Project Report

Submitted for the Degree of B.com Honours in

Accounting & Finance under the University of
Calcutta.

Title of the Project:- Study on Goods and Services

Tax (GST)

➢ Submitted by

• Name of the Candidate:- Shivam Kundu

• CU Registration No :- 112-1111-0532-19
• CU Roll No .:- 191112-21-0122
• College Roll No.:- 2975
• Name of the College:- City College

➢ Supervised by: -
• Name of the Supervisor: - Prof. Siddhartha Das

➢ Month & Year of Submission: - 2022

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Annexure - IA

Supervisor’s Certificate

This is to certify that Mr. Shivam Kundu a student of

B.com. Honours in Accounting & Finance of “City
college” under the University of Calcutta has worked under
my supervision and guidance for his project work and
prepared a project Report with the title study on Goods and
Services Tax (GST) which he is submitting, is his genuine
and original work to the best of my knowledge.

Signature:-

Name:- Prof. Siddhartha Das

Designation:- Associate Professor
Name of College: - City College

Place:- KOLKATA
Date: - 16/05/2022

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Annexure - IB

Student’s Declaration: -
I hereby declare that the project work with the title Study
On Goods and Services Tax (GST) submitted by me for
the partial fulfilment of the degree of B.com. Honours in
Accounting & Finance under the University of Calcutta is my
origin and has not been submitted earlier to any other
University/Institution for the fulfilment of the requirement for
any course of study.
I also declare that no chapter of this manuscript in whole or in
part has been incorporated in this report from any earlier
work done by others or by me.
However, extracts of any literature which has been used for
this report has been duly acknowledge providing details of
such literature in the references.

Signature: -

Name: - Shivam Kundu

CU Registration No: - 112-1111-0532-19
CU Roll No: - 191112-21-0122
College Roll No. 2975

Place: - Kolkata.
Date: - 16/05/2022

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 Acknowledgement

I express my thanks towards and faculty members of

“City College”, Department of Commerce. A debt gratitude
towards my guide, Prof. Siddhartha Das, for patiently
hearing me out and for giving valuable inputs on my research
project.

I would like to make special thanks to my teachers, without

whose blessings. this project would not be possible.

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 PREFACE

Goods and Services tax (GST) which is a comprehensive tax

on supply of goods or services or both, has been implemented
from 1st July, 2017. Further from 8th July, 2017 the
applicability of GST has been extended to the State of Jammu
& Kashmir also. The implementation of GST besides being
the biggest tax reform in the Indian history is also regarded as
a business reform as businesses need to restratigise their
functioning/transactions in order to keep their tax cost at
minimum within the framework of GST Law. GST is all set
to integrate State economies and boost overall growth. GST
will create a single, unified Indian market to make the
economy stronger and is based upon the principle of “One
Nation, One Tax, One Market”. Our Hon’ble Prime Minister
Narendra Modi defined GST as Goods and Simple Tax
at the midnight rollout of the India’s biggest tax reform.
President Pranab Mukherjee said that the unified tax system
was “the culmination of 14-year long journey”. The
implementation of GST in the initial days would pose certain
challenges specifically in the area of supply of services.
Accordingly in order to facilitate the seamless transition from
the service tax law to GST regime by the service providers,
the provisions of the GST law specifically relevant for supply
of services along with its comparison with the erstwhile
service tax law has been discussed in this Book.

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CHAPTER TOPIC PAGE NO.
1. Introduction. 1.1 Background 7-9
1.2 Rationale 10
1.3 Review of 11-12
literature
1.4 Objectives of 12
the GST
1.5 Research 12-13
Methodology
2.Conceptual 2.1 Concept of 14-19
Framework GST

2.2 National & 19-30

international
Scenario of GST
3.Presentations, 3.1 Data 31-34
Analysis, Finding, Presentation
3.2 Data Analysis 34-46

3.3 Findings 47-49

4.Conclusions & 4.1 Conclusion 50

Recommendations
4.2 51
Recommendations
5. Bibliography Books & Internet 52-53

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 INTRODUCTION

1.(1)BACKGROUND OF GST

The reference of GST was first made in the Indian

Budget in 2006-07 by the then Finance Minister Mr. P.
Chidambaram as a single centralized Indirect tax. The
GST Constitution (One Hundred and Twenty Second
Amendment) Bill, 2014 was introduced on December
19, 2014 and passed on May 6, 2015 in the Lok Sabha
and yet to be passed in the Rajya Sabha. The Bill seeks
to amend the Constitution to introduce Goods and
Services tax vide proposed new article 246A. This
article gives power to legislature of every state and
Parliament to make laws with respect to goods and
services tax where the supplies of goods or of services
take place. Recently, Union Minister Mr. Arun Jaitley
said that GST could be implemented as early as in
2016.
Finally in August 2016, The Constitution Amendment
bill was passed in the parliament & 18 states ratified
The Constitution Amendment Bill & The President
“Pranab Mukherjee” gave his assent to it. GST council
has also recommended four – tier GST rate structure &
thresholds.
GST council approved the Central Goods & Services
Tax Bill 2017 (The CGST Bill), The Integrated Goods

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& Services Tax Bill 2017 (The IGST Bill), The Union
Territory Goods & Services Tax Bill 2017 (The UTGST
Bill), The Goods & Services Tax (Compensation to the
states) Bill 2017 The Compensation Bill, these Bills were
passed by the Lok Sabha on 29 march 2017. The Rajya
Sabha passed these Bills on 6th April 2017.

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• Advantages Of GST
• Uniformity in Taxation. ...
• Helping Government Revenue Find Buoyancy. ...
• Cascading of Taxes. ...
• Simpler and Lesser Number of Compliances. ...
• Common Procedures. ...
• Benefits to the Economy. ...
• Benefits to Industry and Trade.
• Disadvantages Of GST
• GST Scheme has increased the cost of operation. ...
• Increased tax liability on SMBs. ...
• Enhance burden of compliance. ...
• Penalties for non-GST-compliant firms.

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1(2) THE RATIONALES BEHIND MOVING FROM
CURRENT TAX STRUCTURE TO GST:

The Goods and Services Tax (compensation to states)

Act of 2017 was a legal assurance given by union
government to compensate states for loss of revenue for
a period of five years. Rationale behind the Act

1.Fixed revenue growth

The centre assured a 14% year to year growth on GST
revenues for a period of five years. If such amount was
not available, the centre assured to compensate states for
such deficiency.

2.Raising new revenue sources

State governments lost their power to raise revenue from
alternative indirect sources after GST. This deficiency
was fulfilled by the union government by compensating
them with a fixed amount regardless of the situation.

3.TECHNOLOGICAL ADVANCEMENT

Earlier taxes for goods and services were separate, but

clearly distinguishing between goods and services have
become difficult with lot of innovation and
technological advancement. GST will remove this
problem too.

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1(3).REVIEW OF LITERATURE:-
Times of India dated ( 27 July , 2017) , stated that the
GST implication across different places for the same
product has wider differences which the consumers are
unaware, resulting them in surprise. Ex A Rasomalai
sold in counter at a shop is taxed with 5% but if it is
served in the hotel it is taxed with 18% this has resulted
in difference of consumers shopping to purchase the
similar products.

Bar hate (2018), found that people have no doubt

whatsoever regarding the proposed benefits of GST
irrespective of their business type, legal status of
business for the reason being they feel irritated by the
present system which appears to be cumbersome. Most
respondents believe that GST will bring monetary gains
to their business and do not anticipate any significant
boost in tax compliance costs. Interestingly, respondents
expect the spending on tax compliance to go down after
GST is implemented. The lack of information coupled
with the apathy towards reforms may paralyze the
speedy implementation of this system especially small
towns where still not a single orientation programs have been
planned and executed till date by competent authorities.
Tripathi, T., and Dash, M. K. (2019). An Impact
Assessment of Goods and Services Tax in India
Through Strategic Analysis Approach (SAA). In

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Behavioural Finance and Decision-Making Models (pp.
269-280). IGI Global.

1(4)OBJECTIVES OF GST
a) Increase productivity
b) Increase Tax to GDP Ratio and revenue surplus
c) Increase Compliance
d) Reducing economic distortions
e) One country - one tax

1(5) RESEARCH & METHODOLOGY

This research is exploratory in nature. It is based on secondary
data taken from journals, articles, newspapers, internet,
research papers and feedback from manufacturers and
businessmen. Keeping in view the objectives of the study the
research design is descriptive and analytical in nature.

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Some list of countries by GDP (World Bank 2020)

COUNTRY GDP(WORLD
BANK 2020)(US DOLLARS)$)
USA
20936600
CHINA
14722731
JAPAN
5064873
GERMANY
3806060
UK
2707744
INDIA
2622984
FRANCE
2603004
ITALY
1886445

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CHAPTER(2):- CONCEPTUAL FRAMEWORK
2(1)CENCEPT OF GST:-
The goods and services tax (GST) is a tax on goods
and services sold domestically for consumption. The
tax is included in the final price and paid by consumers
at point of sale and passed to the government by the
seller. The GST is a common tax used by the majority
of countries globally.

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 Who shall pay? Taxable person
On what GST shall be paid? Supply of Goods and
services Section 7
When GST shall be paid? Point of Supply

Where shall GST be paid? Place of supply

What kind of tax in GST? Indirect tax
GST will be levied on? Manufactures, Retailers,
Consumers

TYPES OF GST
1. SGST
2. CGST
3. IGST

SGST:-
SGST, short for State Goods and Service Tax, is one of
the three main categories of Goods and Service Tax, i.e.
(CGST, IGST, and SGST) and carries a concept of one tax
one nation. SGST falls under the State Goods and Service
Tax Act 2016. The supplies under SGST do not include
alcohol for human consumption. After the introduction of
SGST all the state taxes like Value Added Tax,
Entertainment Tax, Luxury Tax, entry Tax etc. will be
merged under SGST.

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For example, if goods are sold or services are provided
within the State then SGST will be levied on such
transaction.
CGST:-
CGST means Central Goods and Service Tax. CGST is a part
of goods and service tax. It is covered under Central Goods
and Service Tax Act 2016. Taxes collected under Central
Goods and Service tax will be the revenue for central
Government. Present Central taxes like Central excise
duty, Additional Excise duty, Special Excise Duty,
Central Sales Tax, Service Tax etc. will be subsumed
under Central Goods and Service Tax.
IGST:-

The Integrated Goods and Services Tax or IGST is a tax

under the GST regime that is applied on the interstate
(between 2 states) supply of goods and/or services as well
as on imports and exports. The IGST is governed by the
IGST Act. Under IGST, the body responsible for collecting
the taxes is the Central Government.
For example, if Goods or services are transferred from
Rajasthan to Maharashtra then the transaction will
attract IGST.

Composition scheme under GST:-

Any taxable person whose aggregate turnover in the
preceding financial year is less than Rs. 1.5 Crores and

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less than Rs. 75 lakhs for North Eastern States can opt
for a simplified composition scheme where tax will
payable at a concessional rate on the turnover in a state
without the benefit of Input Tax credit. The floor rate of
tax for CGST and SGST shall not be less than 1%.
A tax payer opting for composition levy shall not
collect any tax from his customers.
Tax payers making inter-state supplies or paying tax on
reverse charge basis shall not be eligible for
composition scheme.

Meaning of supply:-
The taxable event in GST is supply of goods or services
or both. Various taxable events like manufacture, sale,
rendering of service, purchase, entry into a territory of
state etc. have been done away with in favour of just
one event i.e. supply. The constitution defines “Goods
and Services Tax” as any taxon supply of goods, or
services or both, except for taxes on the supply of the
alcoholic liquor for human consumption. The Central
and State governments will have simultaneous powers
to levy the GST on Intra-State supply. However, The
Parliament alone shall have exclusive power to make
laws with respect to levy of Goods and Services Tax on
Inter-State supply.

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Time of supply:-
Under GST, liability to remit GST to Government arises at the
time of supply. Time of supply is generally the earliest of one
of the three events, namely receiving payment, issuance
of invoice or completion of supply.

Transaction value:-
Transaction Value” is the basis for Valuation for supply
of goods and/or services under the GST Regime. For the
levy of tax i.e. GST first we have to determine the
transaction value. ‘Transaction Value’ is the price
actually paid or payable for supply of goods and/or
service.

COMPOSITION SCHEME UNDER GST

Any taxable person whose aggregate turnover in the
preceding financial year is less than Rs. 1.5 Crores and
less than Rs. 75 lakhs for North Eastern States can opt
for a simplified composition scheme where tax will
payable at a concessional rate on the turnover in a state
without the benefit of Input Tax credit. The floor rate of
tax for CGST and SGST shall not be less than 1%. A tax
payer opting for composition levy shall not collect any
tax from his customers. Tax payers making inter-state
supplies or paying tax on reverse charge basis shall not
be eligible for composition scheme.

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Features of registration process:-
1. Existing dealers: Existing VAT/Central
excise/Service Tax payers will not have to apply
afresh for registration under GST.
2. New dealers: Single application to be filed online
for registration under GST.
3. The registration number will be PAN based and will
serve the purpose for Centre and State.
4. Unified application to both tax authorities.
5. Each dealer to be given unique ID GSTIN.
6. Deemed approval within three days.
7. Post registration verification in risk-based cases
only.
2.2 National & International scenario of GST: -

The National Scenario:-

At midnight of 30th June 2017, India became one of the
160 countries to launch GST. The GST is a target based
unified indirect tax and will remove all other indirect
taxes. It is collected and levied on the value added at
each stage. GST will be operated at both state (SGST-
State collected GST) and central level (CGST-Central
collected GST). Besides, the centre will also collect

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 Integrated Goods and Services Tax (IGST) in case of
inter-state transactions. GST is a consumption-based tax
and is regressive.
Idea Generation GST: In India, the idea of GST was
contemplated in 2004 by the Task Force on implementation
of the Fiscal Responsibility and Budget Management Act,
2003, named Kelkar Committee. The Kelkar Committee was
convinced that a dual GST system shall be able to tax almost
all the goods and services and the Indian economy shall be
able to have wider market of tax base, improve revenue
collection through levying and collection of indirect tax and
more pragmatic approach of efficient resource allocation.
Under the Goods and Service Tax mechanism, every person
is be liable to pay tax on output and shall be entitled to enjoy
credit on input tax paid and tax shall be only on the amount
of value added . The principal aim of GST is to eliminate
cascading effect i.e. tax on tax and it will lead to bringing
about cost competitiveness of the products and services both
at the national and international market. GST System is built
on integration of different taxes and is likely to give full
credit for input taxes. GST is a comprehensive model of
levying and collection of indirect tax in India and it has
replace taxes levied both by the Central and State
Governments. GST be levied and collected at each stage of
sale or purchase of goods or services based on input tax
credit method. Under this system, GST-registered
commercial houses shall be entitled to claim credit of the tax
20 | P a g e
they paid on purchase of goods and services as a part of their
day-to-day businesses.

In development scenario India is much behind than

countries like Japan, United Kingdom, France, United
States, etc. but still having the highest GST in the
world. However, the developed countries have set much
lower rates of GST than India and are growing at faster
rates, with almost nil amounts of poor people. Has the
government gone through above economic indicators
before implementing GST? Was it necessary for India
to set the highest tax rates in the world? Someone
analysed that countries where tax rates moved higher,
GDP growth pushes up, after following a temporary
negative impact in initial years.
The Reserve Bank of India in its research report named
‘GST: A Game Changer’ also showed the good
performance of countries like New Zealand, Canada,
Singapore, Malaysia after implementation of GST. One
thing that is missing is the background of a nation.
Every policy is based on the previous experience of the
economy. India is a country where more than 25 lakh
people die of hunger every year (Hunger Facts 2017). A
large number of people are engaged in agricultural
pursuits. They are earning less and living hard and as a
result, farmers are committing suicides. National Crime
Records Bureau of India reported 13,755 farmer
suicides in 2012. How can the government expect these
people as the bearers of tax? Besides, the economy is
21 | P a g e
already facing disturbances due to demonetization.
Imposing GST in such an economy and at this time will
simply increase the inequality between the rich and the
poor. International Monetary Fund (2001) on tax policy
for developing countries suggested that consumer taxes
play a diminished role in these economies. Therefore,
the possibility that the government will impose high tax
levels is virtually excluded.

The International Scenario :-

International countries are moving towards simplification
of tax structures. The adoption of Goods and Services Tax
has been the most important development in several
countries over the last half-century. Today, it is one of the
widely accepted indirect taxation system prevalent in more
than 140 countries across the globe. Globally, GST has
been structured as a destination based comprehensive tax
levied at a specified rate on sale and consumption of goods
and services within a country. It facilitates creation of
national tax standards with consumers paying uniform rates
of GST, thereby enabling flow of seamless credit across the
supply chain.

(1) United Kingdom(UK):-

Name: Value Added Tax
Date of introduction: 01.04.1973

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Scope:
• Supply of goods or services maiden the UK.
• Intra community procurements from EU Members.
• Importation of Goods & Services
Standard Rate: 20 %
Reduced Rate: 5 % and exempt and zero-rated
Threshold exemption limit: £ 73,000

Liabilities arises on:

1.Accrual Basis: On raising of invoice or receipt of
consideration or supply (of goods or services), whichever is
earlier.

2. Cash Basis: (if turnover is below £1.35 million): On

receipt of considerations.

Payment: Usually quarterly returns. However, a small

business can opt for
annual returns filing.

Export: Exports are ‘Zero’ rated.

Exempt Services:
1. Medical and education
2. Finance, insurance, postal services
Innovative Concept: To ease the VAT administration, the
assesses is informed at the time of registration itself as to

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which of the three quarterly cycle it should follow for filling
the VAT returns.

(2) Canada: -

Name: Federal Goods and Service Tax & Harmonized Sales

Tax.

Date of introduction GST: 01.01.1991 & HST 01.04.1997

Scope: Taxable supplies of goods and services.

Standard Rate: GST 5% and HST varies from 0% to 15%’

Reduced Rates: Exempt and Zero-rated.

Threshold exemption limit: Canadian $ 30,000.

Liability arises on: On accrual (date of invoice, date of issue

of invoice) or receipt of consideration, whichever is earlier.

VAT returns and payments: Depending on the turnover,

tax needs to be deposited either monthly, quarterly or
annually.

Reverse charge mechanism: Reverse charge applies to the

importation of
services and intangible properties.
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Export: Exports are ‘Zero’ rated.

Exempt services:
1. Supply of real estate
2. Financial Services and residential renting
3. Supplies by charities
4. Health, education services
Innovative concept: A group concern can supply to another
group concern at
zero-rated.

(3) Australia: -

Name: Goods and Service Tax

Date of introduction: 01.07.2000.

Scope:
• Taxable supplies of goods and services made which are
connected with
Australia and made for a consideration by a registered (or
required to be
registered) person in the course of business enterprises
Importation of goods
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Standard Rate: 10 %
Reduced Rate: 0 %
Threshold exemption limit: $ 75,000.

Liability arises on:

• Accrual basis: On the raising of invoice or receipt of

consideration, whichever is earlier.

• Cash basis: [an option available to assesses having

turnover below $ 2 million]: On receipt of consideration.

Payment: Depending on the turnover, the tax needs to be

deposited either monthly, quarterly or annually. The due
date for payment Tax needs to be deposited on 21st day
following the end of the month/quarter/year.

Reverse Charge Mechanism: Reverse charge applies to

supplies made by non-residents.

Export: Exports are ‘Zero’ rated.

Exempt Services:
1. Government supplies such as water services, drainage
services etc.
2. Health, education, religious supplies Financial Services
and residential renting.

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3. Vegetable, fruit, meat Innovative Concept: ‘Group
registration’ wherein a single consolidated return for the
group can be filed.

(4) New Zealand: -

Name: Goods and Service Tax

Date of introduction: 01.10.1986.

Scope:
• Supply of goods or services made in New Zealand by a
registered person,
• Importation of goods.
Standard Rate: 15 %
Reduced Rate: Zero-rated and exempt.
Threshold exemption limit: NZ$ 60,000.
Liability arises on: On raising of invoice or receipt of
consideration, whichever is earlier.
Returns: Depending on the turnover it is either monthly, bi-
monthly or six-Monthly Due date for returns and payment.
On 28th day following the end of the month or bi-month or
six-month. The due date for returns and payment: On the
28th day following the end of the month or bi-month or six-
month. However, a different date for the certain periods.
Reverse charge mechanism: Reverse charge applies to the
supply of services made by non-residents.
Export: Exports are ‘zero’ rated.

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Exempt services:
1. Real estate
2. Financial services
3. Residential rental
Innovative concept: The headline price in advertisement and
stores must be
always GST inclusive except when supplies are to wholesale
clients.

(5) Singapore:-
Name: Goods and Service Tax
Date of introduction: 01.04.1994
Scope:
• Supplies of goods and services in Singapore by a taxable
person in the course or furtherance of a business.

• Importation of goods Standard Rate: 7 %

Reduced Rate: Zero-rated and exempt Threshold exemption
limit: Singapore $ 1 million.
Liability arises on: On raising of invoice or receipt of
consideration or supply (of goods or services), whichever is
earlier.
Returns: Usually quarterly returns. However, a business can
opt for monthly
returns.
The due date for returns and payment: Last day of the
month following the end of the month or quarter.
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Reverse charge mechanism: Reverse charge applies to the
supply of services.
Export: Exports are ‘zero’ rated.
Exempt services: Real estate, financial services, Residential
rental Innovative concept: Divisional registration wherein if
an assesses has several divisions he may register the said
divisions separately. Each such division should submit its
own return. The supplies between the divisions are ignored
for GST purposes.

List of rate changes

SL.no. List of Goods/ Changes in Tax

Services Rate
1 Vegetables provisionally
preserved but unsuitable
for immediate 5% to Nil
consumption
2 Vegetables 5% to Nil
cooked/uncooked via
steamed, frozen or
boiled (branded)
3
Music Books 12% to Nil

4 Parts for manufacturing 5%

renewable energy
devices falling under
chapter 84, 85 of tarrif

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 5 Natural cork 12% to 5%

6 Fly ash blocks 12% to 5%

7 Walking sticks 12% to 5%

Marble rubble 18% to 5%

8
9 Agglomerated cork 18% to 12%

10 Cork roughly squared or 18% to 12%

debugged
11 Articles of Natural cork 18% to 12%
12 Movie Tickets < or = Rs 18% to 12%
100
13 Premium on Third 18% to 12%
party insurance on
Vehicles
14 Accessories for 28% to 5%
Handicapped Mobility
Vehicles
15 Power banks 28% to 18%
16 Movie Tickets > Rs 100 28% to 18%
17 Tax rate on Air travel of 28% to 18%
pilgrims reduced*

30 | P a g e
 CHAPTER:-3

DATA PRESENTATION , ANALYSIS ,

FINDINGS
3(1) Data presentation of GST:-
GST- The Goods and Services Tax- is the mother of all tax
reforms in India. It is crucial for all businesses to understand
the implications of GST on their brands. Since GST is a new
law and crucial processes like return filing and invoicing
have been changed, it is even more important that business
owners and tax professionals understand the nuances of
these new laws so that they can be GST-compliant.

Electronic liability register:

The electronic liability register is maintained in FORM
GST PMT-01 for each person liable to pay tax, interest,
penalty, late fee or any other amount on the common portal
and all amounts payable by him shall be debited to the said
register. The electronic liability register will be maintained
in two parts at the common portal. Part I will be for
maintaining the return related liabilities. All liabilities
accruing due to return and payments made against the same
will be recorded in this part of the register. Liabilities due

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to opting for composition and cancellation of registration
will also be covered in this part. Such liabilities shall be
populated in the liability register of the tax period
in which the date of application or order falls, as the case
may be. Part II will be for maintaining the complete
description of the transactions of all liabilities accruing,
other than return related liabilities. Such other liabilities
may include the following: -
• Liabilities due to reduction or enhancement in
the amount payable due to decision of appeal,
rectification, revision, review etc.;
• Refund of pre-deposit that can be claimed for a
particular demand if appeal is allowed;
• Payment made against the show cause notice or
any other payment made voluntarily;
• Reduction in amount of penalty (which would be
automatically shown) based on payment made after
show cause notice or within the time specified in the
Act or the rules

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Amount of tax payable A
Interest, late fee B
Amount of tax payable along with C
interest on account of mismatch of credit
based on provisions of Section 29 or
Section 29A or section 43C
Any other amount payable by the D
taxpayer or directed by the board on
account of any proceeding’s carried
out
Tax Deduction at source E
Tax Collection at source F
Tax payable under reverse charge G
Amount payable by the department H
against any interest, refund, penalty, late
fee or any other amount determined
under the proceedings under this Act
Balance in Electronics Tax Liability =A+B+C+D-
Ledger E-F-G-
H

Electronic Cash Ledger: -

Electronic Cash Ledger is a cash ledger that contains
Deposits that a taxpayer has made and any GST

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Payments made through cash. The cash ledger segregates
The information head wise such as IGST, CGST,
SGST/UTGST, and CESS.

The Electronic Credit Ledger: -

The electronic credit ledger reflects the amount of Input Tax
Credit available to the taxpayer. Thus, every claim of input tax
credit of the registered taxpayer eligible for claiming such a credited
to this ledger.

3(2)DATA ANALYSIS:-
The Prime Minister approved the Constitution Amendment Bill
for goods and service tax” (GST) in the parliament Session (Rajya
Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) along
with the ratification by 50% of the state legislatures. Thus, the
current indirect taxes levied by state and Centre are all set to be
replaced with proposed implementation of GST by April 2017.
This would be the biggest tax Reform since Independence and a
boon to the economy as it will eradicate the shortcomings of the
current tax structure and provide a single tax on supply of all
goods and services.

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3.2(A) DATA COLLECTION SOURCES

Primary Data:
Primary data is basically the live data which I collected on field
while doing cold calls with the customers and I show them list of
question for which I had required their response s Secondary Data:
Secondary data for the base of the project I collected from intranet
and from internet, magazines, newspapers etc.
SAMPLING TECHNIQUE:
Sampling Technique
Sampling techniques can be broadly classified in to two types:
➢ Probability Sampling.
➢ Non-Probability Sampling.
Tools for analysis
➢ Bar chart (Bar charts will be used for comparing two or more
values that will be taken over time or on different conditions,
usually on small dataset).
➢ Pie-chart (Circular chart divided in to sectors, illustrating
relative magnitudes or frequencies).
Tools and Techniques. As no study could be successfully
completed without proper tools and techniques, same’s with my
project. For the better presentation and right explanation, I used
tools of statistics and computer very frequently. And I am very
thankful to all those tools for helping me a lot. Basic tools which I
used for project from statistics are-
- Bar Charts
- Pie charts
- Scatter
- Histogram
Bar charts and pie charts are really useful tools for every research

35 | P a g e
to show the result in a well clear, ease and simple way. Because I
used bar charts and pie chartist project for showing data in a
systematic way, so it need not necessary for any observer to read
all the theoretical detail, simple on seeing the charts anybody
could know that what is being said.
Technological Tools
Ms-Excel
Ms-Access
Ms-Word

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3.2(B)ANALYSIS & INTERPRETATION

Q.1 How do you know about GST form?

Particulars No. of Percentage
Respondent
Friend/Family 25 25%

Mass Media 40 40%

Online source 30 30%

Other 5 5%
TOTAL 100 100%

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Q.2 How Was Your Experience Using GST?

No. of
Option Respondents Percentage
Poor 10 10%
Medium 20 20%
Good 15 15%
Very Good 25 25%
Outstanding 30 30%
TOTALS 100 100%

No. of Respondents

Poor Medium Good Very Good Outstanding TOTALS

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Q.3 GST will increase the inflation in the country?

No. of
Option Respondents Percentage
Strongly Agree 40 40%
Agree 20 20%
Neutral 15 15%
Disagree 15 15%
Strongly Disagree 10 10%
TOTALS 100 100%

Survey Report
100
90
80
70
60
50
40
30
20
10
0
Strongly Agree Agree Netural Disagree Strongly TOTALS
Disagree

No. of Respondents Percentage

39 | P a g e
Q.4 GST will increase the Tax collection of GOVT.?

No. of
Option Respondents Percentage
Strongly Agree 23 23%
Agree 35 35%
Neutral 18 18%
Disagree 15 15%
Strongly Disagree 9 9%
TOTALS 100 100%

Chart Title

Strongly Agree Agree Netural Disagree Strongly Disagree TOTALS

40 | P a g e
Q.5 Do you agree with the implementation?

No. of
Option Percentage
Respondents
YES 70 70%
NO 20 20%
N/A 10 10%
TOTALS 100 100%

Survey Report
No.of Respondents Percentage
120

100

80

60

40

20

0
0 0.5 1 1.5 2 2.5 3 3.5 4 4.5

41 | P a g e
Q.6 Are you satisfied with the time given to assesses to
Implement the GST Council’s decisions (such as
changes in rate structure, rules, processes)?

No. of
Option Percentage
Respondents
YES 65 65%
NO 35 35%
TOTALS 100 100%

YES

TOTALS

NO

YES NO TOTALS

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Q.7 Can the GSTN return filing portal be made more
effective?

No. of
Option Percentage
Respondents
YES 85 85%

NO 15 15%

TOTALS 100 100%

SURVEY REPORT
Percentage No. of Respondents

TOTALS

NO

YES

0 20 40 60 80 100 120

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Q.8 Are the transition provisions addressing majority of
your concerns relating to transition from the erstwhile
indirect tax regime to the GST regime?

No. of
Option Percentage
Respondents
YES 75 75%

NO 15 15%

N/A 10 10%

TOTALS 100 100%

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Q.9 Are you satisfied with your company’s IT system
readiness to comply with GST requirements?

NO. OF
OPTION RESPONDS PERCENTAGE
YES 65 65%
NO 35 35%
TOTAL 100 100%

NO. OF RESPONDS

YES NO TOTAL

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Q.10 On an overall basis, do you think that GST is likely
to have a positive impact on India?

NO. OF
OPTION RESPONDS PERCENTAGE
YES 85 85%
NO 25 25%
TOTAL 100 100%

OPTION NO TOTAL

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3(3) Findings & Recommendation:-
Types of GST Returns:
Sl. No. Return Particulars
1. GSTR-1 Details of outward supplies of
taxable goods or services or
both effected
2. GSTR-2 Details of inward supplies of
taxable goods or services or
both claiming input tax credit
3. GSTR-3 Monthly return on the basis of
finalization of details of
outward supplies and inward
supplies along with the

payment of amount of tax

4. GSTR-4 Quarterly Return for
compounding taxable persons
5. GSTR-5 Return for Non-Resident
foreign taxable persons
6. GSTR-6 Input Service Distributor return
7. GSTR-7 Return for authorities deducting
tax at source
8. GSTR-8 Details of supplies effected
through e-commerce operator
and the amount of tax collected
as required under sub-
section (52)
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 9. GSTR-9 Annual Return
10. GSTR-9A Simplified Annual return by
Compounding taxable persons
registered under section 10

Due Dates for filing of Return in GST:

SL. No. Return Due Date

Form
1. GSTR-1 10th of Next Month
2. GSTR-2 After the 10th but before 15th
of Next Month
3. GSTR-3 20th of Next Month
4. GSTR-4 18th from end of the Quarter
5. GSTR-5 20th from end of the month or
within 7 days after the last
day of validity of registration
whichever is earlier
6. GSTR-6 13th of Next Month
7. GSTR-7 10th of Next Month
8. GSTR-8 10th of Next Month
9. GSTR-9 31st December of Next
Financial Year
10. GSTR-9A 31st December of Next
Financial Year
48 | P a g e
List of Forms for Input Tax Credit (ITC) under
GST
ITC Forms
Form Purpose of Form
Form GST Declaration for claim of input tax credit
ITC – 1 under sub-section (1) of section 18.
Form GST Declaration for transfer of ITC in case of
ITC – 2 sale, merger, demerger, amalgamation,
lease or transfer of a business under sub-
section (3) of section 18.
Form GST Declaration for intimation of ITC
ITC – 3 reversal on inputs, inputs contained
in semi-finished and finished goods and
capital goods in stock under sub-section
(4) of section 18.
Form GST Details of goods/capital goods sent to job
ITC – 4 worker and received back.

ADVANTAGES OF ITC
Input credit means at the time of paying tax on output, you
can reduce the tax you have already paid on inputs and pay
the balance amount.
1. In input tax credit person must be registered
2. In input or input service must be used in the course or
further Ness of business
3. Credit in the electronic credit ledger

49 | P a g e
CHAPTER(4):- CONCLUSION & RECOMMENDATION
4(1) CONCLUSION OF GST
Implementation of GST is one of the best decisions
taken by the Indian government. For the same reason,
July 1 was celebrated as Financial Independence Day in
India when all the Members of Parliament attended the
function in Parliament House. The transition to the GST
regime which is accepted by 159 countries would not be
easy. Confusions complexities were expected and will
happen. India, at some point, had to comply with such
regime. Though the structure might not be a perfect one
but once in place, such a tax structure will make India a
better economy favourable for foreign investments.
Until now India was a union of 29 small tax economies
and 7 union territories with different levies unique to
each state. It is a much accepted and appreciated regime
because it does away with multiple tax rates by Centre
and States. And if you are doing any kind of business
then you should register for GST as it is not only going
to help Indian government but will help you also to
track your business weekly as in GST you have to make
your business activity statement each week.

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4(2) RECOMMENDATION OF GST
The following are the suggestion made based on the
results of the study. Goods and Services Tax Act in
India are:
➢ Standardization of systems and procedures.

➢ Tax relief in case of branch transfer.

➢ Well defined procedures in case of Job works.

➢ Adequate training for both tax payers and tax on

forcers.
➢ Uniform Implementation of GST should be ensured

across all states (unlike the staggered implementation

of VAT) as many issues might arise in case of
transactions between states who comply with GST and
states who are not complying with GST.

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BIBLIOGRAPHY

Books:
• Adana, D. K. Goods and services tax (GST): A panacea
for Indian economy. International Journal of Engineering
& Management Research, 5 (4), 332 -338.
• Agogo Mawuli: “Goods and Service Tax- An Appraisal”
Paper presented at the PNG Taxation Research and Review
Symposium, Holiday Inn, PortMoresby,29-30.
• Agogo Mawulli “Goods and Service Tax --- An appraisal
Paper presented at the PNG Taxation Research and Review
Symposium. Holiday inn Port Moresby, Pg No. 29-30
• Chakraborty, P., & Rao, P. K. Goods and services tax
in India: An assessment of the base. Economic and
Political Weekly, 45 (1), 49 -54.
• Dr. R. Vasanth Gopal, “GST in India: A Big Leap in the
Indirect Taxation System”, International Journal of
Trade, Economics and Finance, Vol. 2, No. 2, April2011.
• Dani, S. A Research Paper on an Impact of Goods and
Service Tax (GST) on Indian. Business and Economics
Journal,1-2.
• Ehtisham Ahamad and Satya Poddar , “Goods and Service
Tax Reforms and Intergovernmental Consideration in India”,
“Asia Research Center”,LSE-2009.
Internet
• http://caknowledge.in/why-gst-for-india-challenges-for-
success-in-
India/#ixzz3y9nbEmp9

52 | P a g e
• https://en.wikipedia.org/wiki/Goods_and_Services_Tax_
Bill
• www.idtc.icai.org
• http://icmai.in/icmai/Taxation/GST-Recent-News.php
• Www. Taxman.com
• https://gst.caknowledge.in/impact-gst-automobile-sector/
• http://www.ey.com/in/en/newsroom/news-releases/ey-
gstimpact- on-the-auto-industry
• https://www.legalraasta.com/gst/impact-of-gst-on-
automobilesector/
• http://auto.economictimes.indiatimes.com/news/policy
/benefits challenges-for-auto-sector-in-gst-bill/53541153
• http://www.abplive.in/auto/gst-bill-how-it-affects-the-
autosector-391864
• http://www.caclubindia.com

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