Goals Report

PROBLEMS AND OPPORTUNITIES

 Understaffing in the finance department was the primary barrier to the timely
completion of work.
 Played as an asset for the company by getting involved in the various functions of the
organization and assisting the seniors in different tasks to maintain a smooth and
error-free functioning on time

OBJECTIVES OF THE PROJECT

On-the-job:
 To understand the operations and basic functioning of the finance department in a
media organization.
 To acquire knowledge as well as the implementation of Good and Service Tax.
 To gain an understanding of the preparation of financial statements along with their
notes.
 To have a fundamental proficiency in the audit part of the company.
 Identifying the problems faced while working and necessary actions that can be taken
to improve it
About the Project:
 Basic theoretical knowledge about GST, GST Portal, Input & Output tax credit,
GSTR-1, GSTR-2A & 2B (newly introduced), GSTR-3B, 3CD
 GSTR-2A Reconciliation
 Filling of GSTR-1 & GSTR-3B
 Understanding the concept of GST on TDS both theoretically and practically
 Invoice verification (Part of Audit)
 Assisting in the preparation of financial statements and their notes and understanding
the changes in the schedule 3
 Preparation of some specific clauses of tax audit such as 40, 34, 31(c), 31(a), 23,
Penalty, 21(a), 20(b), 19, 18, and 4.
Methodology for Achieving the Project Targets
 Assisting seniors in various tasks
 Working on the organization’s software
 Collecting information via various sources

TASKS TO BE ACCOMPLISHED

On-the-job:
 Fundamental theoretical understanding of GST
 Manual matching of GSTR-2A and purchase books of the organization

Submitted By: Saumya Anand Submitted To: Mrs. Sonia Garg

Roll No.: 502104120
 Goals Report
 Completing GSTR-1 and GSTR-3B forms
 Having a holistic understanding of GST on TDS
 Authentication of invoices
 Interpreting modifications to the schedule 3 and participating in the creation of
financial statements and their notes
 Finalisation of some tax audit provisions

PLAN FOR THE COMPLETION OF THE PROJECT

Phase 1: Grasping the basic understanding of the technical terms and their meaning along
with gaining practical knowledge and functioning of the various software used by the firm.
Phase 2: Getting hands-on with the essential work practices over the portal of the
organization to have proficiency for the advanced level work and concepts.
Phase 3: Once the above phases are complete, getting hands-on filling the GST Returns and
preparing the notes to accounts of financial statements and schedules of the tax audit.

LIKELY IMPACT OF THE PROJECT ON THE ORGANISATION

 Organisation would be able to recover the input tax credit from the vendors and able
to send legal notices to those who are reverting back
 Apart from the above, GSTR-2A reconciliation also helps the company to file for
DRC-03 once ITC recovery is completed
 Assistance in the verification of invoices via Omniflow process and GSTR-2A
reconciliation helped in the correction of the company’s books
 Assistance and preparation of financial statements and notes to accounts helped in the
timely completion of the audit
 Preparation of Tax Audit Report (Form 3CD) helps in providing a readymade data to
the auditor, which minimizes the probability of errors

BENEFITS OF THE PROJECT TO THE TRAINEE

 Learning of day-to-day operations of the finance department in the media industry
 Gaining knowledge of various schedules, forms, and filing of returns along with the
due dates of filing
 Developing problem-solving skills in the specified department
 Enhancement of practical knowledge and self-confidence

Submitted By: Saumya Anand Submitted To: Mrs. Sonia Garg

Roll No.: 502104120
 Goals Report
Clause 40
Clause 34
Clause 31(c)
Clause 31(a)
Clause 23
Clause 21(a)
Clause 18

Submitted By: Saumya Anand Submitted To: Mrs. Sonia Garg

Roll No.: 502104120