GST Salary: Different Roles in GST and their Salaries
Do you wish to become a GST Practitioner? This article gives you an overall idea of the job options available in GST, the role specifications of GST practitioners, and their GST salaries.
With the growing graph of the economy, we all are interested to know the salary of our profession. We have covered the GST Salary and the other job roles available under GST with their pay scale.
What is GST?
GST is a tax system that is levied on the revenue earned by selling goods and services. The main purpose of the implementation of this taxing scheme is to reduce the impact of other indirect taxes.
GST contains multiple tiers. The following are the different stages in GST:
- Buying the raw materials.
- Manufacture of Goods.
- Storing the goods produced.
- Selling the goods to Retailers and wholesalers.
- Transfer of goods to Customers.
GST has a great scope and one can earn a lot by pursuing the GST course. A GST salary varies with years of experience. It can range from 4-7 lakhs per annum. And you may have a spike in salary as you gain experience.
Does GST apply to Salary:
Goods and Services Tax applies only to the goods that are sold; there is no GST on Salary. The Central Board of Indirect Taxes and Customs (CBIC) has stated that salaries are not subject to Goods and Services Tax (GST) and that no GST has been asked on salaries given to chief executive officers or workers.
It added in a statement that reports claiming tax officials plan to impose GST on employee salaries are factually wrong and mislead tax authorities. The GST levied on prices or charges levied by any supplier of goods or services to consumers includes all costs, including raw materials, capital goods, input services, and labor costs.
However, this does not imply that salaries paid to employees by the employer are subject to GST. Hence, a GST does not impact salaries in any manner.
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Roles under GST:
The use of GST has a great impact on several divisions such as automobiles, logistics, home decor, e-business, media, and entertainment. As a result, if you want to advance your career prospects, GST accreditation courses are a good place to start.
This article is to make you aware of how GST has opened doors to an altogether new universe of professional opportunities. Whether in the service or manufacturing industries, almost every organization must maintain suitable books of records.
Furthermore, for this reason, they require accounts officials, accounts directors, or even chartered accountants who are well-versed in GST. As a result, there is a high demand for certified GST Professionals.
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With a GST certification course, GST salary can have a sharp spike. With the rising demand for GST, there are a lot of job opportunities that one could take up in GST. A few are listed below.
Almost every medium-sized business requires someone to handle its taxation issues. Depending on the scale of the organization, it is a senior job. A major firm, for example, will have separate managers for direct and indirect tax.
In addition, the manager will have a staff to handle compliances and a consultant to handle complicated issues. A person with good representation abilities is also essential in the case of departmental notices and other legal concerns. As a result, it is one of the most suited career options in GST.
The Job Description of a Taxation Manager will be as follows:
- Provide a broad variety of tax services following laws and regulations within a reasonable timeline.
- Develop relationships with clients and interact with them to give exceptional planning, consulting, and knowledge.
- Provide creative tax planning and audit difficult income tax returns.
- Tax risks must be identified and mitigated.
- Coordination and evaluation of accounting personnel
- Manage the tax provision processes.
- Processes can be improved by creating or using best practices.
- Tax audits must be managed and coordinated.
- Keep tax balances on the general ledger.
A tax manager with less than two years of experience can expect to earn around 28,600 INR per month. Someone with two to five years of experience is projected to earn 36,100 INR per month, which is 26% higher than someone with less than two years of experience.
Moving forward, someone with five to 10 years of experience earns 47,600 INR per month, which is 32% more than someone with two to five years of experience.
Taxation Research Analyst:
This profile is geared toward large corporations. They have sophisticated structures and transactions. For example, an infrastructure company like L&T signs new contracts regularly. They require someone to examine the deal from a taxes standpoint.
A mistaken signature can change a beneficial contract into a loss-making one. As a result, they recruit tax analysts. Every new contract and transaction is scrutinized from a taxes standpoint. It is contained in the contract in the event of any potential liability.
A Taxation Analyst should be Able to Carry out the Following Duties:
- Preparing transaction tax forms for monthly, quarterly, and annual filings of gross receipts, property tax, sales, etc.
- Investigating transaction tax issues.
- Interpreting and enforcing state, local, and international statutes, regulations, and legislation.
- Getting ready for and aiding with transaction tax audits.
- Preparing/analyzing indirect tax filings for companies.
- Giving advice based on a review of transaction tax rules and regulations.
- Assisting with transaction tax general ledger account reconciling.
- Creating and implementing process enhancements.
A tax analyst with 1-4 years of experience gets an average total GST salary of around 3.5 lakhs – 6 lakhs per year, whereas a fresher would get an average of about 3 lakhs per year.
Tax Reconciliation Accountant:
Large firms require someone who can reconcile sales, purchases, and input tax credits. Incorrect data entry into a GST return might have devastating repercussions. Any GST taxpayer is usually required to perform the following reconciliations.
- Sales recorded in books, together with sales recorded in GSTR 1 and GSTR 3b.
- Tax paid on declared sales.
- Purchases qualify for an input tax credit.
- GSTR 2b, 2a Input Tax Credit.
- With the bills and items received, claim an input tax credit.
A Tax Reconciliation Accountant has to Perform the Below-Mentioned Duties:
- Investigate Financial Statements.
- Make Budget Plans.
- Organize Financial Documents.
- Calculating Taxes.
- Accounting System Inspection.
- Communicating with Customers.
On average, a tax accountant with less than 1 year of experience can expect to make a total compensation of nearly 2.5-3 lakhs/year. Whereas, a tax accountant with a higher level of experience can get a GST salary of about 3,00,000-7.5 lakhs per year.
GST Compliance Executive
A small firm cannot afford to hire a full-time employee to handle GST compliance. They delegate compliance to compliance professionals. Even huge corporations outsource their compliances since they do not want to keep a significant crew.
The compliance practice can be performed by professionals who are knowledgeable in compliance. In this instance, they are not required to report to anyone. They are capable of working autonomously.
A Tax Compliance Manager/Executive is Desired to Perform the Following Operations:
- Manage the organization’s global income and indirect tax compliance to ensure timely submissions.
- In charge of preparing quarterly and yearly tax provisions, memos, and related disclosures.
- Assist with the monthly accounting close procedure.
- Prepare and pay for local tax filings and payments.
- Manage tax accounts and processes’ internal controls.
- Assist the foreign accounting team with statutory filings and collaborate with advisers.
- Respond to tax audit questions and notices.
- Monitor changes in global tax legislation and regulations to ensure that the income tax impact is correctly evaluated. Collaborate with business partners on ad hoc initiatives and answer tax-related concerns.
Based on 107 salaries, an entry-level tax compliance executive with less than one year of experience can expect to make an average total compensation of nearly 3-4 lakhs per year.
A GST Practitioner is a type of consultant who gives services to other taxpayers via the internet. A tax expert is someone who can prepare returns and conduct other tasks based on information provided by a taxable person.
The GST officer should authorize the GST Practitioner’s filing after the GST Practitioner has filed the GST returns. The registered persons must confirm the GST Practitioner’s returns.
The enrolled individuals must send the confirmation via email and SMS. If they fail to submit a confirmation, the returns filed by the GST practitioner will be considered final.
A GST Practitioner must receive a GST certificate before beginning his or her practice to complete all the responsibilities. A GST certificate can help with the GST salary increase. Above all, he or she must be enrolled on the GST Registration portal.
A GST Practitioner course helps to strengthen the taxpayer’s credibility and trust in the services offered by the GST course in India practitioner. For many people, becoming a Goods and Services Tax Practitioner is a revolutionary and fresh employment option. After receiving authorization from the common GST site, the practitioner can perform the following services.
To become a GST Practitioner, the applicant must pass the GST Practitioner examination within two years of enrolment. You will be able to do the following things once you have been certified as a candidate.
- First and foremost, you will gain a comprehensive understanding of the GST regulations, including their implementation, compliance, and enforcement.
- Following that, comprehend how GST affects the operation of any firm. You will also be adept at comprehending how it benefits the commercial process.
- Furthermore, gain practical knowledge of the many techniques required by the GST Act, such as registration, filing returns, claiming Input Tax Credit, TDS compliance, and refunds.
To clear the GST Exam, you can take up a GST certification course in a valid institution. More than getting the certification, choosing the right institute is also mandatory. GST salary largely depends on clearing the course. Once a candidate clears the course, there is larger scope for a rise in GST salary.
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Before commencing his career as a GST practitioner, a person must be registered or authorized by the GST site and GST Network to perform and supply GST compliance-related services (GSTN).
A GST practitioner can be delegated by a registered business to file GST returns. Once a GST practitioner has registered with the GST system, taxpayers can request that person to engage them as their practitioner. In turn, the practitioner has the option of accepting or rejecting the taxpayer’s request.
The Education Qualification of a GST Practitioner Includes:
- A degree in Commerce or related degree.
- A degree examination of any foreign university recognized by any Indian University as equivalent to the degree examination with a degree in commerce, law, banking including higher auditing or business management from any Indian u
- Any other examination that is notified by the Government on the council’s suggestion.
The Requirements for Enrolling as a GST Practitioner on the GST Portal are as follows:
- A valid PAN card is a must for the candidate.
- The candidate must have a valid mobile phone number.
- There should be a valid email id for the applicant.
- The applicant is expected to have a professional address.
- The applicant must have all the necessary documentation and information.
Candidates should have the following Eligibility Criteria to Become a GST Practitioner:
- A Tax return preparer or sales tax practitioner who has been registered for at least 5 years.
- A graduate or postgraduate degree in commerce, law, business management courses from a recognized Indian or foreign university.
- A chartered accountant, cost accountant, or company secretary who possesses a Certificate of Practice (COP).
As a fresher, the GST salary of a practitioner ranges from 0.2 Lakhs to 5.0 Lakhs per year. As the candidate gains experience, the GST salary slab increases exponentially.
Organizations such as EY, PWC, Deloitte, KPMG, and Grant Thornton are proposing wage increases of 25-30% to executives who agree to be transferred to GST groups within the same business.
In general, there is a 20% increase in pay as well as mid-term rewards. The average increase for the Big Five is roughly 12%. The GST Practitioner course helps enormously in increasing the GST salary.
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Frequently Asked Questions:
1. Will I be able to submit the returns of my client as a GST Practitioner?
Yes, the GST Practitioner can submit the file returns of the client on behalf of them. Without qualifying as a GST Practitioner, the candidate is not eligible for submitting file returns. So, it is mandatory to register and clear the certification before filing the returns of clients.
2. How much will the GST salary be?
On average, the GST salary for practitioners per year is around 5-7 lakhs. The scale rises with experience. With increasing experience, the skill set also increases, which leads to more career opportunities.
3. What is the process once the registration is submitted?
The registration application that you submitted will be processed by the Tax Officer. Once the application is authorized by the corresponding tax officer, there is a GST Practitioner ID that gets created by the system and a temporary password and login details are sent to the registered email id.
The ARN status will be changed to ‘Approved’ as well. The GSTP enrolment certificate will be available for viewing, printing, and downloading via the GSTP dashboard. In the event of rejection, a rejection order will be generated and notified to you.
The ARN status will be updated to ‘Rejected.’ The applicant who applied for GSTP enrolment will get notification of rejection via email and SMS to his registered email address and cellphone number, respectively. Rejection orders will be viewable, printable, and downloadable via the GSTP dashboard.
4. Do we need a commerce degree for pursuing a career as a GST Practitioner?
A person holding a degree in commerce, banking, business management, or administration who wishes to pursue a career in GST as a GST Practitioner can register themselves in the GST portal. After registration, the candidates are required to clear a GST certification for becoming a GST Practitioner.
The hiring intensity for GST professionals is at an all-time high as a result of the increased attention on GST reforms. Because of the importance of the subject, there has been a high demand for GST talent across all business sectors. It has significantly increased work opportunities across industries.
The number of GST Practitioner job vacancies in India is currently at an all-time high. However, due to the concept’s novelty, professional GST talent is scarce. There are fewer experts in the market, and thus the professionals who can handle the new reform are insufficient in the local market due to a lack of understanding in the industry.
This opens up significant job options in GST for aspiring GST professionals. Hence, taking up a course for GST certification and clearing the exam to become a GST Practitioner is a great choice for kick-starting the career.