When we go shopping, we receive invoices from the shopkeeper at the end of the day, in addition to the products we purchased. To keep track of purchases, it is usually a good idea to produce an invoice for each one. When we examine the invoice, we see that, in addition to the cost of the goods or service, there is an addition of a particular percentage of charges in the form of GST, which stands for Goods and Services Tax
This tax is levied on products purchased and services rendered, and it is paid by the customer. This good can take any shape, such as food, necessities, prescriptions, electronic devices, restaurants, and similar services. The GST collected is added to the Government treasury and utilized for the welfare of the people and the development of the country.
As this is still a popular issue, there will be a lot of questions about it. Here is an attempt to give further clarification about GST. This article will introduce you to GST, the purpose for its creation, courses, certifications, and job prospects available after certification. Furthermore, it sheds light on some of the advantages of the GST Course.
Getting to know GST
We all know that a tax is an obligatory financial charge paid to a government entity that is then used for the benefit of individuals and the country. In a country where both the Central and State governments have power, the tax charge pattern varies in several ways since the charges applied by each state differ even if the Central charge is set. Tax slabs and levies would become numerous under this form of tax policy, resulting in inadequate accountability of the country’s financial situation. GST was established to simplify the accountability process.
GST, which stands for Goods and Services Tax, is an indirect tax that consumers pay in the form of the market price when they use a service or buy goods. GST has replaced all pre-GST taxes such as state VAT, entertainment tax, entry tax, advertisement tax, and others. The tax is charged at each stage of the market chain, from manufacturer to retailer.
Why is GST imposed?
GST introduction has resulted in certain well-known benefits and value creation. Here are some of the points that demonstrate how GST benefits the government, consumers, and traders.
GST to Government
- GST was implemented to keep good track of and simplify financial income. With the presence of GST, the country’s market will attract more international investors, increasing the country’s economy.
- The emergence of new firms also raises the likelihood of employment, which is helpful to the country’s economy.
- The import and export company would continuously grow. This is advantageous to the country’s economy.
GST to Customers
- The installation of GST has resulted in a fall in the overall market price of products. Before GST, there existed tax cascading, which resulted in the high price of the material. Because GST is imposed at each point of the supply chain, the consumer must pay all taxes at once.
- Because GST is common throughout the country, the market price of any product that falls under the GST slab is the same throughout the country.
- GST has greatly simplified the procedure of collecting taxes. As a result, calculating the amount of tax to be paid is simple.
- The implementation of GST would entice many investors from across the world to invest in our country, resulting in a rise in employment. There would be several job opportunities.
GST to traders:
- GST enables traders (wholesalers, retailers, exporters, importers, and others) to have greater transparency in business transactions.
- With the digital record demonstrating the GST paid, the merchant can obtain a loan for their firm as soon as possible.
- GST has a more straightforward structure. It enables inexperienced traders to quickly grasp the procedure before entering the market.
Who is eligible to file for GST?
All traders that are involved in the products and services market chain, from raw material collection to manufacturing to retailing/selling, must register for GST. Following registration, they will be assigned a unique 15-digit PAN-based number known as GSTIN. When filing GST returns, this number is necessary.
We occasionally come across merchants who are still unsure about various processes and concepts linked to GST and its application. Some pros would assist them in all parts of creating an uncomplicated process for everyone associated with the GST block. These people are known as GST practitioners.
GST practitioners: GST practitioners are professionals who have been approved by the Central Government or a state government to conduct services on the taxpayer’s behalf. The taxpayer will complete the final filing. They aid the taxpayer in complying with the GST procedure. The GST practitioners are responsible for the following tasks and obligations.
Examining the GST notifications.
- Creating GST requests for new registrations, cancellations, or changes to existing registrations
- Making refund claims on behalf of taxpayers (if necessary).
- Making a challan and depositing the money.
GST Practitioner certification program
Before attempting the examination, there are certain prerequisites to be considered.
- A citizen of India
- They should have the capability to provide rational Judgement, i.e. they should have a sound mind.
- They must have a record of paying their returns timely and must not have been penalized for late payment, i.e. they must not be adjudged insolvent
- They must not be convicted for an offense for not more than 2 years.
As soon as the above requirements are completed, candidates can enroll as GST practitioners. However, after two years of enrolment, students must pass the NACIN examination to be certified and have official power. To grasp some of the benefits of the GST certification course, one must first become acquainted with the topics included in this curriculum.
Who is qualified to take the GST practitioner exam?
- The following list indicates who is qualified to take the GST practitioner examination. Following completion of the pre-requisites, the applicant must fulfill any of the following educational credentials and work experience:
- A retired officer of any State Government’s Commercial Tax Department or the Central Board of Excise and Customs who has worked in a position higher than Group B gazette officer for more than two years.
- A tax return payee or sales tax practitioner who has been enrolled for at least 5 years.
- A graduate or post-graduate or equivalent degree in Commerce, Law, Banking, higher auditing, business administration, or business management from any Indian or foreign institution.
- To become a GST practitioner, you must pass one of the final tests listed below.
- The Indian Institute of Chartered Accountants
- The Indian Institute of Cost Accountants
- The Indian Institute of Company Secretaries
The entire test lasts 2 hours and 30 minutes and consists of 100 multiple-choice questions worth a total of 200 points. To pass the test, you must receive at least 50% of the total marks. The examination fee is around INR 500.
Now that we’ve covered the GST certification course coursework and test method, let’s dive into the GST certification course benefits.
Along with getting an education, one would seek out several advantages of any course that they are taking. Similarly, one would have encountered one typical question: “Aside from knowledge, what are the other benefits of a GST certification course?”
Benefits of GST certification course:
- With the adoption of GST, there has been an unexpected growth in the need for GST practitioners in almost all company industries for GST administration, upgrade, and reconciliation. As more and more company industries open their doors each year, the need for GST practitioners rises accordingly. The main advantages of GST certification training include more work prospects.
- Another advantage of the GST certification training is a raise in pay. Certified experts often earn 15%-25% more money.
- More than two lakh employment have been created across the country as a result of the introduction of GST, which need GST administration either directly or indirectly. As a result, the need for GST practitioners has skyrocketed. One of the primary advantages of GST certification training is the expanded work opportunities.
- The “qualified GST practitioner” badge provides a layer of confidence between the employer and the practitioner. This certificate serves as a confirmation of the practitioner’s skill and expertise, ensuring that the company hires them.
- Furthermore, the benefits of GST certification courses extend to the establishment of a consultancy business where they may assist and advise taxpayers seeking service support of this nature.
- Finance professionals gain greatly from GST certification courses by increasing their knowledge level and are more likely to profit from a wide range of business prospects.
- Furthermore, the professional and competitive benefits contribute to a growth in professional and personal reputation.
Furthermore, below are some extraneous points that may be included to emphasize the benefits of GST certification training. In addition to their core tasks, these practitioners are permitted to perform the following.
- A specialist can supply information about internal and outbound supplies.
- As a consultant, they can approve or reject the application of a fellow taxpayer.
- They are permitted to make changes to the taxpayer’s profile with their approval and can advise the taxpayer on how to submit the modifications after verification.
- They have the power to provide monthly, quarterly, and yearly returns on behalf of the taxpayer.
- They can act as authorized representatives in front of the department official.
Along with the responsibilities described above, one may profit from the GST certification course by teaching or training other aspirants who want to become effective GST practitioners by being certified. In terms of typical pay, as a practitioner, one may expect to make between 5.4 and 6.9 lakhs per year at first, depending on one’s talents and experience.
Furthermore, many tax professionals want to work in global corporations as a career route. The following is a list of some of the organizations that actively seek GST practitioners. They strongly advise qualified practitioners for their work profiles.
As the briefing on GST certification courses begins, a coaching institute is typically advised for gaining broader benefits of certification courses. Certain reputable colleges offer adequate instruction on how to thrive in the certification course. Here are several coaching institutes to consider.
IIPTR Institute: IIPTR Institute has achieved a lot of recognition and respect for the GST certification course, in addition to many other certifications. The entire course is divided into easier sections that are taught by an experienced and qualified professional. The teaching style is designed to be readily grasped by everybody, regardless of prior knowledge.
CA club India: This is an interactive platform for professionals in finance and taxation. They do teach a wide variety of coaching options. Within them, they are also known for their GST certification course and ways of teaching.
V skills: this is one of the largest certification bodies in India. The institute has trained a lot of people to date, and its main aim is to improve the employability of the individual. They provide many popular certification pieces of training related to finance like tally, GST certification, and many more.
ICMAI: The Institute of Cost Accountants of India provides training related to finances and accounts. They have a course dedicated to GST certification recommended by many aspirants.
The above write-up is an attempt to give extensive information on GST, its certification course, examination syllabus structure, and some of the GST certification course’s benefits. We anticipate that the knowledge supplied will be beneficial to many aspiring GST practitioners.