GST (Goods and Service Tax)
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states. The GST is meant to replace a slew of indirect taxes with a federated tax and is therefore expected to reshape the country’s 2.4 trillion dollar economy, but its implementation has received criticism. Positive outcomes of the GST includes the travel time in interstate movement, which dropped by 20%, because of disbanding of interstate check posts.
- Anybody can learn about GST
New career option arise in GST
Eligibility for GST Practitioners
(1) Chartered Accountant holding COP
(2) Company Secretary holding COP
(3) Cost and Management Accountant holding COP
(5) Graduate or Postgraduate degree in Commerce
(6) Graduate or Postgraduate degree in Banking
(7) Graduate or Postgraduate degree in Business Administration
(8) Graduate or Postgraduate degree in Business Management
(9) Degree examination of any recognized Foreign University
(10) Retired Government Officials
How to enrol as a GST practitioner
Any person willing to become GST practitioner can enrol by making application in FORM GST PCT-1 to the authorised officer;
After examining the eligibility, Authorised Officer will issue the certificate in FORM GST PCT-2.
A person enrolled as a goods and services tax practitioner may have to pass the examination conducted at such periods and by such authority as may be notified by the Commissioner.
Need to expertise GST
Enrolment as a GST Practitioner, needs an expert knowledge of GST. Thorough practical and theoretical knowledge is required to get familiar with GST environment. Right from transitional phase to post GST day to day compliances, GST practitioners will be required everywhere.
We can help you in clearing exam of GST Practitioners with the help of industry expert and professional trainers.
How GST increased employment and salaries
The prompting of GST has made an overwhelming interest of jobs for certified GST experts, as the organizations the nation over, now need a specialist GST professional to help them in managing GST, upgradation, and balancing.
• Over 1 lakh openings for work are relied upon to hit the market which incorporates tax collection, bookkeeping and data analysis.
• Adding a GST certification course to the CV will unquestionably and strongly go about as a defining moment for aspiring bookkeepers.
GST has opened the door for the professional administrations firms to enable their customers to understand the changing business and tax dynamics, assess its effect and make essential moves.
Availability of experienced talent that can deal with the new single-tax framework and the uniqueness brought about by duality of privileges of Centre and states isn’t sufficient in the local market. This is compelling huge numbers of these consultancies to look for in house experts from different offices to join the GST groups and cut the heap of work load.
As indicated by industry officials, organizations, for example, EY, PWC, Deloitte, KPMG and Grant Thornton are offering salary increments of 25-30% to administrators who consent to get moved to the GST groups inside a similar association. By and large, 20% bounce in pay in addition to mid-term rewards. Average increments at the Big Five is around 12%.
Partner of Deloitte Haskins and Sells LLP says” We have hired a noteworthy number of individuals and accomplices. As there is a lack of indirect tax professionals, we have supported specialists from different parts of administrations, both tax and non-tax, who may have the craving or desire to get familiar with the new and energizing enactment.”
Deloitte has added 25-30% to GST headcount, got in experienced individuals from abroad, multiplied partners and motivated and recognised their efforts in preparing the customers GST in a brief period, Deloitte’s partner stated.
At Deloitte, we have utilized the experience accessible with the network firms and have likewise profited from the worldwide versatility programs, where a portion of our kin have had a chance to work on GST execution and are also back in India,” he added.
The greater part of the top organizations have roped in experts to understand the complex GST framework. GST is likewise transforming into a HR nightmare for organizations and consultancies the same, as there are insufficient duty or IT specialists who could get straight down to business
A considerable lot of the organizations are likewise flying in GST specialists from their different workplaces abroad. The Big Five review firms together have around 2,500 experts dealing with GST, and each firm is expanding the group quality.
KPMG Indian Partner says that as there is great demand from customers to help them in the GST change, along these lines, there is a requirement for increasing the quality of talented individuals.
KPMG India made a unique group that would work with every one of their customers on the progressions that GST will get. The group had individuals from various nations like South Africa, Australia, Singapore and Malaysia,” said Partner and head of Sales and Marketing at KPMG India
The counselling firms are furthermore moving individuals inside. At every one of the Big Five, anyplace somewhere in the range of 500 and 800 individuals are dedicatedly helping organizations meet GST prerequisites.
PwC India expanded its GST group’s quality by over 30%. “We anticipate that the pattern should proceed. We have around 2,400 individuals in our assessment practice and are very much staffed to address our customers’ issues,” said Partner and pioneer – Tax and Regulatory administrations, PwC India.
A significant reform in tax, as GST requires cross-utilitarian groups — individuals who understand diverse business forms and have specialisation techniques, business and innovation abilities.
PwC India’s Partner stated, “, our customers are searching for help in different specialized topics across the firm.”
Apart from inside development of ability and enlisting from outside, Grant Thornton has teamed up with its worldwide system firms and taken up training courses of action for experts with universal experience.
As per Grant Thornton India LLP, it has been their endeavour to keep pace with the GST guidelines and they emphasize in re-skilling their groups and contributed much time and exertion in preparing organized projects.
The GST (Goods & Services Tax) is a comprehensive tax raised on manufacturers, sellers and consumption of goods and services across India. You can become expert by doing GST Certification Course in Rohini, Delhi. At BPA We will make you understand tax concepts, maintain books of accounts and file tax returns with practical training so as to enable actual filing of returns – whether it is Income Tax, TDS or GST. This will help you get good technical knowledge of various taxes and you will do well in Interviews and get good job offers. BPA Provides best GST course in Rohini, Delhi.
You will also receive
- 1 Real Live project
- A Certificate of Professional Training after the completion of course.
- OJT Certificate from CA/CS.
- OJT (On the Job Training) under Experienced CA/CS.
- Expert advice
- Basic concepts of GST
- Levy and Collection of tax
- Time and Place of supply
- Composite and mixed supply
- Value of Supply
- Reverse charge mechanism
- Job Work
- Input Tax Credit
- Composition Scheme
- Export/Import under GST
- Tax Invoice
- Payment of Tax
- Eway-Bill generation
- GST using Tally/Busy
- Practice on GST
- Project on GST
Career Options after GST & E-Filing Course
- GST Consultant
- GST Practitioner
- GST Associate
- Tax Associate