recognized and accepted Internationally.
They provide GST Practitioner Certification online course. ISEL is based out of Noida. The duration of the program is 3 months / 35 hrs online course
Who can join:
- CA, CMA, CS, MBA Finance, ICWA CFO’s , LLB practitioners
- M.Com, B.com students , Tax practitioners, Accountants
- Post graduate in commerce, law, Banking including higher audit or Business administration
Certification: On successful completion of the course and course requisites, the candidate will receive certification recognized by the Government of India( MSME) Certification. Course Fees – INR7600/-
- IDTC-ICAI.ORG :
Highlights of the institute: Indian Institute of Chartered Accountant is a founder member of IFAC, CAPA, SAFA, and IIN based in Delhi. They provide online courses through Accredited Institutions and Branches. They have an extensive theory and practical Syllabus.
The course syllabus is elaborate, but the learner will not receive any certification after completion of the course. Since the institute aims on enhancing the knowledge of the learner. They will grant 10 structured CPE hours after the completion of course.
duration of the course : 40 hrs. Fees: It is a free course
- ICMAI.IN: The Institute of Cost Accountants of India established in 1959 and recognized as a statutory professional organization and licensing body in India specializing exclusively for Cost Management Accountancy.
They offer basic and advance GST certification online courses. Duration of the course if 72 hrs, Course fee – INR10,000/- +18% GST
Who can Join: Cost and Management Accountants, CS, CA, MBA, M.com, Lawyers, Industries, Tax practitioners, CMA Qualified and those pursuing CMA
- Educba.com: IIT IIM Graduates formed this institute as Corporate Bridge Consultancy Pvt Ltd. It is one of the leading Global training providers across 70+ countries.
The GST certification course has 10 courses with 21+ hours and lifetime access to Courses. It not online provides online classes but also provide Technical Support along with Mobile App access
Who can Join : Students, Accounts and Tax professionals & Entrepreneur.