India was known to have one of the most complex tax systems. It was almost impossible for startups and new businesses to understand the direct and indirect tax systems. This problem got more aggravated with constant changes made to the taxes each financial year. But things have changed after the introduction of the new Goods and Services Tax, commonly known as GST. To learn more about GST, enroll in one of the GST certification courses in Nashik.
The main objective of incorporating GST was to eliminate the tax on tax or double taxation which increases from the manufacturing level to the consumption level. GST is a common tax used by a majority of companies globally.
What is GST?
The Goods and Services tax was first implemented in 2017. Its main purpose was to replace all the different indirect taxes that existed previously. GST is levied on goods and services that are sold for consumption within India’s domestic boundaries. It is applied to the final market price of the goods and services which is the maximum retail price. Customers pay the tax as part of the final price which is then paid to the Government by the seller thus the name is an indirect tax.
GST Application Steps
1. Manufacturer: As a manufacturer, you will pay GST on the raw materials you purchase and the value that has been added when you make the product.
2. Service Provider: As a service provider, you will pay GST on the amount that you paid for the product and the value added to it. But, the tax paid by the manufacturer will be reduced from the overall GST that you have to pay.
3. Retailer: If you are a retailer, you will pay GST on the product and the added margin that you purchased from the distributor. But, the tax paid by the distributor will be reduced from the overall GST that you have to pay.
4. Consumer: GST is paid by the consumer on the product purchased as part of the final price.
The Four Types of GST
Based on the kind of transaction involved, GST can be divided into four types. Each type features different rates for taxation applicable at the buyer’s end.
1. CGST – Central Goods and Services Tax:
As the name suggests, the central government charges this tax. It is levied on the movement of goods within a state. If a seller sells a product to a buyer within the same state, then both SGST and CGST are applied. Both entities will share an appropriate portion of revenue between them. The maximum rate of tax for CGST cannot exceed 14%.
2. SGST – State Goods and Services Tax
SGST is collected by the state government. It is levied on the intrastate supply of goods and services and can be charged on the product’s transactional value that the buyer needs to pay. It is governed by the respective states, and it replaced the previous taxes such as state sales tax, VAT, entertainment tax, etc.
3. IGST – Integrated Goods and Services Tax
Under GST, IGST applies to all interstate supplies of products and services. As per IGST Act, the central government collects this tax. It is also levied on imports to India and exports from India. The tax is shared between the consumer state and the central government.
4. UTGST – Union Territory Goods and Services Tax
Similar to how SGST works, UTGST is also levied on the transaction of intra- Union Territory supply of products and services. It is levied together with CGST. Union territories that do not have their legislatures such as Jammu & Kashmir, Andaman and Nicobar Islands, Ladakh, Daman, etc.
Learn more about the types of GST by registering in one of the GST certification courses in Nashik.
Who Should Register for GST
Are you a taxable person? Does your business qualify for GST enrollment? Let’s take a brief look at all the categories that must undergo GST registration in India. To gain a more in-depth understanding of GST eligibility, enroll in one of the GST certifications courses in Nashik.
- Individuals who supply through e-commerce aggregators
- Anyone who pays tax according to the reverse charge mechanism
- E-commerce aggregators
- Non-resident individuals who are qualified to pay tax
- Agents who work for input service distributors and suppliers
- All individuals who were registered before the introduction of the GST law
- Businesses that have revenues above a certain threshold limit
How GST Impacted Businesses in India
GST has had a great impact on all businesses. We will discuss 5 ways GAT has affected businesses all over India.
Lower Tax Burden: Previously. businesses had to pay both vats as well as service tax if they had a turnover of Rupees 5 lakhs and Rupees 10 lakhs respectively. With GST small businesses are at an advantage as both these taxes have been eliminated and the turnover limit will also be increased.
Simpler Calculations: With a variety of taxes to be paid, business owners had to keep track of various deadlines and manage multiple tax filings and documents. GST has combined all indirect taxes under one combined tax and made the process much simpler for calculations and tracking.
Fraud – prevention: With the internet taxing system, GST has made it easier to detect fraud as transactions have become more accountable and transparent compared to the older manual filing procedures. Not only this, but it is also easier to rectify any mistakes made during the filing of GST returns.
Differentiation of Goods and Services: GST ensures that there is a clear distinction between goods and services. This helps in sorting any legal actions easily and significantly reduces tax fraud.
It is easier to Start or Expand Any Business: Previously starting a new business meant registering individually with all the tax departments such as VAT, excise, service tax, etc. Not only this, if the business involved more than one state, you had to register in each state for tax separately. With GST input credits, you can easily do cross-border business as it is applicable for all in-state and out-of-state transactions.
Below Are the Advantages of Studying GST Certification Courses in Nashik
If you choose to enroll in one of the GST certifications courses in Nashik, you’ll not only have a better understanding of the different components of GST but also gain these other benefits.
Hike in Salary: You’ll have the opportunity of an increase in your salary as you’ll have a better-developed skill set that your company can benefit from.
Professional Assistance for CS and CA: If you are considering working as a chartered accountant, a tax, professional, or a company secretary, after studying GST certification you’ll have an improved understanding of cost structures.
More Job Opportunities: Studying and understanding GST will open doors to many job positions that you could not apply to previously.
Strengthen Your Bookkeeping and Tax Audit Skills: Improve your accounting and finance skills when you understand GST fundamentals.
Start Your Tax consultancy: You can set up your own business to give advice to people regarding their tax records and provide GST support.
A few other best courses in Nashik:
- Digital Marketing Courses in Nashik
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- Technical Writing Courses in Nashik
- Content Writing Courses in Nashik
Listed Are the Career Opportunities After Studying GST Certification Certification Courses in Nashik
There are various career opportunities available in the taxation field after you study GST certification courses in Nashik. Some of them are:
Tax Research Analyst: As a tax research analyst, you’ll work to verify and proofread contracts from a taxation point of view.
Tax Manager: You’ll look after all the tax-related matters in the company. It will be your responsibility to comply with all the tax deadlines, file the tax returns and deal with all the direct and indirect taxes. Moreover, you’ll plan tax strategies that should achieve maximum benefit from tax policies.
GST Compliance Practice: You’ll be responsible for ensuring that the company complies with all the GST rules.
Reconciliations: In this role, you’ll check that the company’s accounts and books are properly reconciled and not feeding the wrong data for GST.
GST Consultancy Practice: You can start your consultancy firm and get work from companies or individuals who want to outsource their tax work or seek GST advice.
GST Trainer: You can be an educator and train students at various institutes in GST.
Also, find the best GST Certification Courses in Mumbai
Top 5 GST Certification Courses in Nashik
We have put together a list of the 5 best GST certification courses in Nashik based on their curriculum, mode of teaching, student reviews, and support from the staff.
1. GST Certification Courses in Nashik – IIM SKILLS
IIM SKILLS is a globally recognized institute that provides the best GST Practitioner Certification. The Certified GST Practitioner Course at IIM SKILLS takes on a 360-degree approach to all aspects of GST and is designed to be job-oriented as well as industry-relevant.
Individuals coming from all backgrounds enroll in this course recognized by the MSME Government of India such as freshers, finance and accounting professionals, and start-ups and business owners. With 16 hours of pre-recorded lectures and practical weekly assignments, learn all the fundamentals of GST and its practical applications.
GST Certification Course Curriculum:
Module 1: The basics of GST, types of GST, eligibility for GST, registration for GST, GST rate slabs, due dates for GST returns, the impact of GST on businesses, and the scope of GST.
Module 2: The GST structure and framework, the meaning of goods and services, the meaning of supply and time, place, and valuation of supply.
Module 3: Criteria and process of registration under GST, amendments in registration, and surrender of registration.
Module 4: Rules and regulations for invoicing in GST, bill of supply, payment voucher, and debit/credit note.
Module 5: Types of GST return forms and due dates and process flow of return filings.
Module 6: Tax rate of composition scheme, return form, and registration for composition scheme under GST.
Module 7: What is the reverse charge mechanism and taxability under the reverse charge mechanism?
Module 8: Issuing an E-way bill under GST.
Module 9: How to claim the input tax credit, how to offset GST liability, and modes of payment in GST.
Unique Features of the Master GST Certification Course:
- Well-researched curriculum and teaching methodologies that meet GST industry standards.
- Best GST course trainers with years of industry experience.
- An up-to-date course that includes the latest amendments, their implications, and regulatory developments.
- Live query resolution with immediate question and answer sessions.
- Anytime anywhere access through online virtual classes.
- Gain an in-depth understanding of all GST provisions and become job ready.
Course Certification: After completion of your course, sit for the online exam and score at least 80% to gain the Master GST Certification from IIM SKILLS.
Course Fees: ₹ 2900 + 18% GST
2. GST Certification Courses in Nashik – NIFM
The National Institute of Financial Markets provides a GST professional certification that covers all the practical aspects of GST such as registration, GST E-filling, GST returns, and in-depth recording & accounting of GST transactions. You will not only gain in-depth knowledge of GST through his course but will also understand how GST impacts the functioning of a company. With 80% practical training and 100% placement assistance, be job-ready in 2 months after studying this course.
- Types of GST, who is eligible for GST, how we determine GST liability, who should register for GST, the threshold limit for GST registration, due dates for all GST returns, GST rate slabs, and what does not fall within the scope of GST.
- The taxable event in GST, the meaning of Goods & Services in GST, the meaning of supply in GST, time, place, and valuation of supply.
- GST invoice raised invoice and charged GST, debit note/credit note, bill of supply, and payment voucher.
- How we claim ITC, offset GST liability, electronic cash ledger, electronic credit ledger, electronic liability ledger, and modes of payment in GST.
- Process flow of return filing, type of return forms and due date, GSTR9/9B return filing, GSTR3B returns filing, GSTR2A reconciliation – purchase inward supply return, and GSTR1 return filing – sales outward supply return.
- The tax rate under the composition scheme, return form in the composition scheme, and limitation and registration of the composition scheme.
- Reverse Charge Mechanism (RCM)
- Issue an E-way bill and why an E-way bill is required in GST.
- Process of GST registration, amendments, and surrender in registration.
Course Certification: Complete the course to gain the certificate.
Course Fees: ₹ 25,000 + GST
Must check out the best GST Certification Courses in Pune
3. GST Certification Courses in Nashik – Consultees
Consultees provides Certificate Course on GST which is designed for both beginners and professionals alike. With pre-recorded small videos on each topic, you can access and learn this course from anywhere at any time at your own pace. The course has 35 hours of extensive study material that covers all practical aspects of GST.
In addition to the course material, you also get two books on GST that contain all the provisions. You will learn from a qualified CA trainer and in the event of any queries, you can easily get them resolved through special query sessions.
GST Certification Courses in Nashik Curriculum:
- The basic concept and constitutional background
- Input Tax credit
- Levy, Exemptions, and Supply
- Registration, Time & Value of Supply
- E-way bill
- Offense and penalty
- Inspection, Search, Seizure, and Arrest
- Assessment and Audit
- Demand and Recovery
- Place of Supply
- Time and Value of Supply
- Tax Invoice, Credit and Debit Notes
- Latest Amendments – 2021
Course Certification: A Certificate from Consultees will be provided once you complete the course.
Course Fees: ₹ 1999 for 3 months or ₹ 6000 for lifetime access.
Also Read: GST Certification Courses in Bangalore
4. GST Certification Courses in Nashik –TaxGuru
TaxGuru provides a self-learning certification on GST. Study in the comfort of your home and become a taxation expert through this GST course taught by CA Raman Singla, the author of “Complete Analysis on GST”. Get your queries resolved through an online query resolution forum and take online tests to strengthen the GST concepts you have learned. Whether you are a finance professional, business owner, GST practitioner, tax official, or a beginner this course offers a curriculum that will suit everyone’s needs.
GST Certification Courses in Nashik Curriculum:
- Constitutional Aspects, Taxes Subsumed in GST, Basic Concepts of GST, GST Illustrations
- Concept of Central Sales Tax (CST), Valuation, Compensation Cess, Marginal Scheme
- GST Amendment Act, GST Set Off Rules
- GST Return Filing Procedure, Form GSTR – 3B, GSTR – 1
- Exemptions and Rate for Goods & Services, Exempt / Taxable / Zero Rated / Non-Taxable /Non-GST Supply
- Aggregate Turnover, Registration (Sec 22)
- Input Tax Credit, Time limit for ITC, Conditions for taking ITC, Negative List of Tax Credit
- Definitions of Inputs and Input Services, Capital Goods, Types of Invoices, GST on Advances, Time of Supply
- Zero Rated Supply, Options under Zero Rated Supply, Export
- Proportionate Reversal of ITC and Formula, Input Tax Credit Reversal on Exempt and Taxable Supply, ITC in case of Sale of Business
- Refund Mechanism
- Refund of ITC and Formula
- Deemed Export, Supply to SEZ
- Fake Invoice Menace
- Inverted Duty Structure
- Audit and Annual Return
- Reverse Charge Mechanism
- Transitional Issues
- Interest, Appeals, Assessment, Advance Ruling, Demand & Recovery, Penalty, Search seizure
- Place of Supply, Composite and Mixed Supply
- Valuation in Pure Agent and Reimbursements, Valuation provisions, Stock Transfer, Valuation Rules, Free supply of goods and services
Course Certificate: An online Certificate is issued by TaxGuru after the successful clearance of the Exam.
Course Fees: ₹ 8,000 + GST @ 18%.
5. GST Certification Courses in Nashik – Henry Harvin
This GST course by Henry Harvin is a 9-in-1 course that provides hands-on experience in key aspects of GST regulations such as filing returns, GST registration, procuring input tax credits, refunds, and TDS compliance. With 32 hours of live training, industry projects, internship assistance, and placement support, this course covers all the fundamentals of GST.
GST Certification Courses in Nashik Curriculum:
Module 1: Learn about the various important fundamentals of GST in this module. Know extensively about the Export & Import and E-way Bills. Gain an understanding of the Supply or Levy, Place of Supply, and value of supply.
Module 2: This module will guide the candidate through the process of GST registration. Know all the Transitional Provisions and Job Work in GST. Learn about the Input Tax Credit and ITC04.
Module 3: This module will equip the candidate with information on Accounts and Records in GST. Learn about the Time of Supply, Invoice Tax Payment, Returns, and Refunds.
Module 4: In this module, the candidate will learn Litigation Management in GST. Learn about the Offenses and Penalties, Audit Assessment, Demand & Recovery in GST.
Complementary Modules: Soft skills training and resume writing.
Course Certification: Complete projects and give assessments to get the GST certification from Henry Harvin.
Course Fees: ₹ 12500/-
Frequently Asked Questions About GST Certification Courses in Nashik
Q1. Who should enroll in GST certification courses in Nashik?
If you are someone who wants to make a career field in taxation or if you are already a finance professional, CA, or CFO who wants to brush up their knowledge on GST then you should register for one of the GST certifications courses in Nashik.
Q2. Which institute provides the best GST course?
IIM SKILLS provides the best GST certification course as it is recognized by the government of India, has placement support, and the course material is at par with industry standards.
Q3. What are the career opportunities after studying GST?
With the knowledge of GST, you can pursue a career as a tax manager, tax research analyst, or GST practitioner, or start your consultancy firm.
In this article, we have introduced what GST is, how important it is for businesses, how it benefits an individual’s career, and some of the best GST certification courses online. GST was introduced to replace all the other indirect taxes in India and with its introduction, there has been a vast change in how companies work, and how goods and services are supplied.
It opened doors to several career opportunities for tax professionals as companies look to properly incorporate GST mechanisms. To learn more about GST and the new amendment laws register in one of the GST certifications courses in Nashik that we have listed.