Govt to Team up with Cost Accountants Institute to provide Training on GST

Cost Accountants - GST

With a view to helping the assessees for better compliance with the new tax regime, the Central Government will team-up with the Institute of Cost Accountants of India ( ICWAI ) to train accountants on GST (Goods and Services Tax).

 “More than 100,000 accountants will be trained especially on GST related compliances and accounting in the next six to eight months. The Institute will partner the Government of India to train these accountants”, said Amit Anand Apte, president of the Institute.

“Anyone with a background of accounting can do the course. The details of the curriculum are expected to be announced by the government in the next week. The course duration will be about six months”, said Apte.

The move of the government is tipped to help 12 million GST assesses in filing their returns in a hassle-free manner. The Institute had initiated discussions with the Ministry of Corporate Affairs for such a course. NITI Aayog has given its nod, he added.

There are about 12 million assessees under the new tax regime which is more than twice over the base of 4.5 million taxpayers registered under Value Added Tax (VAT). GST revenue had crossed the landmark in April when the collections were Rs 1034.59 billion. Since then, collections have hovered around the Rs 900 billion marks. When GST was introduced, the Institute had set up 100 help desks across the country. Today, any query on GST coming through our portal is addressed within 48 hours, Apte said.

The Institute is also the first institute to have launched a course on the new indirect tax. The professional institute is organizing a three-day national seminar beginning December 21 on taxation in Bhubaneswar on the theme- “Reformed Taxation System- Catalyst to Sustained Economic Growth”.