ICAI to train one lakh accountants on GST

Hyderabad: Union Ministry of Corporate Affairs, in association with The Institute of Cost Accountants of India (ICAI) to train one lakh accountants on GST (Goods and Services Tax) in next the two years, said Amit A. Apte, national president of the Institute of Cost Accountants of India at FTAPCCI here on Thursday.

Speaking to the media here today along with his colleagues Dr PVS Jagan Mohan Rao, president of South Asian Federation of Accountants (SAFA), Munisekhara Darapaneni, Chairman of Hyderabad Chapter, Apte said the ICAI will be launching a course in Goods and Services Tax in next month. It will be a 50-hour class room training and 10 GST offices of Government of India will also train them. Neeti Ayog has already approved the program, he said , adding that the objective of the training program was to make SMEs compliant of GST. The partnership will help assess better compliance with the sweeping tax reforms.

Anyone with a background of Commerce and Accounting can do the course, all they need to do is apply by paying a nominal fee for the All-India level entrance test. The details of the curriculum was being worked out and expected to be announced soon. About job opportunities to Cost Management Accountans (CMA), he said, there are good career opportunities. All the trained CMA professionals are absorbed by the industry. The recent placement of ICAI students fetched them an annual package of Rs 7.5 lakh to 17.5 lakh, he said.

ICMAI Registered Valuers Organization (RVO) promoted by the Institute and recognized by the IBBI, was expected to conduct educational courses for three different asset classes — Land & Building, Plant & Machinery and Securities or Financial Assets. It also launched its Educational Courses on Valuation at various locations across the country, Amit said.

Dr PVS Jagan Mohan Rao highlighted how accounting profession development was happening in the SAARC countries.