Goods and services tax (GST) is an overall indirect tax on manufacturing, selling, and consuming goods and services throughout India. It is a skill that is required in every sector, hence, opting for GST certification courses in Kochi would be a great choice for the one who is inclined towards this field. If you are confused about where to get trained, this article is a clear solution. So, let’s begin with a basic understanding of goods and services taxes.
What is GST?
GST is an indirect tax that has been established by the 101st Constitutional Amendment Act (2016), for the entire country on the pretext of “One Nation One Tax” to achieve a unified market in India. It is a single tax on the supply of goods and services in its product cycle which starts with the manufacturer and ends with the customer.
The final consumer has to pay only his part of the tax and not the entire supply chain as used to be before the GST comprises indirect taxes like excise duty, Value Added Tax (VAT), service tax, and luxury tax. It is a destination-based taxation system that is levied at the final consumption point. It is the greatest indirect tax reform in India. It decreases the final consumer’s tax burden by avoiding tax on tax. GST registration is compulsory for every business in India, but there are a few sectors that are exempted from GST.
- Gross income under the GST limit
- Non-taxable supply of goods and services
- Activities don’t come under the supply
Types of GST
There are four types of GST:
- The Central GST (CGST)
- The State GST (SGST)
- The Union Territory GST (UTGST)
- The Integrated GST (IGST)
- The State GST
SGST is imposed on transactions of goods and services in the states. It is levied by the State Government and thus replaces every kind of existing state tax including Sales Tax, Entertainment Tax, VAT, and Entry Tax. The State Government can claim the earned revenue under SGST.
- The Central GST
CGST is the Central Tax levied on transactions of goods and services that take place within a state. It is imposed by the Central Government and it replaces other Central taxes including State Tax, CST, and SAD. Prices of goods and services under CGST are charged based on the market price.
- The Integrated GST
IGST is applied to the transactions that happen interstate. IGST is also applicable to the goods that are imported to distribute among the states. It is levied when the products and services are moved from one state to another.
- The UT GST
It applies to the Intra Union Territory supply of goods and services. It provides benefits the same as SGST. The UTGST applies to Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, Andaman and Nicobar Islands, and Chandigarh.
Principle of GST:
- The Centre will levy and collect the CGST.
- States will levy and collect the SGST on the supply of goods and services within a state.
- The Centre will levy the Integrated GST (IGST) on the interstate supply of goods and services, and assign the state’s share of tax to the state where the good or service is consumed.
- The Parliamentary Act of 2016 states to compensate for the revenue losses due to the implementation of GST.
Taxes At The Center And State Level:
- Central Excise Duty
- Additional Excise Duty
- Service Tax
- Additional Customs Duty (Countervailing Duty)
- Special Additional Duty of Customs
- State Value Added Tax/Sales Tax
- Entertainment Tax
- Octroi and Entry Tax
- Purchase Tax
- Luxury Tax
- Taxes on lottery, betting, and gambling
Benefits of GST:
GST is beneficial not only for businesses and industries but also for the government and consumers.
For Central and State Governments
- Simple and Easy to Administer: Because multiple indirect taxes at the central and state levels are being replaced by a single tax GST with an IT system, it would be easier to administer.
- Better Control on Leakage: Because of better tax compliance, reduction of rent-seeking, transparency in taxation due to IT use, and an inbuilt mechanism in the design of GST that would incentivize tax compliance by traders.
- Higher Revenue Efficiency: Since the cost of the collection is inversely proportional to the ease of compliance, it will lead to higher tax revenue.
For the Consumer
- The single and transparent tax will lower inflation.
- Relief in the overall tax burden.
- Tax democracy will be achieved, that is luxury items will be taxed more and basic goods will be tax-free.
For the Business Class
- Ease of doing business due to easy tax compliance.
- Uniformity of tax rate and structure, so that a better future business decision making and investments by the corporates will be achieved.
- Removal of tax on tax.
- Reduction in transactional costs will lead to improved competitiveness.
- Profit to the manufacturer and exporters.
- An increase in the country’s GDP by 2% points.
Tax Structure Under GST:
- Central GST covers Excise duty and Service tax.
- State GST covers VAT and luxury tax.
- Integrated GST (IGST) covers inter-state trade. It is not a tax but a system to coordinate state and union taxes.
- The tax slabs are categorized into 4 different tiers – 5%, 12%, 18%, and 28%.
There Are Four Tax Slabs Proposed By The Government:
5%: This slab includes household items like sweets, sugar, spices, tea, coffee, coal, edible oil, etc.
12%: This slab comprises computers and processed foods like cheese, ghee, ayurvedic medicines, cell phones, and fertilizers. Services include work contracts, business-class air tickets, and non-ac hotels.
18%: This slab is applied to toothpaste, soaps, hair oil, capital goods, and industrial intermediaries.
28%: This slab involves luxurious items like premium cars, AC, and Refrigerators.
Here are other most rewarding courses available in Kochi
Achievements of GST:
- Wider Tax Base: Implementing GST has doubled the number of taxpayers from July 2017 to June 2022.
- Generation of e-way Bills: Comparatively more taxpayers and transporters have enrolled on the e-way portal post-GST implementation. Ever since GST was launched, of the e-way bills that have been generated, 42% are for the inter-state transport of goods.
- Increase in Average Collection: The average monthly collections have raised comparatively.
- Removal of Tax Arbitration: GST has eliminated the tax trading that existed among the states.
- Increase in The Logistic Supply Chain: With no such trading under the IGST and with the e-way bills, the goods supply chain efficiencies have also increased.
- Decrease in Tax Rate: In the pre-GST regime, the combined center and state rates were more than 31 percent.
- However, under the GST, the rates of over 400 goods and 80 services have been reduced.
- The highest 28 percent rate is restricted to luxury items.
- Out of a total of 230 items which were in the 28 percent slab, close to 200 have been shifted to the lower slabs.
- Special Attention to MSMEs: Special attention has been paid to the needs of the micro, small and medium enterprises (MSMEs), to reduce their tax and compliance burden.
- Introduction of GSTN: The creation of GSTN, a professionally managed technology company to run the platform was a step in the right direction. Constant review and upgrading of hardware and software capacities have helped in keeping the system agile.
- Automated IGST: The system of automated IGST refunds and refund of accumulated input tax credit (ITC) to exporters has made the neutralization of input taxes on export goods and services hassle-free.
Top GST Certification Courses in Kochi
GST is important to the growth of India’s economy. Many institutes are offering GST certification courses in Kochi. These courses will educate the learners about the practices ad applications of GST. The top 9 GST certification courses in Kochi are listed below.
1. IIM Skills
IIM Skills is an online training institute that offers a variety of professional courses like Content Writing, Technical Writing, GST, Digital Marketing, and SEO. The courses offered by IIM Skills are ranked first by several notable educational sites. It also offers GST certification courses in Kochi. Expert faculties guide the students at IIM Skills. It offers an online self-paced GST course.
The GST Certification Courses in Kochi by IIM Skills Offer:
- 16 hours of self-study lectures
- Practical assignments and weekly assessments
- Training by industry experts
- Well-researched teaching methods.
After the session, the recording will be accessible for a lifetime. This online course can be undertaken by anyone who wants to learn GST. The course gives you an overall understanding of the GST and its concept, working, and implementation. The course makes the students specialize in GST. The students will receive a certificate in collaboration with MSME upon completing the course.
- Introduction to GST
- Types, Eligibility, Registration, Rate Slabs
- GST Invoicing
- E-Way Bill, and Tax Credits.
Fees: Rs. 2900 + GST
You may also want to check GST Certification Courses in Coimbatore
2. Pearl Accountants
Pearl Accountants is located in Kochi and offers the top GST certification courses in Kochi. It performs all sorts of accounting tasks. They will teach you the economic way of working to manage the accounts and admin work of highly experienced professionals.
They Offer Services Like:
- Accounting services
- Business funding
- Business plan
- Business start-up advice
- Business support
- Company formation
- Partnership registration
They work on an online platform. Along with accounting services, they also provide GST certification courses in Kochi. The course is suitable for any literate interested in GST. The course duration is one month which covers the course both theoretically and practically with employment experience and work in the field.
- Fundamentals of Accounting and Tally
- Registration services
- Company formation services
- Income tax
- Import and Export
- Return filing
- GST and Registration
3. ProHub Learning
ProHub Learning is located in Kochi, Ernakulam. It provides government-approved accounting courses through experienced trainers with an average experience of three years. With hands-on sessions, they offer unlimited interviews until placement. It is affiliated with NACTET. It provides GST certification courses in Kochi that are one of Kerala’s most cost-effective and popular GST courses. The course is for candidates who are interested in GST.
GST certification courses in Kochi are available both online and in-classroom with a course duration of 35-40. GST certification course has recently expanded career options for graduates, resigned government employees, and other certified candidates such as Chartered Accountants and Business Secretaries. It improves the salary by 12% to 24%.
- GST Training and Laws
- Return filing
Also Read: GST Certification Courses in Madurai
4. Brainz Academy
Brainz Academy is located in Kochi, Ernakulam. It is one of the best accounting institutes in Kerala. The Academy also offers GST certification courses in Kochi. They have dedicated staff and a fully equipped lab facility. The experienced trainers assist GST aspires to understand each and every concept with utmost ease. You should consider this institute for GST courses.
The Course Offers:
- Authorized training center
- Internship programs
- Live interactive classes
- Soft skill training
- 100% placement assistance
Duration of the Course: 2 months (120 hours)
- Basics of Indirect Taxation
- GST – Practitioner’s Perspective
- Concepts for Practitioners
- Introduction to Goods and Services
- Working Knowledge of GST
- Registration under GST
- Monthly & Quarterly Returns
- Annual Returns
- GST Audit
- Assessment & Appeals – Introduction
- Case Studies
Com/ BBA [Commerce background is necessary]
5. The Institute of Accountants (TIA)
The Institute of Accountants is a certified accounting institute located in Kochi, Kerala. It offers online GST certification courses in Kochi. Their diploma course in GST is an exceptional program that will truly train you to become a professional GST practitioner. Below are the details of the course eligibility and syllabus, let’s have a look.
Course Name: Diploma in expert Accounting & Taxation
Eligibility Criteria: B. Com/ M. Com
Program Modules Consist of:
- Financial Accounting (manual)
- Bank reconciliation statement
- Tax planning
- Tax computation
- VAT and GST
- Interview training
Duration of the Course: 6 months
Total Fees: Rs.60,000
Course Name: Certified Financial Accountant (CFA)]
Program Modules encompass:
- Financial Accounting (manual)
- Computerized Accounting
- Tax planning & Tax Computation
- Profits Tax & TDS
- Carrier Tax, VAT & GST
- ESI, EPF
- Interview training
Eligibility criteria: +2 and above
Duration of the Course: Three Months
Recommended Read: GST Certification Courses in Trivandrum
6. Easy GST academy
The Easy GST Academy offers GST certification courses in Kochi, Kerala. It provides affordable and accessible courses. It has been acknowledged as the best academy in Ernakulam.
Course Name: Diploma in Professional Corporate Accounting & GST
- Fundamentals of Accounting
- Income Tax creation, earning exempt from tax, earnings from salary, profits from business and career, and earnings from capital Gains.
- Goods & Service Tax (GST) – Introduction, special provisions, taxes that have been subsumed below GST, taxes no longer likely to be subsumed in GST, styles of GST to be carried out, GST on export and import, officers underneath GST, powers, reverse fee, classification of products and offerings beneath GST.
- Computerized Accounting – The advent of accounting, inventory creations, value center categories, bill sensible info, Voucher class, a couple of currencies, bank reconciliation, hobby calculations.
Eligibility Criteria: +2
Duration of the Course: 3 years
Board: National Centre for Employment and Education.
7. GST Centre
GST Centre offers one of the best GST certification courses in Kochi. They provide students across India to learn on the GST portal through simulation software. This course helps the students to understand the legal and regulatory requisites. It also helps in understanding the crucial points in GST issues and tackling them via hands-on experience with simulation software.
- GST in Business Management
- Certification in GST skills
Course Name: GST in Business Management:]
This course makes the students understand how GST affects various industries and let them make decisions accordingly.
The Advanced Learning Program Provides:
- Study materials
- Live session
- Video tutorials
- Registration form for certification
- GST beginner
- GST intermediate
- GST skills
Course Name: Certification in GST skills:
Scope of the Course:
- Tax specialists in corporate companies
- GST practitioner
- To work in audit firms
- Registration in GST
- Payment of taxes
- E-way bill
This course starts with the basics of GST and leads the students to be an expert in it. This is a complete GST certification course for beginners to learn completely about GST. It is known as one of teh top-ranked GST certification courses in Kochi. Upon completion of this course, a certificate will be provided, and the students will have a good understanding of the GST.
Course Name: GST: The complete GST certificate course
- 42 hours of on-demand video
- 29 articles
- Full-time access
- Course completion certificate
- Introduction and Classification of GST.
- GST online registration
- Letter of Undertaking registration
- E-Way Bill introduction
- Procedure to generate E-Way bill online
- GSTR 2A/2B
- GSTR 1
- GSTR 3B
- Job Work return filing
Course Fees: Rs. 2,899
Recommended Read: GST Certification Courses in Trichy
9. Henry Harvin
Henry Harvin provides a variety of courses online. It provides GST certification courses in Kochi that give its students a comprehensive understanding of GST, its concepts, rules, regulations, and working. Once the course is completed, the learners are provided with certificates recognized by the Government of India. Internship and placement support are given for 1 year after successful completion.
Supply chain, EXIM, E-Way Bill
Tax Credit and Registration
Soft skills development
Duration of the Course: 32 hours
Career opportunities with GST Certification:
With the implementation of GST, a new career opportunity is available as a GST practitioner. This will be an apt career for commerce graduates and people with finance-related careers. The following professionals are eligible to be GST practitioners.
- Chartered accountant
- Company Secretary
- Cost and management accountant
- Graduate or postgraduate degree in Commerce
- Graduate or postgraduate degree in Banking
- Graduate or postgraduate degree in Business Administration
- Graduate or postgraduate degree in Business Management
- Retired government officials
You can also check the best GST Certification Courses in Chennai
Basic Conditions To Become a GST Practitioner in India:
- Should be a citizen of India
- Should be of sound mind
- Should not be bankrupt or an insolvent
- Should not be convicted of an offense with imprisonment of 2 years or more
Benefits of a GST Practitioner:
- Can apply for registration, amendment, or cancellation.
- Can claim a refund.
- Can appear as authorized personnel before any officer of the department.
- Can make payments for tax, penalty, or fees.
- Can accept or reject the application from a taxpayer.
- Can generate an e-way bill for the movement of goods.
1. In terms of GST, what is a negative list?
A: Those items for which GST isn’t applicable come under a negative list. These items fall in the Schedule III of the CGST Act. For example, the sale of land and completed buildings, functions performed by the MPs and MLAs, and services of funeral and burial.
2. What are the conditions to enroll on the GST portal as a GST practitioner?
- The applicant must have a valid pan card, mobile number, and email Id.
- Professional address.
- Required documents and information to enroll
- The applicant must fulfill the eligibility criteria of a GST practitioner.
3. What are the minimum conditions required to fulfill to become a GST practitioner?
- A UG or PG degree in Commerce, Business Management, Banking, and Business administration.
- Retired government officials
- Company Secretary
- Chartered accountant
- Cost and management accountant
4. Should the registration of GST be done separately in each state and union territory?
No, single enrolment for GST is enough to practice pan India. It is not necessary to register separately in each state and union territory.
5. Is it possible to hire a GST practitioner from a different state?
Yes, it is possible to hire a GST practitioner from another state or any jurisdiction of India once the enrolment is approved. But while enrolling the application will be directed to the particular State Tax officer for processing purposes.
It is significant to make use of the experiences of global economies that have implemented GST before us to face the challenges. GST is a positive step toward shifting the Indian economy from an informal to a formal economy. To achieve that, every registered organization must be prompt in their GST and these institutions provide a way to learn about GST. Let’s make a move and enroll in the course that will fulfill all your needs to become a proficient and professional GST certification.