GST is a single simple and indirect tax on the purchase of goods and services that applies to the whole country, transforming India into a unified common market. Input tax credits collected at each level will be accessible at the succeeding stage of value addition, making GST a value-added tax at each process. As a result, the ultimate customer will pay just the GST levied by the last seller in the supply chain, with predefined advantages at all prior levels. In this article, you will learn about GST certification courses in Kochi.
The History of GST in India
In July 2017, the GST (Goods and Services Tax) became effective in India. The process of adopting the new tax regime, on the other hand, began a long time ago. In 2000, the then Prime Minister of India, Atal Bihari Vajpayee, formed a committee to design the GST law. A task team decided in 2004 that a new tax structure should be implemented to improve the tax structure at the time.
In 2003, the Central Government established a committee on Fiscal Responsibility and Budget Management, which proposed replacing the former indirect tax structure with GST on the delivery of all goods and services in 2004. In 2006, the Finance Minister suggested the implementation of GST on April 1, 2010.
The Empowered Committee of State Finance Ministers, which designed State VAT, was asked to develop a path and framework for GST. Joint Working Groups of officials from the states and the center were formed to investigate different elements of GST and provide reports, particularly on exemptions and thresholds, taxation of services, and taxation on inter-state supplies.
In November 2009, the EC issued its First Discussion Paper on GST, based on internal and external consultations with the Central Government. In 2011, the Constitution Amendment Bill was enacted to facilitate the implementation of the GST law. The Standing Committee began discussing GST in 2012, and a year later, it submitted its GST report.
In 2014, Arun Jaitley, the new Finance Minister at the time, reintroduced the GST bill in Parliament, and it was enacted in Lok Sabha in 2015. However, the law’s implementation was postponed since it was not enacted in Rajya Sabha. GST came into effect in 2016, and the updated model of the GST statute was approved by both houses.
The President of India also granted his approval. In 2017, the Lok Sabha passed four supplemental GST Bills, which were approved by the Cabinet. The Rajya Sabha then enacted four extra GST Bills, and the new tax regime went into effect on July 1, 2017.
Purpose of GST
The Goods and Services Tax (GST) is an indirect tax reform that intends to eliminate tax barriers between states and establish single market access to anyone to buy, sell, import, and export inside the country. It is uniquely built and has class inside it, allowing traders economic independence. In the end, GST will benefit both businesses and consumers.
The average man gains from GST in two ways: first, all taxes are collected immediately at the point of purchase. Second, when tax barriers between states are removed, customers will no longer have to pay tax on tax, which is what happens when commodities cross state lines, resulting in a reduction in tax paid.
GST is applied at all levels, beginning from the manufacturing till the sale of the goods or services to the final consumer:
- Manufacturer: The producer must pay GST on the raw materials acquired as well as on the value added to the goods.
- Service Provider: The service provider must pay GST on the purchase of the product from the manufacturer as well as on the value added to it.
- Retailer: The retailer must pay GST on the goods acquired from the supplier as well as the profit that has been applied.
- Customer: The final chain of GST payer is the customer. The customer only pays GST on the final stage.
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Types of GST
GST is divided into four categories:
State Goods and Services Tax (SGST): The state government levies SGST on intra-state sales of products and services. Following that, the income is acquired by the state when the payments in issue occur.
Central Goods and Services Tax (CGST): The central government levies CGST on intra-state sales of goods and services. The competent authority is also in charge of collecting the income generated by this tax.
The Integrated Goods and Services Tax (IGST): IGST is levied on interstate transactions of goods and services, as well as imports and exports. According to the GST Bill, the income generated through IGST is shared equally by the Centre and the States. The state goods and services tax element of this tax is collected by the state in which the products and services were consumed.
Union Territory Goods and Services Tax (UTGST): This GST tax is charged by Union territories and is levied on all purchases conducted in any UT in India. It is comparable in terms of GST platform payment regulations and distribution.
Advantages of GST
- Simple adherence: The core of India’s GST regime will be a solid and thorough IT infrastructure. As a result, all taxpayer services, such as registrations, returns, payments, and so on, will be available to taxpayers online, making adherence simple and obvious.
- Uniform tax rate: GST would assure that indirect tax rates and structures are consistent across the nation, boosting stability and ease of conducting business. GST makes doing commerce in the country tax neutral, regardless of where it is done.
- Eliminating the cascading effect: A structure of seamless tax credits across the value chain and state borders would guarantee minimal tax cascading. This would lower the unintentional expenses of conducting business.
- Increased competitiveness: Lowering transaction costs of conducting business would gradually lead to increased competitiveness for commerce and industry.
- Easy and simplified administration: GST is simple to manage, as it replaces several indirect taxes at the central and state levels. GST, supported by a comprehensive end-to-end IT infrastructure, is simpler and easier to manage than all previous indirect taxes imposed by the Centre and States to date.
- Improved leakage controls: GST will result in improved tax compliance owing to a solid IT infrastructure. There is an inbuilt mechanism in the architecture of GST that would incentivize tax compliance by merchants due to the smooth flow of input tax credit from one level to another in the pipeline of value creation.
- Better revenue efficacy: GST is intended to bring down the cost of collection of tax revenues of the Government, and would thus, contribute to higher revenue efficacy.
- A single, clear tax based on the value of goods and services: The price of most goods and services in the nation today is burdened with various hidden taxes due to many indirect taxes charged by the Centre and States, with partial or no input tax credits available at successive levels of value addition. GST imposes a single tax from the manufacturer to the consumer, resulting in more openness of taxes paid by the ultimate consumer.
- Reduction in the overall tax burden: Because of efficiency benefits and leakage avoidance, GST reduces the overall tax cost on most items, benefiting consumers.
Taxes absorbed into GST
- Central and Additional Excise Duty
- Service tax
- Additional and Special Additional Customs Duty
- Sales Tax
- Entertainment Tax
- Central Sales Tax
- Entry Tax
- Purchase Tax
- Luxury Tax
- Lottery, gambling, and betting tax
Top 5 GST Certification Courses in Kochi
In the current context, GST is critical to the growth of India’s economy. Kochi is the ideal location for job seekers wishing to advance their careers in GST. Various institutes offer GST certification courses in Kochi. These courses will teach you how to practice and apply GST. The key benefit of GST certification courses in Kochi is its flexibility in terms of time and cost.
1. IIM Skills
IIM Skills is an online training institution that offers online courses in a variety of professional skills, including Content Writing, Technical Writing, GST, Digital Marketing, and SEO. IIM Skills’ programs are ranked first by several notable educational sites, including Career360, CourseDekho, AdvisorUncle, and CourseReport.
Only expert faculty instruct ambitious professionals at IIM Skills. IIM Skills is the greatest educational institute because of its virtual interactive classes, lifelong access, and assistance. Named “GST Practitioner Course” is an online GST certification course offered by the IIM Skills.
This GST certification course in Kochi offers 16 hours of self-study lectures, practical assignments, and weekly assessments. The course training is delivered by industry experts through well-researched teaching methods.
Apart from living classes, a recording of each session is provided to the students for a better understanding of the concept and repeated watching. The GST certification course online is eligible for professionals, business owners and entrepreneurs, students, freshers, housewives, retired people, and anyone who wants to learn GST.
The course gives you a comprehensive understanding of the GST and its concept, working, and implementation. The course makes students professional experts in GST. On completion of the course, the students receive a certificate in collaboration with MSME.
The curriculum of the course includes:
- Introduction to GST
- Types, Eligibility, Registration, Rate Slabs
- GST Invoicing
- Composition Scheme, Reverse Change Mechanism, E-Way Bill, and Tax Credits.
Fees: Rs. 9900 + GST).
- Financial Modeling Course
- Business Accounting And Taxation Course
- Digital Marketing Course
- Content Writing Course
- Technical Writing Course
- Advanced SEO Course
2. Pearl Accountants
Pearl Accountants is a Kochi-based accounting service that does all accounting tasks using the Tally software. By utilizing cutting-edge technology, they can provide comprehensive business advising services in one location. Pearl is a low-cost approach to managing your accounts and administrative tasks with highly skilled professionals.
They are next-generation accountants who work on an online platform. Along with accounting services, Pearl Accountants also provide GST certification courses in Kochi. The course is suitable for high school pass outs, graduates, MBA students, and experienced professionals.
There are many accounting positions available in India and overseas, but it is tough to locate the right applicant with the right skill set for the job. The course’s goal is to provide the exact skill set required to provide technology-based accountants to modern businesses.
The course is of one month where the practical aspect of accounting and business studies theory accounts for half of the course, while the other half comprises of real-world employment experience and work in the industry.
The curriculum of GST certification courses in Kochi includes:
- Fundamentals of Accounting, Tally and MS Excel
- Registration and Company formation services
- Income tax
- Import and Export
- GST, Registration, and return filing
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3. ProHub Learning
ProHub Learning, the career path for aspiring business professionals, is the training sector of ProHub Process Management Private Limited and is based in Kerala’s commercial city, Kochi. ProHub Learning provides an unavoidable second step in developing a professional career for every student, in keeping with your unwavering aims of providing a strong theoretical foundation to the students and wishing every one of your students a prosperous career.
ProHub Learning provides GST certification courses in Kochi that are one of Kerala’s most economical and well-known GST courses. The course is eligible for professionals, graduates, postgraduates, freshers, accountants, officers, and individuals and candidates interested in GST.
GST certification courses online and in-classroom sessions are available with 35-40 hours of coaching. GST certification is a newer course that has recently expanded career options for graduates, resigned government employees, and other certified candidates such as Chartered Accountants and Business Secretaries. It improves the likelihood of a salary increase by 12% to 24%.
The curriculum of GST certification courses in Kochi:
- GST Training and Laws
- Taxation, Registration, Return filing, and Recordkeeping.
4. Brainz Academy
Brainz Academy is one of India’s premier financial and accounting institutes, offering the best instruction for anybody interested in a career in finance. The Academy’s goal is to succeed in professional work, serve its students with exceptional professionalism, and assist them in achieving their career goals.
The objective is to design and execute optimal educational techniques, as well as to assist students’ intellectual and creative activities as they transition from student to professional. The Academy offers GST certification courses in Kochi.
People who are resigned, or licensed tax practitioner or preparer, graduate or postgraduate in related field from Indian or foreign university, are eligible to enroll themselves in the course.
A registered GST practitioner provides information about outgoing and internal supply; makes payments into the cash book; returns on a monthly, quarterly, yearly, or final basis; files a refund claim and an application to terminate the registration.
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5. Henry Harvin
Henry Harvin is a training platform that provides a variety of courses online. Henry Harvin has over 180 business and 110 college partnerships. The GST Practitioner Course of Henry Harvin provides GST certification courses in Kochi that give its students a 360-degree comprehensive understanding of GST, its concepts, rules, and regulations, and working.
The GST certification courses in Kochi here is taught by industry experts who speak at notable platforms like Aaj Tak and NDTV. The course covers the latest trends like GSTR 3B, GSTR 1, GSTR 2A with 32 hours of live online classes. In the course, students are given projects that allow them to apply the theoretical knowledge learned during the course into practical application.
After the course, the learners are provided with certificates recognized by the Government of India. Internship and placement support is given for 1 year.
The GST certification courses in Kochi cover:
- Supply chain, Export, and Import, E-Way Bill
- Tax Credit and Registration
Frequently Asked Questions
1. How do I register my business for GST?
To register for GST follow the below steps:
- Open GST portal
- Generate a Temporary Reference Number (TRN) by finishing OTP verification
- Login with generated TRN
- Submit Your Company Information
- Submit the Information of your Promoter
- Submit the Information of the Authorized Signatory
- Main Location of the Business
- Additional Location of Business
- Specification of Goods and Services
2. How to download the GST certificate?
- Open your account in the GST portal
- Go to User Services under the Services section and click on the View/ Download Certificates option.
- Download your GST certificate.
3. Are there any national examinations for GST practitioners?
To become a Certified GST Practitioner, you must pass the NACIN (National Academy of Customs, Indirect Taxes, and Narcotics) GSTP exam with a score of 50%.
GST has a significant influence on various industries, including vehicles, logistics, home décor, e-commerce, media, and entertainment. As a consequence, GST certification courses in Kochi are a wonderful place to start if you want to boost your job chances. GST has opened up a whole new world of professional options. Almost every firm, whether in the service or industrial industries, must keep appropriate books of records.
As a result, they need accounts officers, directors, or even CA who are well-versed in GST. As a result, qualified GST professionals are in great demand. GST compensation might skyrocket after completing a GST certification course online or in-classroom. With the increasing need for GST, there are several career possibilities in GST: Taxation Manager, Taxation Research Analyst, Tax Reconciliation Accountant, GST Compliance Executive, and GST Practitioner.