Institute of Cost Accountants of India is all set to launch a course to train over 1 lakh students in Goods and Services Tax (GST) accounting and the Centre will bear the entire cost burden, reports The Hindu Business Line.
“We are in discussions with Government and modalities are being worked out,” said Amit Anand Apte, President, Institute of Cost Accountants of India (ICMAI) on Thursday (14 February).
“Most of the SMEs are facing problems and we want to train one lakh accountants over next one year.” he added. He, however, noted that the requirement for GST accountants for SMEs could be 2 lakh in the country.
Though the cost of the 50-hour course could be around Rs 5,000 per candidate, it will be effectively free for students as the Centre will bear the total cost of course for one lakh candidates.
ICMAI will conduct an all-India entrance exam with a nominal fee to select trainees. All commerce graduates and those who are pursuing graduation can apply the exam.
In his 2019 budget speech, Piyush Goyal stated that GST was “undoubtedly the biggest taxation reform implemented since Independence”. He added that via tax consolidation, India had become one common market and inter-state movements have become faster through e-way bills.
The GST tax reform, spearheaded by the Narendra Modi-led government in 2016, led to an increase of income tax returns filings, from 3.1 crores in 2017 to 5 crores in August 2018.
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