A Guide To GST Certification Course From ICMAI

Want to know about GST Course? Eligibility for this course? What is included in this course? And, how to pursue this course?

Let’s understand why should we do a GST certification course from the Institute of Cost Accountants of India or ICMAI?

Before indulging in the main topic it is very essential to learn clearly about: 

What GST (Goods And Service Tax) Is? About ICMAI (Institute Of Cost Accountants Of India)and Its GST Certification Courses. The Objectives Of GST Certification Course From ICMAI

What is GST

The fundamental perception of GST is ONE NATION ONE TAX. To have a clear picture of GST it is essential to know about the country’s taxation system before GST was implemented. It was a continuous endeavour on the need for the introduction of GST on the indirect tax structure in our country.

Previously, the Central Government imposes a tax on manufacture (Central Excise duty), services (Service Tax), interstate sale of goods, and the State Governments levy tax on retail sales (VAT), goods entry Entry Tax in a State, Luxury Tax, Acquisition Tax, etc. 

There were noticeable arrays of taxes that are being imposed on the same supply chain. The cascading of taxes by the Central Government is not per the taxes being levied by the State governments. Further, different VAT laws in the country with unequal tax rates and divergent tax practices split the country into detached economic spheres. Besides that, the taxpayers need to submit high revenues in the form of several returns, payments, etc.

Thus, all the taxes mentioned above are incorporated in a single tax called the Goods and Services Tax (GST) which will be charged on goods or services at each stage of supply starting from the manufacture import and retail stage. As such, any tax that is levied by the Central or State Government on the supply of goods or services will come together in the form of GST. 

You may also be interested in our article on GST Courses for Non-CAs 

GST is structured into three categories such as:

• Central Government will imply Central GST (CGST) 
• The state will imply State GST (SGST) on intra-state supply.
• The Centre will also imply Integrated GST (IGST) on inter-state supplies.

Thus, GST is a major reformer, game-changer, or unifier of the previous tax system of our country which was implemented on 1st July 2017.GST was announced to substitute several indirect taxes levied by State and Central Government in a well-designed value-added tax on all goods and services and is defined as a comprehensive, multistage, destination-based tax.

The requirement of GST in India:

To reform indirect taxation in the country. VAT rates and laws conflict from state to state to which GST implied the same system across all the states.

Significance of GST:

• Create a single national market based on common tax laws both for the Centre and States.
• GST inputs tax credit at every stage of supply from the early stage of supply. 
• It will ease cascading or double taxation in a major way. 
• GST is supported by extensive use of Information Technology known as Goods and Services Tax Network (GSTN).
• It will give great transparency to the tax burden.
• Improves submission levels at a reduced cost by the taxpayers. GST will spur economic growth and have potential GDP growth. 

Let us view an example for a better understanding  

Before GST

• The basic price of a product is ₹ 100 
• Excise duty @ 12%
• The value becomes₹ 112.
• VAT charge @ 12.5% 
• The ultimate value of the product becomes₹ 126.

After GST

• The basic price of a product₹ is 100 
• CGST and SGST @ 8% each,
• The ultimate price of the product becomes₹ 116.
• Therefore, GST eliminates the cascading of tax levied on goods and services in an economy

What is a GST certification course?

GST certification course is meant in such a way that the one who undergoes this course will handle the basics of GST. The course can change the learners to accumulate Associate in Nursing overall data of the GST Law covering its application, compliance, and implementation.

This course will direct the learner to accumulate sensible data of the various procedures needed below the GST Act, like Registration, Filing of Returns, TDS (Tax Deduction at supply for presidency Buyers) submission, and repays.

Who are eligible for this GST Certification from ICMAI?

(i) Is a national of India;

(ii) Is someone of sound mind;

(iii) Is not adjudged as insolvent;

(iv) Has not been condemned by a competent court for Associate in having offence with imprisonment of but 2 years, 

Additionally, the person ought to conjointly satisfy any of the subsequent conditions:

 (a) he’s a retired officer of the business Tax Department of any regime or the CBEC and had worked in an exceedingly post not lower in rank than that of a Group-B gazetted officer for a minimum amount of 2 years; 

(b) He has been listed as a better tax practician or legal document preparer below the present law for an amount of not but 5 years; 

(c) He has passed: 

(i) A graduate or postgraduate degree or its equivalent examination having a degree in Commerce, Law, Banking together with Higher Auditing, or Business Administration or Business Management from any Indian University established by any law for the nowadays in force; or 

(v) Has passed any of the subsequent examinations, namely. – 

(a) final of the Institute of hired Accountants of India; or 

(b) final of the Institute of value Accountants of India; or 

(c) final of the Institute of Company Secretaries of Bharat

Activities by GST practitioner:

A merchandise and services tax practician will undertake

any or all of the subsequent activities on behalf of a

Registered person:

(a) Furnish details of outward and inward supplies;

(b) Furnish monthly, quarterly, annual, or final return;

(c) build a deposit for credit into the electronic money ledger;

(d) File a claim for refund; and

(e) File application for modification or cancellation

of registration.

Why the GST Certification Course Became So Important?

Implementation of GST created a powerful alteration within the tax structure. Eventually, it became necessary to grasp and adopt the new GST in Asian countries and its new agreements, new changes furthermore as new operations.

It’s essential for each business, and there’s a requirement for capable GST specialists.

To make the professionals identify the continued changes and to form them GST consultants, a Certification Course on GST came into existence.

What are the main objectives of this GST Certification course from ICMAI?

• To supply an associate understanding of sensible structures of GST to accountants, authorities, and tax officers to direct everyone properly. 

• The course conjointly bridges the gap between the number of trained professionals and therefore the taxpayers.

• The course can train the accountants to resolve GST connected compliances and accounting by serving the GST assesses in filing their returns in an exceedingly hassle-free manner.

• It is seen, many institutes and firms as per the requirement are increasing today with specialized GST professional courses. Accordingly, the government is also initiating or tieing up with reputed institutions to enhance the growth of these professionals.

Scope after the completion of the GST certification course from ICMAI

• GST certification course provides the great prospect to get employed immediately with sensible earnings, career growth, and promotion.

• The implementation of GST has created varied job opportunities as each business desires an expert to assist them in GST management and settlement.

• Many job vacancies in different areas are expected which will employ expert consultants in taxation, accounting, and knowledge analysis.

• GST certification course in your resume can offer your career a great leap in the field of GST consultancy.

Skills acquired from the GST Certificate Course from ICMAI

• GST coaching, 
• Taxation, 
• Tax Return, 
• Finance coming up with, 
• Knowledge of GST Law,
• Record-Keeping.

Organizations providing The GST Certification Course from ICMAI

 Numerous organizations and institutes as per the guidance of authority are planning the GST certification course to assist accountants, businessmen, Chartered  Accountants (CAs), Certified Management Accountants (CMAs), Company Secretaries (CS), and alternative professionals to boost their understanding concerning the products and Services Tax

To name some well-liked institutes providing this certification course area unit ICMAI / ICWAI, ICAI, ICT Academy, ClearTax, NIFM, EduPristine, Vskills, CAclubIndia, Udemy, and so on.

Now, let’s talk about ICMAI, The Institute of Cost Accountants of India.

• INSTITUTE OF COST ACCOUNTS OF INDIA ( ICMAI / ICWAI / ICAI)
• ESTD: 28 MAY 1959
• HEADQUARTERS: CMA Bhawan, 12 Sudder Street, Kolkata – 700016 India Kolkata, India
•   Toll-Free Number : 1800110910 / 18003450092

  Phone Number :

• +91 33 40364777/22521031/1034/1035/1492
• +91 33 22521602/1619/7373/7143/2204
•  +91 33 22520141/0191

ICMAI, Institute of Cost Accountants of India, was also known as The Institute of Cost and Works Accountants of India (ICWAI). It gives training to the professionals, executives, GST practitioners across the country with its certificate course on GST – Goods and Service Tax. 

ICAI/ICWAI/ICMAI guides feature internal audit, management, accounting, etc. It is also associated with government and tax regulating authorities in India. ICAI is now ICMAI-The Institute of Cost & Management Accountants of India and offers two and more GST certification courses both online and offline.

In 1959, under the Cost and Works Accountants Act, ICMAI was established. The act acknowledged the institute as a constitutional body (the only licensing body in India)to check the functioning of the profession. 

The Institute has a large number of students as well as qualified members contributing to Indian Industries providing efficient and appropriate professional accounting services.

ICMAI and International Membership: 

In the field of accountancy, ICMAI holds a prominent leader in the South Asian Region. It also imparts training to accountants from out of the country. ICMAI is also a member of Global Accreditation like:

• The International Federation of Accountants (IFAC)
• The Confederation of Asian and Pacific Accountants (CAPA)
• The South Asian Federation of Accountants (SAFA)
• National Foundation for Corporate Governance (NFCG)
• Confederation of Indian Industry (CII) among others.

The objective of the GST Certificate Course from ICMAI

1. To impart adequate understanding and assimilation of the new taxation structure, related issues, and the changes to be performed in the business processes.
2. To upgrade the knowledge level of the members & professionals in a structured and practically focused manner.
3. the concept of GST has to be understood more simply by professionals so that they can convey to the businessmen, traders, and others

 Different Certification courses on GST offered by ICMAI (ONLINE AND OFFLINE BOTH) Are as follows:

CERTIFICATE COURSE ON GST,

1. Advanced Certificate Course On GST
2. Crash Course On GST For College And University
3. Advanced Course On GST Audit And Assessment Procedure

Let’s look into them in detail now      

1. Certificate Course on GST         

Eligibility

• Qualified Cost & Management Accountants (Members)
• Other Professionals (CS, CA, MBA, M.Com, Lawyers)
• Executives from Industries and Tax Practitioners
• Students who are either CMA qualified or CMA pursuing
• Course Duration 72 Hours        
• Mode of Class Offline &Online (both)
• Course Fee Rs. 10,000 + 18% GST (20% Discount
• for Members & CMA Final Pursuing
• Candidates)
• Exam Fees – Rs. 1000+18% GST
• No. of Questions – 100
• Minimum Passing Marks – 50%
• Type of Question – Objective
• Negative Marking- No
• Duration – 2 Hours
• Date of Registration Open

Course Content

1. Constitutional Background of GST,
2. Concepts of GST & Definitions in GST.
3. Classification, HSN, SAC
4. Input Tax Credit, Refund of ITC
5. Records and Returns
6. Payment and Refunds
7. Demands
8. Penalties and Prosecutions
9. Job Work
10. Zero Rated Supplies, Imports and
11. Exports
12. Applicability of TDS and TCS under
13. GST and Filing of Return
14. The taxable event, Time of Supply and
15. Place of Supply, Composite & Mixed
16. supply, Works Contract, Exempted
17. supply
18. Valuation under GST, Valuation rule
19. Basic Procedures- Registration,
20. Invoice, Bill of supply, E-way Bills, etc.
21. Assessment and Audit
22. Adjudication and appeal
23. Advance Ruling and Anti-profiteering
24. Miscellaneous Provisions and Case
25. studies on specific Chapters involving
26. real-life scenarios

2.Advanced Certificate Course on GST    

Eligibility

• Qualified Cost & Management Accountants (Members)
• Other Professionals (CS, CA, MBA, M.Com, Lawyers)
• Executives from Industries and Tax Practitioners

Course Content

1. Introduction, and Overview of GST 
2. Taxable Event and Type of Supply
3. Time of Supply and Place of Supply
4. Classification & HSN and SAC
5. Valuation Rule
6. Basic Procedures- Registration, Invoice, Bill of
7. supply, E way Bill
8. Records and Returns along with New Return
9. Prototype with Practical Approach
10. Zero Rated Supplies, Imports, and Exports
11. E-Invoicing and Reconciliation of Credits and Job
12. Work
13. Assessment and Audit
14. Demands, Adjudication and appeal, Penalties
15. and Prosecutions
16. Advance Ruling and Anti Profiteering
17. Miscellaneous Provisions and Case studies on
18. specific Chapters involving real-life scenarios

Course Duration 40 Hours        

• Mode of Class Online only
• Course Fee Rs. 14,000 + 18% GST
• Exam Fees – Rs. 1000+18% GST
• No. of Questions – 100
• Minimum Passing Marks – 50%
• Type of Question – Objective
• Negative Marking- No
• Duration – 2 Hours

3. Crash Course on GST for College and University

Eligibility:

• B.COM/BBA PURSUING OR COMPLETED
• M.COM / MBA PURSUING OR COMPLETED

• Course Content:
• Introduction
• Concept Of GST
• Classification, HSN & Sac Code
• Taxable Event, Time Of Supply And Place Of Supply, Valuation Rules
• Concept GST Registration
• Procedure Of GST Registration
• Concept Of TDS And TCS In GST
• Registration And Return Submission Procedure In TDS And TCS
• Rule Of Invoicing And Bill Of Supply
• Input Of Tax Credit
• Reverse Charge Mechanism
• E-way Bill
• Introduction To GST Returns
• Procedure Of GST Return Submission
• Concept Of Annual Return

Course Duration 32 Hours 

• Mode of Class Offline only
• Course Fee: Rs. 1,000+ 18% GST 
• Exam Fees – Rs.200+18% GST
• Total Marks in Exam – 50
• Minimum Passing Marks – 15
• Type of Question – Objective and Descriptive
• Duration – 1 Hour

4. ADVANCED COURSE ON GST AUDIT AND ASSESSMENT PROCEDURE

ELIGIBILITY: 

• The members of the Institute of Cost Accountants of India Professionals (CS, CA, MBA, M.Com, Lawyers)
• Executives from Industries and Tax Practitioners

Course Content

1. Theoretical and Practical Approach of GSTR 9
2. Information required for filling up GSTR 9
3. Theoretical and Practical Approach of GSTR 9C
4. Proper maintenance of Accounts and Records
5. Linking between GST and Income Tax
6. Theoretical Approach of GST Assessment Duties and Responsibilities of Assess and Auditor during
7. Assessment
8. Role of CMA in GST, Specially in Audit
9. Special Audit and Desk Review

Course Duration 30 Hours        

• No. of Questions – 100
• Minimum Passing Marks – 50%
• Type of Question – Objective
• Negative Marking- No
• Duration – 2 Hours
• Mode of Class Online only
• Course Fee(Including Exam Fee) Rs. 12000+18%GST

 Award or Certificate:

Students who will have at least 70% attendance in the classes and pass the online examination will be awarded a Certificate by the Institute.

Should  We Do GST Certification Course From ICMAI?

By now we are clear about the fact that ICMAI is one of the oldest premier organizations in the field of taxation and a preferred source of resources and professionals for financial leadership globally. Moreover, The Institute of Cost Accountants of India is the only recognized legal organization and licensing body in India specializing absolutely in Cost and Management Accountancy.

The Action Plan of ICMAI on Certification course will be sufficient for you to take up the GST certification course from ICMAI

1. The successful conduct of Certificate Course on GST and other courses on direct and indirect taxes
2. Carry out webinars for the Capacity Building of Members – Trainers in the locality to facilitate the traders/ registered dealers.
3. Conducting Seminars and workshops on industry-specific issues, in association with the Trade associations/ Traders/chambers of commerce in a different location on practical issues/aspects associated with GST.
4. Updating Government about the steps taken by the Institute in removing the practical difficulties in implementing various Tax Laws including GST.
5. Facilitating general public other than members through GST Help-Desk opened at Headquarter of the Institute and other places of the country.
6. Introducing advanced level courses for the professionals on GST and Income Tax.
7. Extending Crash Courses on Taxation to Corporates, Universities, Trade Associations, etc.

Other advantages in doing the GST certification course from ICMAI:

• Experienced faculties from Industry and in practice professionals impart the course.
• Live doubt clearing sessions are provided to the students.
• The institution has made learning available locally and globally. 
• Students can attend Webinars, Conferences, take online Mock Tests, on the ICMAI website. 
• The institute also provides a virtual library accessible to all students which one can access by using ICMAI Login ID and unlocking himself /herself to a new world of learning.

Placement 

Here goes the good news …..

After successful completion of the course, ICMAI  arranges campus placements online. ICMAI also provides campus placements in some of the most reputed companies across the country such as Tech Mahindra, Schneider Electric, VIP, Reliance, Deloitte, and many more.

Conclusion for GST Certification course from ICMAI

GST implementation has reduced the tax rates as surveyed by Indian Finance Ministry. It became a consumer and taxpayer-friendly tax. GST is indeed a landmark reform in Indian taxation history.

By pursuing this course you won’t be at loss rather step into a gratifying career. With the development s in business sectors, the requirement of GST professionals is also rapidly growing. So, it is high time for students or finance professionals to make their careers as GST practitioners.

Motivated enough? 

Thinking to pursue the GST certification course from ICMAI?

I hope, this guide of mine will be your great help.   

THANKS.

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