ICAI has notified that students who are registered on or after 1st may 2012 for articleship are eligible to do gmcs-1 course and they have to appear for this course in during 1st year of articleship..
But ICAI has not notified till todays regarding consequences that student should face in case of failed to attend for GMCS-1 in due time as notified So i believe that there will be no serious actions from the ICAI against student defaulted.
for more gmcs notifications http://www.caclubindia.com/experts/gmcs-1327044.asp
01 July 2013
It is not only you so many students are not able to complete GMCS-1 in time notifed so there will not be any problem from ICAI...and only icai can give you a reliable and confident suggestion to you in this case.