AMITY UNIVERSITY UTTAR PRADESH

NOIDA AMITY SCHOOL OF COMMUNICATION

NTCC SUMMER INTERNSHIP REPORT

Name of the Student: Anjali

Enrolment Number: A2079821099

Program: Bachelor of Journalism and mass communication

Batch: 2021-2024

Faculty Supervisor: Dr. Gouri Malhotra

DECLARATION BY STUDENT

This is to certify that I, Anjali, a student of Ba (JMC) of 2021 -2024 Batch, Amity School of
Communication, Amity University Uttar Pradesh, Noida have worked under the guidance
and supervision of Dr. Gouri Malhotra for NTCC Term Paper. This report has the requisite
standard for the partial fulfilment of the Bachelor of Journalism and mass communication. To
the best of my knowledge, no part of this report has been reproduced from any other report,
and the contents are based on original research. I am aware that in case of non-compliance,
Amity School of Communication is entitled to cancel the report

Signature (Student) Name of the student- Anjali Enrolment No. –

A2079821099
 ACKNOWLEDGMENT

The satisfaction that accompanies the successful completion of any task would be incomplete

without the mention of people whose ceaseless cooperation made it possible, who’s constant

guidance and encouragement crown all efforts with success. I would like to thank Amity

University for giving me the opportunity to undertake this project. I would like to thank my

faculty guide, Dr. Gouri Malhotra who is the biggest driving force behind my successful

completion of the project. She has always been there to solve my query and guided me in the

right direction regarding the project. Without her help and inspiration, I would not have been

able to complete the project. Also, I would like to thank my batch mates who guided me,

helped me, and gave ideas and motivation at each step.

TABLEOFCONTENTS

1. Executive summary

2. Introduction

3. Details of Internship

4.Discussion, conclusion, and Recommendation

OFFER LETTER
EXECUTIVE SUMMARY

In the realm of taxation, GST holds a significant position. An acronym for Goods and
Services Tax, GST is a comprehensive indirect tax levied on a country’s supply of goods
and services. This tax structure aims to replace multiple indirect taxes imposed by both
the central and state governments, simplifying the taxation system and fostering a unified
and seamless market across the nation.

To gain a comprehensive understanding of GST, let's explore some key points that provide
an overview of this crucial tax framework:

1. Objective: Streamlining Taxation and Boosting Economic Growth

The primary objective behind implementing GST is to establish a unified tax structure that
replaces indirect taxes such as excise duty, service tax, VAT, and others. Doing so aims to
eliminate cascading or double taxation, streamline the tax system, and ultimately promote
economic growth. The implementation of GST is a significant step towards achieving a
simplified and efficient tax regime in the country.

2. Structure: A Destination-Based Multistage Tax

GST operates as a destination-based tax, meaning that it is levied at the final consumption
point rather than at different stages of production or distribution. Unlike the earlier tax
systems, where taxes were imposed at each stage of the supply chain, GST functions as a
multistage tax. It is levied on the value addition that occurs at each stage of the supply
chain, ensuring transparency and reducing the tax burden on end consumers.

3. Tax Rates: Categorizing Goods and Services

GST is implemented with different tax rates based on the type of goods and services. The
GST Council, consisting of representatives from the central and state governments,
decides these tax rates. Goods and services are categorized into various tax slabs,
including 0%, 5%, 12%, 18%, and 28%. Additionally, certain goods may attract cess or
additional taxes, ensuring a progressive tax structure that caters to different sectors of the
economy.

4. Input Tax Credit (ITC): Encouraging Seamless Credit Flow

One of the notable features of GST is the provision of Input Tax Credit (ITC). This
mechanism allows businesses to claim credit for the taxes paid on inputs or purchases,
which can be offset against the taxes collected on the output or sales. By adopting the ITC
system, GST eliminates the cascading effect of taxes and promotes the free flow of credits
throughout the supply chain. This not only benefits businesses but also contributes to the
overall efficiency of the tax system.
5. Compliance: Registration and Return Filing

Under GST, businesses are required to register and obtain a unique Goods and Services
Tax Identification Number (GSTIN). This registration process ensures that businesses are
accounted for and enables seamless communication between the taxpayers and the tax
authorities. Additionally, businesses must file regular returns that include details of sales,
purchases, and taxes paid. To facilitate compliance, GST has introduced an electronic
platform called the Goods and Services Tax Network (GSTN), which provides online
registration, return filing, and other compliance-related activities.

6. Benefits: The Impact of GST Implementation

The implementation of GST brings forth numerous benefits for the economy and
businesses. Some of the key advantages include:

• Elimination of Tax Cascading: GST eliminates the cascading effect of taxes,

ensuring that taxes are levied only on the value addition at each stage of the supply chain.
This leads to a reduction in the overall tax burden and improves the competitiveness of
businesses.

• Reduced Compliance Burden: With the introduction of a unified tax structure,

businesses no longer have to comply with multiple tax laws and regulations. This
simplification of the tax system reduces the compliance burden on businesses, allowing
them to focus more on their core operations.
• Increased Tax Transparency: GST promotes transparency in the tax system by
providing a clear framework for tax collection and compliance. This transparency reduces
the scope for tax evasion and fosters a culture of fair and accountable taxation.

INTRODUCTION

Kashyap Kumar & Associates is a Cost Accounting Professional firm, with it’s
headquarter situated at New Delhi (The Capital of India).

The firm has been set up by a group of professional, enthusiastic, highly skilled and
motivated professionals who have taken experience from top consulting firms and are
extensively experienced in their chosen fields has providing a wide area of

 GST (Goods and Service Tax) – Registration, Return, Refund, Audit

 Cost Accounting – Records and Compliance, Estimation / Forecasting
 Management Accounting – Decision Making and Reporting
 Accounting & Book Keeping – Financial Statement
 Internal Audit
 Auditing – Cost, Stock, Concurrent, Forensic Audit
  Taxation – ITR Income Tax Return, TDS
 RoC Related Works, Company and LLP Firm Registration
 Assurance and Business advisory services to various clients and their stakeholders

I worked there as a social media intern under the assistance of Yash Rajvanshi.

MY WORK:
As part of my daily work, I delved into extensive research and analysis on various aspects of
Goods and Services Tax. This involved studying its impact on specific industries,
understanding compliance requirements, exploring legal provisions, and examining real-
world case studies. By immersing myself in these areas, I gained valuable insights into the
complex world of GST.
One crucial aspect of GST is ensuring compliance with the established guidelines and
regulations. Through my work, I familiarized myself with the compliance requirements, such
as registration processes, filing returns, and maintaining proper records. It was essential to
stay updated with the latest compliance guidelines to ensure businesses met their obligations.
To gain a holistic perspective, I explored case studies that showcased the real-world
implications of GST compliance. These case studies provided practical examples of how
businesses navigated the challenges and leveraged the opportunities presented by the GST
framework. Analysing these scenarios helped me develop a deeper understanding of the
impact of GST on diverse industries.

I want to thank Yash Rajvanshi to give this opportunity and for helping me throughout my
internship. I had an amazing experience that help me learn a lot.

Through my experience and hours of research, I have learned various things in my

summer internship in social media marketing such as:

1. Understanding the GST Framework

To start with, interns are provided with a comprehensive understanding of the GST
framework. This involves gaining knowledge about the objectives, structure, and key
components of GST. We learned about tax rates, and the mechanism of the input tax credit,
which plays a vital role in the GST system.

2. GST Compliance and Requirements

Interns are introduced to the compliance requirements of GST. We familiarize ourselves with
the registration processes, filing of GST returns, and maintaining proper records and
documentation. Adhering to the timelines and guidelines set by the GST authorities is crucial
to ensure compliance and avoid penalties.

3. Laws and Regulations Governing GST

A fundamental aspect of the internship is studying the legal provisions and regulations
governing GST. We dive deep into the relevant GST laws, rules, notifications, circulars, and
other statutory provisions. This helps us understand the intricacies and implications of GST
compliance, ensuring that businesses adhere to the necessary guidelines.

4. Practical Knowledge of GST Return Filing

Interns gain practical knowledge of GST return filing, a critical aspect of GST compliance.
We learn about the various types of returns, their formats, and the process of preparing and
submitting GST returns. Through hands-on experience, we become proficient in using GST
software or portals for smooth and accurate return filing.

5. The Significance of Input Tax Credit

Understanding the concept of input tax credit is crucial for interns. It is important to reconcile
input tax credits with purchases and understand the conditions and restrictions associated with
input tax credit utilization.

6. Reconciliation in GST Compliance

Interns are educated about the significance of reconciliation in GST compliance. We learn the
process of reconciling sales and purchase data, matching invoices, and identifying
discrepancies or mismatches in the GST returns. This knowledge equips us with the skills to
rectify such discrepancies efficiently and maintain accurate records.

7. Analysing the Impact of GST

As interns, we may be involved in analysing the impact of GST on businesses or specific

industries. This includes assessing the financial implications of GST implementation,
evaluating its advantages and challenges, and identifying potential areas for improvement. By
understanding the impact of GST, businesses can strategize effectively and adapt to the
changing tax landscape.

DETAILS OF INTERSHIP

My role (in the internship): Researcher of an overview of GST

What Is a Researcher in Overview of GST?

As a researcher, one has to explore the depths of Goods and Services Tax (GST) by
conducting in-depth research, collecting relevant information, and analysing data. This report
provides an overview of the responsibilities and tasks involved in this role, ensuring a
comprehensive understanding of GST.

What does a Researcher do?

1. Conducting Comprehensive Research
2. To gain a profound understanding of GST, extensive research is essential. This
involves delving into various aspects such as the objectives, structure, tax rates,
compliance requirements, legal provisions, and the impact of GST on different
industries. By collecting relevant data from reliable sources and staying updated with
the latest developments, researchers can acquire a holistic view of GST.
3. Analysing Key Aspects of GST
4. The analysis of gathered information and data is a vital step in the research process.
Researchers need to identify key trends, challenges, and opportunities related to GST.
This analysis also helps in identifying areas for improvement and potential risks
associated with the implementation of GST.
5. Preparing Informative Reports
6. One of the essential tasks of a GST researcher is the preparation of comprehensive
reports, summaries, or presentations. It is crucial to present the information in an
informative and visually appealing way, addressing the needs and interests of the
intended audience.
7. Effective Communication of GST Overview
8. Clear and effective communication is vital when conveying the overview of GST to
stakeholders or clients with varying levels of understanding. Researchers must be able
to articulate complex concepts, terminologies, and implications of GST in a manner
that is easily understandable to non-experts. Responding to inquiries and providing
clarification on GST-related matters is also an important aspect of effective
communication.
9. Presentations and Training on GST
10. Researchers often assist in organizing and delivering presentations or training sessions
on GST to internal teams, clients, or other stakeholders. During these sessions, it is
crucial to explain the fundamental concepts, procedures, and compliance requirements
of GST in an interactive and engaging manner. By facilitating discussions and
addressing questions, researchers can enhance understanding and promote knowledge
sharing.

What are the key components of GST?

1. Introduction: Understanding the Basics of GST

2. In India, a system of indirect taxes called the Goods and Services Tax (GST) has been
put in place. It substitutes a single tax system for a number of indirect taxes, including
state-level VAT, service tax, and central excise duty. The GST system functions under
the tenet of "One Nation, One Tax," which aims to streamline the tax code and
encourage the free flow of goods and services across the state.
3. The central government imposes the CGST portion of GST on the exchange of goods
and services between states. The CGST is managed by the Central Board of Indirect
Taxes and Customs (CBIC). It makes sure that the federal government obtains its fair
share of tax money from activities taking place within a specific state.
4. SGST is the component of GST that is levied by the state governments on the intra-
state supply of goods and services. Each state or union territory in India has its own
SGST Act and administration. SGST ensures that the state government receives its
share of tax revenue from transactions within its jurisdiction.
5. IGST is the component of GST that is levied on the inter-state supply of goods and
services. It is collected by the central government and distributed among the states.
IGST is applicable when goods or services are supplied from one state to another or
from a union territory to a state. It ensures that tax revenue is appropriately allocated
between the states involved in the transaction.
6. The Role of the GST Council
7. The finance ministers of the federal and state governments make up the GST Council,
a constitutional body. It is in charge of formulating recommendations on GST rates,
exemptions, procedural procedures, and all other GST-related issues. The GST
Council is essential in upholding consistency and addressing any disagreements or
problems that may occur during the application of GST.Tax Rates in GST
8. GST has different tax rates based on the type of goods and services. The GST Council
categorizes goods and services into various tax slabs, including 0%, 5%, 12%, 18%,
and 28%. Certain goods may attract cess or additional taxes. The tax rates are
determined based on the nature of the goods or services and their essentiality.
9. Input Tax Credit (ITC)
10. GST Registration

.
 Discussion, conclusion, and Recommendation

What were the highlights of my GST internship?

My industry guide Yash Rajvanshi’s desire for every one of us to have our own job rather
than simply designating us as "interns" was something I really admired. I felt more valued as
a result and was able to perceive my job more clearly.

What new skills have I learned during this social media internship?
In my experience, I have learned a comprehensive understanding of the GST system,
including its objectives, components, compliance requirements, and legal provisions.
Develop a solid foundation in GST-related concepts, terminology, and processes

Advice for someone who wants to apply for an internship in the sector?
Be willing to learn at all times. We should give ourselves some leeway and enjoy the process
because making mistakes is fairly frequent and we are not experts.

Why I did do my internship in the GST sector?

I did my internship in this sector because it gave me a wide variety of opportunities. I have a
genuine interest in taxation and wanted to gain practical experience in a specific area of tax
law. The GST sector offers a unique opportunity to work with a comprehensive indirect tax
system and understand its intricacies.

Thank you!