A Perfect Handbook for GST Certification Course by ICMAI

If you would like to be an expert in Indian taxation structure or want to be up to date with the latest tax reforms of GST or would like to be a certified GST practitioner then here is a complete guide for you on the GST Course by ICMAI. This article will direct you through all important aspects of this course and examination.

In a densely populated country like India, Government has a tremendous challenge in running its civil operations. The tax that every citizen pays, largely contributes to building this nation.

If people don’t pay tax then it is not possible for any country to execute basic operations like managing defense force, security, judiciary, public welfare schemes on health & women, infrastructure, etc,

Hence every citizen of this country is accountable for contributing a part of their income as standardized by the Taxation act towards developing this country. This will support many initiatives taken by the government to improve the underprivileged and people who are below the poverty line. Moreover, It is non-compliance if you avoid paying tax.

However, it is equally important that taxpayers should know all the aspects and the correct rules of the taxing system so that they can enjoy the blend of taxation and relaxations both without any guilt feeling of tax not paying or overpaying. For the same objective government has introduced the GST course recently. Let’s understand this GST certification course by ICMAI in detail.

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What is ICMAI?

• ICMAI or ‘Institute of Cost Accountants of India’ formerly called as Institute of Cost and Works Accountants of India (ICWAI).
• It was firstly established in 1944. After the second world war, in 1959 this institute was brought under the cost and work accountant Act. This act declared ICMAI as a statutory professional body for the regulation of the profession of cost and management accountancy. This institute is the only licensing body in India operating exclusively in this field.
• It is one of the biggest Cost & management bodies in Asia. Second biggest Cost & Management Accounting body in the world.
• ICMAI is located at following four regional offices across the country:

1. Western India Regional Council (WIRC): Mumbai
2. Southern India Regional Council (SIRC): Chennai
3. Eastern India Regional Council (EIRC): Kolkata
4. Northern India Regional Council (NIRC): New Delhi

• Contact details of ICMAI: Here you can contact for registering into any course: Toll-Free Number 1800110910 / 18003450092 (Mon. to Sat. from 09:30 A.M. to 6.00 P.M).
• For online admissions follow this link: https://eicmai.in/students-new/Home.aspx or mail to [email protected]

What is the role of  ICMAI?

• ICMAI is responsible for improving economic and industrial conditions in India.
• Here is the ICMAI Mission statement:

“The Cost and Management Accountant professionals would ethically drive enterprises globally by creating value to stakeholders in the socio-economic context through competencies drawn from the integration of strategy, management, and accounting.”

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What are the different certification courses ICMAI offers?

ICMAI offers many courses for people to enhance their skills in financial matters. Below are the list of courses on completing which students get certification:

• Certificate Course on GST
• Advanced Certificate Course on GST
• Certificate Course on TDS (Direct Tax)
• Certificate Course on Return Filling (Income Tax)
• Crash Course on GST for College and University.

In this article, we will discuss the first part that is the GST certification course by ICMAI. Let’s see in detail what this course is all about.

What is the purpose of this certification course?

• ICMAI has launched this course in 2019 with the aim of training 1 lakh GST accountants under a government funded program.
• With the GST rollout w.e.f. 01st July 2017, it is a right to understand and implement the new taxation structure, associated compliances, and the changes in business processes which are originated due to this new indirect taxing system.
• To upgrade the skill level of ICMAI members & professionals in a structured and practical oriented manner.
• Once professionals are trained in GST processes, this can be further conveyed to the businesses, traders, and anyone who has GST impact.

Who is entitled to appear for the GST certification course by ICMAI?

• Qualified Cost & Management Accountants mainly ICMAI members
• Other Professionals like CS, CA, MBA, M.Com, Lawyers, etc.
• Executives from Industries
• GST Practitioners
• Students who are either CMA qualified or CMA pursuing

GST Certification Course details:

Details on fee structure & course duration for GST certification course by ICMAI

Course Fee:

• 10,000 +18% GST [Excluding Exam Fee]
• 8,000 + 18% GST (For CMA Members, CMA Final Passed Candidates and CMA Final pursuing Students) [Excluding Exam Fee]
• Special Discount for Corporate: 15% discount if the number of employees is 5 – 10, 20% discount if the number of employees is more than 10.
• Duration of training: 72 Hours which is conducted quarterly. Live classes on Saturday – 2 Hrs & Sunday – 4 Hrs
• Faculty – Experienced
• Study Materials & Mock test paper will be provided to all participants

Content details of GST certification course by ICMAI

The following topics will be covered in the course during its online classes:

• Constitutional Background of GST
• Concepts of GST & Definitions in GST
• Classification, HSN
• SAC Input Tax Credit
• Refund of ITC Records and Returns
• Payment and Refunds
• Demands
• Penalties and Prosecutions
• Job Work
• Zero Rated Supplies
• Imports and Exports
• Valuation rule Basic Procedures- Registration
• Invoice, Bill of supply
• E-way Bills etc. Assessment and Audit Adjudication and appeal
• Advance Ruling and Anti-profiteering

After attending this course by ICMAI, you will have in-depth knowledge and understanding of the following concepts:

• Taxation and GST Basics
• GST Administration
• GST Registration
• GST Accounting or Record Keeping
• GST and Law
• IGST
• GST in Other countries
• GST Payment

Examination details  for GST certification course by ICMAI

• The examination will be conducted in the last week of the following month of every quarter
• Exam Fee Rs.1,000 +18% GST
• Assessment: Online

Examination Pattern:

• of Questions 100
• Minimum Passing Marks 50%
• Type of Question Objective
• Exam duration- 2 Hours

Award of Certificate

• The certification will be awarded to::

Candidates with at least 70% attendance in the classes and

Passing the online examination with at least 50% marks will be awarded a Certificate by the Institute

 Examination centers for GST certification exam by ICMAI:

However, there may be some last-minute changes in this list of centers. You may directly call the nearest center on the toll-free number shared at the beginning of this article and enquire about the latest status before the examination.

Student FAQ’s

Q1: How many centers ICMAI has all over India?

Ans: ICMAI headquarters is located in Kolkata. It has 4 Regional offices in Kolkata, Mumbai, Chennai, and New Delhi. It is spread in 91 Chapters all over India. Also ahs 9 Overseas centers. There are more than 5 lac students along with 70000 members(CMAs) serving in different parts of the world.

Q2: What is the admission link for enrolling in this certification course?

Ans: Follow this link for the admission process: https://eicmai.in/advscc/DelegatesApplicationForm-new.aspx

Q3: When this course was launched and what is its abbreviation on the ICMAI site?

Ans: This course was started w.e.f. 01-01-2018 Its abbreviation is ‘Cert GST’.

Q4: How to apply for a GST certification course online?

Ans. Click on the below-given link and fill in the required details in the application_GST course form. Once filled in the details. Click submit button.

Q5:What is the link to the online examination application form for the GST certification course by ICMAI?

Ans: Follow this link to fill the application form for examination: http://eicmai.org/ApplicationOnline/Appl-Form.aspx

Q6: Can we get the soft copy of admit card for the GST certification exam?

Ans: Yes, you can download the admit card before the examination date from the below link by mentioning your registration number:

http://eicmai.org/GST_AdmitCard/Default.aspx

Q7: Where can we see the examination results for the GST certification course?

Ans: Follow the link given. You need to enter your registration number, It will display your result.

https://eicmai.in/GST-Result_08112020/GST-Result.htm

Benefits of GST Certification course by ICMAI

• Government Certification: The highlight of this certification is that it is granted by the Government of India. Any qualification recognized by a government organization itself carries a lot of value. So, it is always recommended to go for such courses and certifications to add more value to your profile.

• Students pursuing their CA can also appear: This certification course does not ask for any specific degree or higher educational qualification. Even CA students can take advantage of this course along with working professionals. It is a great opportunity for all those who want to learn the financial aspects of the latest taxation methods in our country.

• It improves job opportunities: GST is one of the critical tax structure in India. Any related qualification in this area is treated as a positive point in interviews. Every Organization needs GST Professionals irrespective of small or big industry. All servicing and manufacturing industries are required to maintain proper records of all their accounts. For accountancy, these firms need GST professionals who are well aware of all standards and laws of this indirect tax structure. Hence there are enormous requirements for certified GST experts.

• Certification valued and approved by Industry: GST certification course by ICMAI is an authorized course that is approved by the ministry of India. Hence it has got special value among accountant professionals and GST Practitioners. This certification is valued by all businesses for their sales, budgetary calculations, and payouts.

• Growth opportunities: GST certification can give a good growth in career and salaries for accountants, finance executives, and GST practitioners. It is a good chance for industry professionals to attend this course and get certified.

• Consultancy can be started by individuals: This course and certification give confidence in starting your own consultancy. Many small and medium industries need GST consultants for their employees. This can be a great start-up for your business.

• Skill enhancement: It is always a good idea to keep enhancing your skills as per market demand. This course will give you in-depth knowledge of GST terminologies, various laws, and compliances to be followed. It will develop additional skills of taxation, finance, and accounting professionals.

• A better understanding of GST impact on business processes: In any company, whether it is small or big, the rollout of GST has made a major impact on financial processes. It is very much necessary to have considerable knowledge of the taxing system so that every impact of taxation on your business can be forecasted in advance.

• Acquiring real-time knowledge: The course also provides case studies that cover real-time scenarios. It is like on-the-job training where you will come to know all important aspects of the GST system. It gives a good practical understanding of the different procedures under the GST Act, such as Registration, Returns filing, availing Input Tax Credit, TDS compliance, and refunds. There are very few courses available in the market which offer case studies along with theory classes.

Why GST knowledge is required?

In the recent past, there has been a major reform of tax structure. People should take note of the GST laws and regulations. This new law is impacting your business, your jobs, and even your day-to-day purchases. Today all your daily needs are falling under the GST umbrella. Hence, It is your right to know that this new taxation process is going to create how much influence in your life.

You cannot depend upon a tax consultant for every small detail about this tax reformation. For example, If you want to know that whether services which you are enjoying today will go cheaper or will be more costly, what effect will be on common goods that are your essentials etc. You should have enough knowledge of the basic tax structure to address all such queries.

Hence, there are enough reasons to go for the GST certification course and get up to date with new tax laws.

So, We have seen GST covers a very wide range of people, services, and goods. Hence it is a must to have detailed knowledge of GST processes. This GST certification course by ICMAI makes sure that you get enough exposure to all these procedures.

A brief discussion on GST

As you are now ready to go on attending the GST certification course by ICMAI.It is recommended that you should have a light background of GST. Let’s have a quick overview of GST:

History of GST

In the year 2000, the government presented the idea of GST and set up a committee to design a GST model for the country. in 2004 this committee recommended GST to replace the existing tax regime by introducing a common tax on all goods and services replacing Central level VAT and State level VATs.

The government proposed to introduce GST with effect from 1st July 2017.

Why GST was incorporated?

The main purpose of introducing GST is to make sure that goods and services should be taxed based on the value addition at each stage and not based on the gross value of the goods.  Further, the tax should be eventually borne at the point of consumption rather than at the point of production, though the tax department must be able to track value addition at each step.

GST is one common tax right from the manufacturer or service provider to the consumer.

Why was different in traditional tax structure

• In the old taxation process, there were separate laws and Tax rates for separate taxes and VATs for states. Whereas in GST only one Law and rate is applicable.
• Before GST in India, the Taxation system was divided into direct and indirect taxes.
• The indirect tax was imposed on one person; the burden of it, however, was imposed on another person. In the direct tax, the burden was imposed on the taxpayer directly.

Who will be impacted by GST implementation?

• All businesses will come under GST law: It includes all small or large trade, & commerce, manufacturing industries, all professions fall under this category.
• GST applies to all individuals, Hindu undivided families(HUF), cooperative societies, and Trusts.
• GST does not apply to Agriculture. It contains floriculture, horticulture, sericulture, raising of crops, grass or garden produce.
• It does apply to all dairy farming and poultry farming.
• It is also applicable to people supplying online information and database access or recovery services from a place outside India to a person in India, other than a registered taxable person.
• GST does not apply to people who are exclusively in the business of supplying goods or services that are not liable to tax or are wholly exempt from tax under GST.
• To anyone who supplies goods or services of value exceeding Rs 20 lakh in a financial year. (There are few states categorized under special states for whom the limit is Rs 10 lakh).
• A property that is rented out only for residential purposes, then it is exempt from Goods and Services Tax. However, any other type of renting out or lease of an immovable asset for commercial reasons attracts a GST at 18%, as it is considered as a supply of service.
• Anyone involved in the inter-state taxable supply of goods and/or services, e-commerce operators,  suppliers of goods or services, other than branded services, through e-commerce operator will come under GST bracket.
• Aggregators who supply services under their own brand name
• Casual Taxable Person
• Non-Resident Taxable Person
• A person required to deduct/collect tax (TDS/TCS)

How it is benefitting common people

• No multiple taxes to be paid. GST has brought together several indirect taxes under one umbrella, simplifying taxation for service and commodity businesses.
• Experts of the Indian economy predict that costs of products and services will be reduced in the long run with the introduction of GST. This is because cascading effect of a sequence of VATs and taxes has now been removed.
• In largely populated countries like India, GST would support minimizing corruption like sales without receipts, etc.
• GST has given some relief to small companies as now they don’t need to comply separately with excise, service tax, and VAT.
• GST has also given liability and regulation to unorganized small sectors like the textile industry.
• As there are no separate state and central taxes now, the tax collected can be utilized uniformly across the country for the national welfare and development of rural areas in all parts of India.
• A highlight of GST is its uniformity in the taxation process. It permits centralized registration that allows small-scale industries to file their tax returns every quarter through an easy online portal. They are not required to hire separate Tax professionals for managing their tax-related matters.
• As per financial experts, GST would help in the positive growth of GDP. According to an estimate, It is expected to increase by at least 80% within the next couple of years.

Conclusion on GST Certification course by ICMAI

• Knowledge is like an ocean and one must continuously keep on adding drops of new skills to enrich its depth. We need to keep on updating our skills to be in sync with the latest reforms.
• I hope, this article has given you enough insight into the GST certification course by ICMAI and you must have also understood the importance of attending this course. It is always good to be self-dependent especially for financial matters.
• As you are aware there are many GST courses available in the market. No doubt the best one among all of them is one which is authorized by the ministry of India. Obviously, any government-recognized qualification is the highest-rated.
• Hence, I would highly recommend choosing the GST certification course by ICMAI. By selecting this course you will not only gain in-depth knowledge of taxation but you can also enjoy the privileges of government-approved qualification. It will surely give you immense confidence in managing your financials and assisting in business growth.