GST Course by ICAI: A Comprehensive Guide

GST! Sounds simple right? But even after several years of its implementation, many find it too complex and difficult to understand. Are you one of those people? Do you also find it complex? Let’s look at one of the finest GST programs – The GST Course by ICAI in this article.

Well, for an ordinary citizen with no deep knowledge of GST, it might not pose a major problem. But for the people working in the field of accounts and finance, it is absolutely necessary to have crystal clear knowledge of GST for better tax administration.

Especially professionals such as  Chartered Accountants, tax officials, GST practitioners, related authorities should have a clear understanding of the GST taxation system, its various aspects, structure, advantages, loopholes, and so on. To clear the confusion and doubt surrounding the taxation regime, many institutes offer courses on GST.

The GST Course  by ICAI is one of them.

What is GST

The Goods and Services Tax (GST) is a uniform indirect tax levied on the supply of goods and services within India. It replaced and subsumed almost all of the indirect taxes such as value-added tax (VAT), service tax, excise duty, and so on. Thus, minimizing the cascading effect of multiple taxes on various products, beginning from the initial stage of manufacturing to reaching the ultimate end consumer.

The most important points to remember about GST are listed below

• Single domestic indirect tax law
• All-inclusive
• Charged on the supply of goods or services
• Multi-stage
• Based on Value-addition
• Destination-based consumption tax

Components of GST

• CGST: It is the tax levied by the Central Government on an intra-state sale (e.g., a transaction happening within Uttarakhand)
• SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction happening within Uttarakhand)
• IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Bihar to Tamil Nadu)

In simple words, GST is a tax that is charged on the customer when they buy any type of goods and services. If you buy any goods such as food, clothes, electronic items, daily-use products and services such as transportation, supply, accommodation, entertainment, etc you have to pay this tax. It is an indirect tax which means it is not directly paid to the government but rather added to the cost of the product. Thus, the price the customer pay also includes the GST.

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A brief history of GST

The year 2017 is marked in Indian history as the day of the biggest and crucial economic reform since Independence. On 1 July 2017, the Goods and Services Tax was finally implemented. The taxation system reformed the previous indirect tax regime where multiple taxes were levied by the center and state governments.

Let us get to know a brief history of GST and how it came into effect :

• 2000 – Committee set up by PM Vajpayee to draft GST law
• 2004 – Taskforce states that implementation of GST is a must
• 2006 – Introduction of GST from April 2010 proposed by then Finance Minister
• 2007 – Phasing out of CST (Central Sales Tax)
• 2008 – EC finalizes the Dual GST structure
• 2010 – Computerized commercial tax project set in motion, Implementation of GST postponed
• 2011 –Constitution Amendment Bill allowed commencement of GST
• 2012- Standing committee dialogues and discussions on GST
• 2013 – Report prepared by Standing committee
• 2014 – Introduction of GST Bill in parliament
• 2015 – GST Bill passed in Lok Sabha
• 2016 – Both houses approve GST law, President ratifies it
• 2017 – Finally, GST launched on 1st July

Now you are aware that GST is a reform that was enforced after a decade of intense debate and discussions.

Let us get back to the topic of the GST certificate course offered by ICAI. You will get all the details regarding the institution and course below.

ABOUT ICAI

The Institute of Chartered Accountants of India (ICAI) is a premier accounting body established in 1949 by the Indian parliament for the regulation of the profession of Chartered Accountancy in the country. It holds the position of the second-largest Accounting and Finance body in the world.

Besides their service to the Indian economy, the body enforces the highest standards in technical, ethical areas and sustain stringent examination and education standards.

Along with the plethora of responsibilities, ICAI also aids and advises the government and different government agencies on policy formations.

Importance of course

After GST came into effect, many people even Chartered Accountants, traders, manufacturers, businessmen, and politicians failed to understand it.

Even after so many years, GST remains a complex regime. The frequent changes in the law, multiple policy reforms, dual structure of tax levitation further complicate the whole concept of GST, even making it difficult for professionals to understand.

The role of Chartered Accountants in the world’s economies is extremely important. Each day and every second financial decision which affects the nation, businesses, and individuals are being taken by them. They need to be up to especially with the legal and economic reform taking place.

The course is also highly beneficial for individuals aiming to become GST practitioners. A GST practitioner is tax officials authorized by Central and State Governments to undertake specialized tasks, on behalf of a taxable person. Once appointed, he/she can perform  functions such as

• File application for cancellation or amendment of registration
• Furnish monthly, quarterly, annual, or annual returns.
• File a claim for a refund.
• Act as a representative on behalf of a registered person before an Appellate Authority

Whether your reason for learning about GST  is knowledge, promotion, salary hike, work prospects, etc, it does not matter. What matters is how serious you are to learn about it.

Objective of the GST Course by ICAI

The course is introduced to make the members of ICAI favorably apprehend the fundamentals and essentials of the reformed taxation system. It is extremely useful for the members in Practice, Service & Auditors. The course will help to understand GST right from basic theoretical knowledge to practical implications of the regulation on any business.

Main topics to be covered under the GST course ICAI

The course organized by GST & Indirect Taxes Committee is a comprehensive guide to have an in-depth knowledge of the current taxation regime and how it is applicable. Major topics that are covered under this course include:

• Important Definitions and Concepts under GST,
• Overview of GST – Compensation cess to States Act, 2017,
• Levy of the taxes
• Purpose of Time of Supply and Place of Supply,
• Input Tax Credit,
• Transitional issues,
• Valuation, Registration, Returns, Payment, Refund,
• Assessment
• Offenses, Penalties, and Advance Ruling,
• Foreign trade policies,
• Customs Duty,
• Exemption List of Goods and Services,
• Relevant Allied Laws
• Ethical Practice and professional opportunities,
• Miscellaneous Provision.

Recorded Videos will be provided for the following topics after completion of a minimum of 10 batches or 3 months whichever is earlier.

Duration of course

The whole course is divided into 10 days with multiple sessions each day. Two options for classes are available

• Option I- On weekends i.e, Saturday and Sunday
• Option II- On weekdays i.e, from Monday to Friday

The timings for both the batches remain the same, that is from  9:30 am to 5:30 pm. You can choose according to your time and comfort between the two batches.  Within a day multiple sessions mostly ranging from 60 minutes to 180 minutes will be conducted.

Eligibility

Only the members of the institute i.e., Chartered Accountants, or a candidate who has qualified in the final stage of the CA examination can register by submitting their membership number are eligible for the course. A non-CA is not eligible for this course.  Having basic knowledge about the topic will make the journey of understanding GST  a lot easier. So, do go through books or google a little bit about it.

Fee Structure of the course

The total fee for the course of the GST certificate amounts to ₹14,000 plus taxes for the cities of Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore, Pune, Ahmedabad, and Jaipur. For other remaining cities, the fee is ₹12,600 plus taxes. Even the cost of background material is covered in the course fee.

No option for offline fee payment is available. You can only pay using the online mode of fee payment for registration to the course.

Faculty

The faculty is comprised of a number of individuals. It consists of professionals with in-depth knowledge and experts with tons of experience in the field of indirect taxes. You will be learning from practicing CA’s, advocates, academicians who will deliver ethical, technical as well as practical knowledge.

Batch size

Depending on the capacity of the venue at the location, the minimum and maximum batch size can be 30 to 100 participants. The enrolment in the course is on a first come first serve basis. So, once the batch has reached its maximum capacity, the registration process will be stopped. So, do not waste your time overthinking whether you should join the course or not.

Continuing Professional Education (CPE)

ICAI  has made CPE hours mandatory for all CA’s. CPE is necessary for the members of any profession to harness their knowledge and skillsets. It enables them to maintain their professional competence so that they can provide quality services.

After the completion of the 10-day course, a maximum of 25 Structured CPE hours will be given to the participants along with 5 structured CPE hrs after the Assessment Test. In case of less attendance, CPE hours will be provided on a proportionate basis. If one fails to take the assessment exam, CPE hours will still be granted to the participants within one month of the completion of the course.

Assessment test

For appearing in the assessment test, attendance in 8 out of 10 classes is a must. The assessment test will purely consist of objective questions. The test is conducted twice a year usually around August and February. If a participant has joined the batch of February-August, he/she is eligible for the assessment test in August whereas the participants of the September batch will appear in February for the test.

Certificate

After the successful completion of the course and passing the examination (assessment test), a certificate will be awarded to the participants. However, it is clearly mentioned by ICAI that the certificate course does not grant qualification and that is why it should not be stated by members as qualification along with their name.

Registration steps

1. Visit link http://idtc.icai.org/cc/student and click on the registration tab.
2. A pop-up window will appear containing instructions on “How to register”. Go through it.
3. For registration, you will be required to fill in the membership number, date of birth, branch, and batch. Read carefully batch details, E.g. venue & dates.
4. Enter all the details carefully.
5. After it, you have to fill in the user details such as Username, Email id, Mobile no, password, etc.
6. Provide a valid and correct email id as the activation link will be sent in the registered email id. After submitting the details, an activation link will be sent to your registered email id.
7. Go to your email id inbox and click on the activation link. Enter your user id and password. You are logged in successfully.
8. After logging fill in all the needed information and upload the scanned photograph and signature.
9. Make sure to check all the details and uploaded documents are correct. Confirm it and then proceed with the online payment.
10. You have to choose a payment method, fill in all the details.
11. After the successful completion of payment, do not forget to download or print your registration form and receipt.
12. Congratulation, your registration is complete now.

Why you should enroll in the GST course by ICAI?

CA’s are required in the management of taxes, that is why it becomes even more necessary for them to have a clear viewpoint of how the present tax system works and be up to date with any changes in it.

• A course of GST will not only enhance their knowledge but also add to their professional skillsets.
• The course will provide in-depth knowledge of the provisions of GST. Also, it will help you to learn and understand more about the impact of GST on various sectors and their business models.
• For an individual aiming to become a GST practitioner, this course will provide deep knowledge and comprehension of tax law.
• The need for appropriate record-keeping is a necessity for any industry or business whether a small or a big one. For this reason, experts with vast knowledge and skillsets such as CA are often needed.
• It will boost the chances of the number of work prospects available to an individual.
• It will help a CA to diversify their knowledge for promotion or to achieve higher goals.
• A classroom environment enables an individual to retain much more information and have better learning. Also, the organized and structured course material will save a lot of effort and time to get quality information.

Seminars on GST

• ICAI also conducts various programs and workshops on GST from time to time. Only the members of the institute can attend these workshops. Some of the programs especially the workshops on GST such as the “Advance course on GST” can only be attended by those who have completed their certificate.
• Workshop on various topics such as practical aspects to annual returns and audit, procedural aspects of GST, and so on are organized by ICAI. This allows the members to refresh or further enhance their understanding of various topics. Some of the workshops even grant CPE hours on completion subject to attendance.
• The duration of the workshops ranges from one day to five days, depending on the content of the course. Eminent and knowledgeable speakers explain the different topics and share their valuable thoughts and opinions.

E-learning GST course by ICAI

Besides the GST certification course, a separate e-learning GST course is also provided by ICAI. This initiative was taken by The GST & Indirect Taxes Committee to update and enhance the knowledge and skills of the members on GST.

The good thing about this course is that it is totally free and even a non-member of ICAI can attend it.

Highlights of the GST Course By ICAI E-Learning are as follows:

• The duration of the course is 40 hours.
• The course syllabus is comprehensive and is almost similar to the paid GST certification course by ICAI.
• Participants will be provided with background material which can be downloaded as a soft copy from https://idtc.icai.org/publications.php
• Compulsory assessment submission before the next module
• After the course completion, the participant will be granted 10 structured CPE hours. However, one needs to attempt MCQ after 2-3 modules.
• No certificate will be awarded after the completion of the course

You will not get a certificate by completing this course but you will surely be filled with an immense pool of knowledge.

ICAI Digital Learning Hub

The GST certification course by ICAI is not available for aspiring students who want to be prepared for the upcoming future. Also, others who are just interested in diversifying their knowledge of the GST regime may find it unfair that they cannot attend the certificate course on GST. Do get disappointed by it!

ICAI offers a huge reservoir of quality information and content in the form of ICAI Digital Learning Hub. It is an integrated Learning Management System (LMS) where you can get professional and academic content in multiple formats, through which you can self-learn according to your pace.

Whether you are a curious student, IAS aspirant, in MBA Finance, Institute of Cost Accountants of India (ICWA) Professionals, Chief Financial Officer’s, aspirant GST practitioner, LLB practitioners, and students, Independent Tax practitioners and Consultants, Accountants and Graduates, anyone can pursue the different kind of courses, available on this platform.

Paid and unpaid courses, certification courses, e-journals, blogs are available on the learning hub. Courses of varying length ( a week to 52 weeks) are offered to you. You can choose from several courses according to your time, duration, and comfort.

Some of the free courses available on GST are as follows:

• GST Law for Commerce Students
• GST Act and Rule
• Exempted supplies under GST
• Background Material on Customs and FTP
• Refund under GST

If you are a philomath, use this portal to your maximum capacity to learn about various topics. Take on the challenge of solving this troublesome riddle called GST.

Others Institutions offering GST courses

Many other institutions offer the course on GST. Some of the following are mentioned below:

• ​GST certification course by Micro, Small, and Medium Enterprises (MSME)
• Certificate Course on GST by The Institute of Cost Accountants of India (ICMAI)
• GST certification course by CAclubindia
• Certificate Course on GST by The Institute of Company Secretaries of India (ICSI)
• Certified GST Professional Course by National Institute of Financial Markets (NIFM)
• GST certification course by IGNOU
• Certificate Program on GST by BSE Institute Limited
• Henry Harvin GST practitioner certificate course

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Conclusion on GST Course by ICAI

Many leaders stated GST to be by far the most radical reform which the Indian Government implemented. The main objective of GST is to create one common market for business and trade in India. It seeks to provide a simple structure to levy, collect, and administer taxes in the country. GST acted as an umbrella under which multiple taxes were consolidated. The tax on tax (double taxation) producing a cascading effect from production level to consumption was finally put to an end.

Understanding what is GST, its structure, practical applications, etc is something that has become a must-know fact for any business, organization, or taxpayer. This is where the course on GST by ICAI will act as a boon.  Many other institutions and education sites are offering the course but ICAI stands at the apex of all these. You already know it is a premier institute and has earned a high reputation across the country. The curriculum is also well-structured divided into multiple sessions. The detailed syllabus taught by top-notch faculty is guaranteed to be the best available among all other courses.

Try it! And you will no longer find the tax law difficult to comprehend.