Everyone has been hearing and reading about GST (Goods and Services Tax) increasingly in the last couple of years. While this article will help you in identifying the top 5 GST certification courses in Cochin, first let’s try to understand the basics and start with what exactly GST stands for.
The GST is an indirect tax that is collected on the supply of goods and services and paid by the customer. The GST was implemented by the Indian government in 2017 as part of their “one nation, one tax” policy. It is a single tax that is imposed on the supply of products and services from the manufacturer to the customer, effectively replacing many indirect taxes. The reform’s major goal was to bring all types of taxes under the umbrella of a single tax system.
Simply said, GST eliminates many indirect taxes levied by the national and state governments, resulting in a unified Indian market. GST provides both internal and international benefits:
It simplifies the job of manufacturers across the country by combining many levies into one and promoting economic integration. It brings India up to pace with the global market by implementing a generally acknowledged tax system.
Certain goods and services are exempt from GST and are instead subject to existing state taxes such as value-added tax (VAT), which is a tax paid at every stage of value addition in the supply chain. The consumer pays these fees at each stage of the manufacturing process. The imposition of GST on petroleum crude, high-speed diesel, motor spirit, natural gas, and aviation turbine fuel has been postponed, and they are now subject to excise charges and VAT imposed by the center.
GST has several exemptions and relaxations that can be claimed after meeting specific conditions. A tax credit is an example of this incentive, as it is the amount that some taxpayers can deduct from the tax they owe. The increasing demand for this mandatory tax has resulted in more and more job opportunities which is why more and more people are studying about it for a bright future. Before we list down the best institutes offering GST certification courses in Cochin, here are some of the important aspects one must know about it:
Structure of GST
At present moment, all goods and services are primarily separated into a four-tier rate system of 5%, 12 percent, 18 percent, and 28 percent.
To make the taxation procedure easier, the government is considering altering the four-tier structure to three or two tiers. GST, which was implemented in 2017, is still in its early stages and is prone to errors, infractions, and conflicts of interest.
To avoid this, the authorities established an advanced ruling mechanism on questions of goods and services delivery. This procedure can be used by taxpayers to resolve difficulties such as registration, classification, tax rate, taxability, and so on. To classify traded products, a globally standardized system of numbers and names was established.
Purpose of GST for Customers and Taxpayers
Previously, India’s tax structure comprised several levies at the federal and state levels, which sometimes perplexed taxpayers. Taxes have been grouped under the “one nation, one tax” system, to make the tax filing procedure easier for taxpayers.
GST facilitates the cross-border mobility of goods and services. Manufacturers can now avoid paying CST (Central Sales Tax) and other taxes thanks to the implementation of IGST. GST creates a single tax department, resulting in lesser tax legislation and the unification of numerous tax departments.
Anti-profiteering provisions have been added to the GST law to protect consumers. Any reduction in the tax rate on any supply of goods or services, as well as any advantage from the input tax credit, will be passed on to the customer in the form of lower commissions.
All leading institutes offering GST certification courses in Cochin, or for that matter in India, will ensure that their students are well-prepared to become professionals who specialize in these courses and can understand and explain what is better and what is not for the customer, particularly in terms of tax.
Types of GST
The government has created distinct taxing rates for each of the four types of GST, which would apply to the payment of tax for goods and/or services delivered, according to the newly imposed tax system.
Integrated Goods and Services Tax or IGST
The IGST Act regulates the IGST. The central government is in charge of collecting the taxes under the IGST. The central government divides the taxes collected among the several states after they have been collected. For example, if a trader from West Bengal sells items worth Rs.5,000 to a consumer in Karnataka, IGST will apply because the transaction is an interstate transaction.
The trader will charge Rs.5,900 for the products if the GST rate on the commodities is 18 percent. The IGST collected amounts to Rs.900, which will be paid to the central government.
State Goods and Services Tax or SGST
The State Goods and Services Tax (SGST) is a tax charged on intrastate (inside the same state) transactions under the GST regime. Both state GST and central GST are levied on intrastate supplies of goods and/or services. It is governed by the State Goods and Services Tax act. The revenue generated by SGST is solely claimed by the state government.
For example, if a West Bengal trader sells goods worth Rs.5,000 to a West Bengal customer, the GST applicable on the transaction will be a combination of CGST and SGST. If the GST rate charged is 18 percent, it will be split evenly into 9 percent CGST and 9 percent SGST. In this case, the total amount charged by the trader will be Rs.5,900. The revenue generated by GST under the heading of SGST, i.e. Rs. 450, will be distributed to the West Bengal state government in the form of SGST.
Central Goods and Services Tax or CGST
The CGST Act governs the CGST. The central government is in charge of collecting the CGST revenue. As previously stated, if a trader from West Bengal sells goods worth Rs.5,000 to a customer in West Bengal, the GST applicable on the transaction will be a combination of CGST and SGST. If the GST rate charged is 18 percent, it will be split evenly into 9 percent CGST and 9 percent SGST. In this case, the total amount charged by the trader will be Rs. 5,900. The revenue generated by GST under the CGST heading, i.e. Rs.450, will be paid to the central government in the form of CGST.
The income earned by the UTGST is collected by the Union Territory administration. The UTGST replaces the SGST in Union Territories. As a result, the UTGST will be imposed in addition to the CGST in Union Territories. In the Andaman and Nicobar Islands, Chandigarh, Daman Diu, Dadra, and Nagar Haveli, and Lakshadweep, the UTGST is paid on supplies of goods and/or services.
Now that we know what GST stands for and its different types, let’s know which are the institutes providing the best GST certification courses in Cochin:
1. IIM Skills
IIM Skills offers a fantastic Online GST Course that comprises:
- four weeks of live online instruction 16 hours lectures
- practical assignments
- hands-on learning
- freelance opportunities
- placement cell
- invoicing tools & software
- free e-books
- Master GST certification From IIM Skills
Due to its easy-paced online GST classes, IIM Skills can surely be ranked amongst the best institutes providing GST certification courses in Cochin.
- The Genesis and concept of GST and impact on Business
- The Framework and Structure of GST
- Registration under GST: Criteria and process explained
- Invoicing In GST
- GST Returns Filing
- Composition Scheme under GST
- Reverse Charge Mechanism
- E-Way Bill under GST
- Input Tax Credit and Payment in GST
Must Read: IIM Skills GST Certification Course Review
Other Courses at IIM SKILLS:
2. Institute of Computer Accountants
To reduce unemployment in India, it provides best-in-class training and placement services at the most affordable prices. Accounts, GST, TallyPrime, SAP FICO courses are in high demand in the industry.
“At A Go”- CIA, or Certified Industrial Accountant, is the most popular accounting and finance course in India. This course is recognized as one of the best accounting courses to support you with a placement facility because it covers the majority of the topics and practical training modules.
After completing this financial accounting course, you will be qualified for a variety of positions in the fields of accounting, finance, and taxation. The institute offers both online as well as classroom lectures and definitely ranks as one of the topmost institutes offering GST certification courses in Cochin.
- Business Computer Application
- Business Accounting
- Business Communication
- Direct Tax
- Advance Accounts
Check out the Top 4 GST Certification Courses in Coimbatore
3. Easy GST Academy
Easy GST Academy is an Ernakulam-based SAP partner institution that offers GST certification courses in Cochin. With a single building of 15000 sq ft and adequate infrastructure and amenities, it is known as the largest accounting institution in south India.
It is a national center for employment and education-approved training center for the GST training program, which trains unemployed youth in six months to address tax compliance concerns such as invoice creation. These training programs are held in NCEE-approved centers throughout India. Eminent educators, entrepreneurs, respected tax professionals, chartered accountants, and business and industry leaders make up their advisory board.
Course Duration:6 Months
Eligibility: Plus two or equivalent
Class Timing:11:00 a.m to 4:00 p.m
Regular Batch: Monday to Friday
Holiday Batch: Saturday / Sunday
Paper I- Fundamentals of Accounting
Paper-II- Income Tax
Paper III- Goods and Service Tax
Paper IV- Computerized Accounting & Practical
Paper V- Practical
Paper VI- Communicative English & Interview Tips
4. Logic Institute of Technology
The Logic Institute of Technology was founded in 1996. In 1997, the organization entered the field of IT education, and in 2002, it entered the field of management education. The company’s primary commitment is to provide students with a high-quality education. And it is because of this basic logic that Logic institute has been so successful: “offering quality education is worth staying eternal.”
In Kerala, Logic was the first to establish the concept of IT certification courses in 1997, and they were the pioneers in this industry. Its been the industry leader in networking and software training since then. Taking an international certification, according to current trends, is the pattern for a successful IT career.
The Logic was a key player in this revolution, and is proud to be known as “The Legend in Online Certifications.” Logic ranks one among the best Institutes offering GST certification courses in Cochin, providing advanced training in Redhat, Microsoft, Cisco Systems, Sun Microsystems, Checkpoint, IBM, Lotus Corporation, Oracle Corporation, and other brands.
Students study Tally in college, but they lack the professional or expert knowledge of GST, Income Tax, ESI, PF, and other taxes, as well as the ability to file returns online, that one would expect from an expert accountant.
For an accountant, these are crucial. Logic offers professional accounting training to students who desire to work as accountants in small to large businesses. It provides in-depth Tally training in Kochi on complex Tally features that you may not be aware of, such as the payroll module, inventory, cost & profit centers, budgets. In Cochin, Logic offers the best tally course.
Basics of Accounting:
- Fundamentals of Tally
- Accounting Masters in Tally
- Inventory in Tally
- Voucher Entry in Tally
Goods and Services Tax (GST):
- Splitting of Company Data
- Advanced Inventory in Tally
- Tax deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Payroll Accounting and Compliance ( Payroll)
- GST Using Tally
- GST Filing
5. Pearl Certified Accountants Course
This Institute aims to deliver skill-based commerce education and entrepreneurship empowerment. Their subsidiary companies- Pearl CA college, Pearl Outsourcing Pvt Ltd., and Global Company Formation UK Ltd. provide business advising, accounting, start-up consultation, outsourcing, finance placement service, CA+B.com training, skill development workshops, entrepreneurship, and social investment- assist them in realizing their goal. As a result, they develop next-generation employees and entrepreneurs. They offer Pearl digital accounting, tax, and GST certification courses in Cochin which cover:
- Basic bookkeeping, bank reconciliation, and trial balance are all important.
- Final accounting and tax filing.
- GST preparation and filing.
- The course will last three months.
- This course is for anyone interested in becoming a digital accountant.
- Begin your career as an international accountant from the comfort of your own home.
- With your digital talents, you can make a higher wage than the average.
- You can receive referral revenue from pearl services like food export, company formation, and trademark registration in addition to your compensation.
- Digital accounting, GST training in India, VAT in the United Kingdom, and EU-wide VAT.
- Pearl digital job can help you launch a new digital career.
Recommended Read: Digital Marketing Courses In Kochi
Frequently Asked Questions
What is the basic requirement for becoming a GST expert?
- A graduate or postgraduate degree in commerce, law, banking, including higher auditing, business administration, or business management from any Indian University established by any law currently in force.
- Its equivalent examination or any foreign university’s degree examination accepted by any Indian University as comparable to a degree examination in commerce, law, banking, including higher auditing, or business administration or management.
- Any other examination notified by the government for this purpose on the council’s suggestion or has passed one of the following exams like final examination of the Institute of Chartered Accountants of India/ The Institute of Cost Accountants of India/ final examination of the Institute of Company Secretaries of India.
How much does a GST expert earn in a month?
Answer – The average salary varies between 40k-50k per month.
What are the job opportunities after doing a course in GST?
Answer – The Goods and Services Tax (GST) has brought all other indirect taxes under one roof. As a result, it has become a new job option for many people. It also comes with a competitive salary package.
Which Institute offers the best GST certification courses in Cochin?
Answer – The top 5 Institutes offering GST certification courses in Cochin are mentioned in the main article, you may choose one as per your requirement.
Although all of the above-listed institutes offer the best GST certification courses in Cochin, learners would need to assess, which institute is most suitable for their requirements. You can do so with the help of this checklist on How to Choose a Course.