A

Summer Training Project Report

(Viva- Voce-507)

On

“A STUDY ON MARKETING TAX & GST IN JAISWAL YASH &

ASSOCIATES”

Submitted in partial fulfillment of the requirements for the degree

Bachelor of Business Administration

Session 2023-24

IIMT College of Management

Affiliated to CCS University, Meerut.

SUBMITTED To: SUBMITTED BY:

CCS University, Meerut. Ms. SHRUTI GUPTA

BBA – 5th Semester

Roll No. - 210613105244

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COMPANY CERTIFICATE

ii
 ACKNOWLEDGEMENT

I would like to express my sincere gratitude to Mr. Somesh Kumar, HOD of BBA
department for his contributions to the completion of my project report titled “A
STUDY ON MARKETING TAX & GST IN JAISWAL YASH &
ASSOCIATES”.
Further, I would like to express my special thanks to my mentor/guide Mr. Kundan
Kumar for his continuous guidance and support throughout the project. His valuable
advice and suggestions added lots of value &were really helpful in completion of my
project with practical understanding of it.

Therefore, I am highly obliged to my college guide as well as the supervisor of the

organization/company under whose mentorship, I did this project work and the overall
learning was very enriching.

Also, I would like to declare that this internship project titled“A STUDY ON
MARKETING TAX & GST IN JAISWAL YASH & ASSOCIATES”was
exclusively doneby me and not by someone else.

Ms. SHRUTI GUPTA

BBA – 5th Semester
Roll No. - 210613105244

iii
 TABLE OF CONTENT

S. No. TOPIC PAGE

1 Introduction 1

2 Theoretical Framework 2

3 Objective of the study 3

4 Problem Statement 4

5 Company Profile 20

6 Research Methodology 39

7 Data Analysis and Interpretation 43

8 Findings 58

9 Conclusion 59

10 Suggestion and Recommendation 60

11 Limitation 62

12 Bibliography 64

13 Appendix 65

14 Questionnaire 65

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 INTRODUCTION:

Jaiswal Yash& Associates established in year 2023, has been providing a wide
array of Accounting, Auditing, Taxation, Assurance and Business advisory
services to various enterprises. The firm maintains a high degree of professional
ethics and integrity and strives for total client satisfaction at all times. We believe
in the philosophy and approach of the Management to render Professional Services
of the highest standards to various clients. Our in-depth Accounting, Audit, Tax
and Financial knowledge and expertise has enabled us to deliver quality
professional services to our clients effectively and efficiently. All of our Clients
benefit from our exceptional services with competitive pricing. We view every
Client relationship like a partnership and truly believe that our success is a result of
our client’ success. Our professional staff will ensure that our clients benefit from
personalized, quality service that is beyond comparison.

Our Vision to enable eourclienttorealize and reach their potential by optimal

leverage of resources and constantly strive to better them.

Our Mission To establish Trust, Comfort and Conveniences one stop Business
solutions provider.

To provide simple, effective and progressive solutions for business. To be a partner

that enables and ensures business growth.

Our Help To establish Trust, Comfort and Convenience as a one stop business
solutions provider.

Our Supports To provide simple, effective and progressive solutions for business.

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 Company Profile Jaiswal Yash & Associates
(Chartered Accountants)

Firm Summary

Firm’s Name :-Jaiswal Yash & Associates Firm’s

Registration No.:- 035107C
Office Address :-
ShopNo.17,WilloughbyMarket, Lakhimpur-Kheri
EmailId :-yashjaiswal721@gmail.com

Proprietorship :-Proprietorship

Name Qualification Membership No Firm’s

Registration No.

YashJaiswal CA 457131 035107C

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 OBJECTIVES OF THE STUDY

The objective of the study under Jaiswal Yash& Associates. internship is to

provide hands-on experience and training in the field of accounting and finance. It
is an opportunity for me to apply the concepts and theories learned in the
courseworktoreal-worldsituationsandgainpracticalskillsthatarevaluableinmy future
careers. The ultimate aim is to be prepared for a successful career as a Finance
Personnel by providing myself with a comprehensive understanding of
accounting, auditing, and taxation practices.

The objective of a study under the above internships to:

1. Provide practical experience: The internship provides us with hands-on

experience in the field of accounting, finance, and taxation, which
complements our theoretical knowledge gained through coursework.

2. Apply theoretical concepts: We can apply the concepts and theories

learned in our coursework to real-world situations and gain practical skills.

3. Enhance skills and knowledge: The internship helps us to develop and

enhanceourtechnical,analytical,andcommunicationskills,whicharecrucial
for our future careers in the field of Finance.

4. Develop professional networks: We can make valuable connections with

industry professionals and gain insights into the accounting and finance
industry.

5. Prepare for the Market Demand as a Finance Personnel: The ultimate

goal oftheinternshipistoprepareusforasuccessfulcareerasafinancepersonnel
by providing us with a comprehensive understanding of accounting,
auditing, and taxation practices.

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 PROBLEMSTATEMENT

India is a federal country where Indirect Tax is levied by Federal and State
Government. Value Added Tax is levied by State Governments. Every State has
authority to decide the Tax rate and to control the Tax system as per their convenient.
The Taxation power has been well defined in Indian Constitution. The Constitution
(122nd Amendment) Billthat seeks to usher in a Goods and Services Tax (GST) regime
in the country will finally be taken up for discussion in Parliament. Finance Minister
Arun Jaitley has been affirming that India will implement GST from 1st April 2016.
It can be looked as simplification of Taxes in country and avoiding unnecessary
complexities. India is a federal country which has various Tax regimes and structure,
where Tax is levied by both Governments. After the implementation of GST all the
Indirect Taxes will be subsumed under an umbrella, it will be a milestone in the history
of Indirect Tax reform. In this paper, an attempt has been made to examine the major
features of GST. This paper has also focused on the problems likely to be faced by
Central and StateGovernments.

GST is deemed as one of the steps in making India as a country which has a high
income tax system, comprehensive, efficient, transparent and business-friendly. It is
also considered the world's best tax system based on the implementation of the
country which has implemented the GST.GST has just being applied in India. The
government and its crew are still in their way to spread out the information of GST in
order to combat confusion among people. Sales and contracts are made almost every
day and some of these transactions required people to pay the GST. It is an issue if
people are still unaware or confuse with the tax system of GST and become worst
when people ignoreand boycott not to pay the tax. GST is a popular issue that is being
discussed by peopleday to day, it is necessary to know whether the students are aware
of the government’s plan and do they have knowledge on this issue. Therefore this
study makes an attempt to analyze the College Student’s Awareness and Knowledge
on the Implementation ofGoods and Services Tax (GST) in Savakis.

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 GST–Goods and Service Tax

Goods and Services Tax (GST) is an indirect tax (consumption on tax) use din
India on the supply of goods and services. It is a comprehensive, multistage,
destination-based tax: comprehensive because it has subsumed almost all the in
direct taxes except a few state taxes. Multi-staged as it is, the GST is imposed at
every step in the product ion process, but is meant to be refunded to all parties in
the various stages of production other than the final consumer and as a
destination- based tax, it is collected from point of consumption and not point of
origin like previous taxes.

Goods and services are divided into five different tax slabs for collection of tax:
0%, 5%,12%,18%and28%.However,petroleumproducts,alcoholicdrinks, and
electricity are not taxed under GST and instead are taxed separately by the
individual state governments, as per the previous tax system. There is a special
rate of0.25%onroughpreciousandsemi-preciousstonesand3%ongold.Inaddition, a
cess of 22% or other rates on top of 28% GST applies on few items like aerated
drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most
goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax
range.

The tax came into effect from 1 July 2017 through the implementation of the One
Hundred & First Amendment of the Constitution of India by the Indian
Government.TheGSTreplacedexistingmultipletaxesleviedbythecentral and state
governments.

The tax rates, rules and regulations are governed by the GST Council which
consists of the finance ministers of the central government and all the states. The
GST is meant to replace a slew of indirect taxes with a federated tax and is
therefore expected to reshape the country's $2.4 trillion economy, but its
implementation has received criticism. Positive outcomes of the GST include the
travel time in interstate movement, which dropped by 20%, because of disbanding
of interstate check posts.

It is charged at the national and state level at similar rates for the same products
and italso replaces almost all the current indirect taxes that are imposed separately
5
by the Central and the States. Goods & Services Tax is a destination based tax
which means that the taxis paid at the place of supply.

Thefollowingisthelistofindirecttaxesinthepre-GSTrule:

 CentralExciseDuty
 DutiesofExcise
 AdditionalDutiesofExcise
 AdditionalDutiesofCustoms
 SpecialAdditionalDutyofCustoms
 Cess
 StateVAT
 CentralSalesTax
 PurchaseTax
 LuxuryTax
 EntertainmentTax
 EntryTax
 Taxesonadvertisements
 Taxesonlotteries,bettting,andgambling

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CGST, SGST, and IGST has replaced all the above taxes. However, the
chargeability of CGST for Inter-state purchase at a concessional rate
of 2%, by issue and utilization of c- Form is still prevalent for certain
non-GST goods such as:

(i) Petroleum crude;

(ii) High-speed diesel;
(iii) Motorspirit (commonly nonsterol);
(iv) Naturalgas;
(v) Aviationturbinefuel; and
(vi) Alcoholicliquorforhumanconsumption.inrespectoffollowingtransactionsonly:

 Resale
 Use in manufacturing or processing

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 Objectives of GST

 To concentrateandconformOneCountry–One Tax.
 To ensure on sumption-based tax in stead of Manufacturing.
 To ensure Uniform GSTR registration, payment and Input tax Credit.
 ToeliminatethecascadingeffectofIndirecttaxesonsingletransaction.
 To ensure the subsume all indirect taxes at Central and State Level under.
 To reduce tax evasion and corruption.
 To increase productivity.
 To increase Tax to GDP Ratio and Revenue surplus.
 To increase Compliance.
 To reduce economic distortions.
 Boost to exports: If Indian market will be competitive in pricing, then
more and more foreign players will try to enter the market, which results
in more numbers of exporters and benefits to Indian Market. As far there
is no tax rate is finalized, butyes GST is much needed in the countries
where, it lacks transparency and complex taxation system. GST will take
away cascading effectivities taxes that are charged on sale/
production/purchase and so. Products reaches to customers at very high
rate as compared to manufacturing, so with GST there will be only one
tax and it will reduce burden to pay on manufacturers.

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 Types of Goods and Service Tax (GST)

1. Central Goods and Services Tax (CGST):

Under GST, CGST is a tax levied on Intra State supplies of both goods and services by
the Central Government and will be governed by the CGST Act. SGST will also be
levied on the same Intra State supply but will be governed by the State Government.

This implies that both the Central and the State governments will agree on combining
their levies with an appropriate proportion for revenue sharing between them.
However, itis clearly mentioned in Section 8 of the GST Actth at the taxes be levied
on all Intra-State supplies of goods and /or services but the rate of tax shall not be
exceeding 14%, each.

2. State Goods and Services Tax(SGST)

Under GST, SGST is a tax levied on Intra State supplies of both goods and services by
the State Government and will be governed by the SGST Act. As explained above,
CGST will also be levied on the same Intra State supply but will be governed by the
Central Government.

An example for CGST and SGST:

Let’s suppose Ram is a dealer in Karnataka who sold goods to Sham in Karnataka
worth Rs. 10,000. The GST rate is 18% comprising of CGST rate of 9% and SGST
rate of 9%. In such case, the dealer collects Rs. 1800 of which Rs. 900 will go to the
Central Government and Rs. 900 will go to the Karnataka Government

3. Integrated Goods and Services Tax(IGST):

Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services
and will be governed by the IGST Act. IGST will be applicable on any supply of
goods and/or services in both cases of import into India and export from India.

An example for IGST:

Consider that a businessman Ramesh from Karnataka had sold goods to Anil from
9
Kerala worth Rs. 1,00,000. The GST rate is 18% comprised of 18% IGST. In such
case, the dealerhas to chargeRs.18,000asIGST.ThisIGST will go to the Central.

Advantages of GST

Advantages for the government:

 Will help to create a unified common national market for India, giving a
boost of oreigninvestment and “Make in India” campaign;

 Will mitigate cascading of taxes as Input Tax Credit will be available

across goods and services at every stage of supply;

 Harmonization of laws, procedures and rates of tax between Centre and

States and across States;

 Improved environment for compliance as all returns are to be filed online,

input credits to be verified online, encouraging more paper trail of
transactions at each level of supply chain;

 Similar uniform SGST and IGST rates will reduce the incentive for
evasion by eliminating ate arbitrage between neighboring States and that
between intra and inter-state sales;

 Common procedures for registration of taxpayers, refund of taxes, uniform

formats of tax return, common tax base, common system of classification
of goods and services will end greater certainty to taxation system;

 Greater use of IT will reduce human interface between the taxpayer and
the tax administration, which will go a long way in reducing corruption;

 It will boost export and manufacturing activity, generate more

employmentandthusincreaseGDPwithgainfulemploymentleadingtosubstant
ive economic growth;

 Ultimately it will help in poverty eradication by generating more

employment and more financial resources.

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Advantages to Trade and Industry:

 Increased ease of doing business;

 Reductioninmultiplicityoftaxesthatareatpresentgoverningourindirect tax
system leading to simplification and uniformity;

 Elimination of double taxation on certain sect or slike works contract,

software, hospitality sector;

 Will mitigate cascading of taxes as Input Tax Credit will be available

across goods and service sate very stage of supply;

 Reduction in compliance costs - No multiple record keeping for a variety

of taxes - so lesser investment of resources and manpower in maintaining
records;

 More efficient neutralization of taxes especially for exports thereby

making our products more competitive in the international market and
give boost to Indian Exports;

 Simplified and automated procedures for various processes such as

registration, returns, refunds, tax payments, etc;

 Average tax burden on supply of goods or services is expected to come

down which would lead to more consumption, which in turn means more
production thereby helping in the growth of the industries manufacturing
in India.

Advantages to Consumers:

 Final price of goods is expected to be transparent due to seamless flow

of input tax credit between the manufacturer, retailer and service
supplier;

 Reduction in prices of commodities and goods in long run duet or

education in cascading impact of taxation;

 Relativelylargesegmentofsmallretailerswillbeeitherexemptedfromtaxor

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 will suffer very low tax rat esundera compounding scheme -purchases from
such entities will cost less for the consumers;

 Poverty eradication by generating more employment and more financial

resources.

Advantages to States:

 Expansion of the tax base as they will be able to tax the entire supply
chain from manufacturing to retail;

 Power to tax services, which was hitherto with the Central Government
only, will boost revenue and give States access to the fastest growing
sector of the economy;

 GSTbeingdestinationbasedconsumptiontaxwillfavourconsumingStates;
 Improve the overall investment climate in the country which will naturally
benefit the development in the States;

 Largely uniform SGST and IGST rates will reduce the incentive for
evasion by eliminating rat arbitrage between neighboring States and that
between intra and inter-state sales;

 Improved Compliance levels of the tax payers will contribute greatly in

improving the revenue collection of the States.

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GST Council Meetings

GST Council has met thirteen times since its constitution and some important
decision staken in the GST Council meeting are:-

Rules for conduct of business in GST

Council; Timetable for implementation of
GST;
The threshold limit for exemption from levy of GST would be Rs. 20 lakhs for
the States except for the Special Category States, enumeration Article279Aof
the Constitution, for which it will be Rs10Lakhs);

The threshold for availing the Composition scheme would be Rs.50 lakhs.
Service provider sand some others would be kept out of the Composition
Scheme;

To compensate States for 5 years for loss of revenue due to implementation of

GST, the base year for the revenue of the State would be 2015-16 and a fixed
growth rate of 14% will be applied to it;

Approval of the Draft GST Rules on registration, payment, return, refund and
invoice, debit/credit Notes with the understanding that minor changes may be
permitted with the approval of the Chairperson, if required, based on suitable
suggestions from the stake holders or from the Law Department;

All entities exempted from payment of indirect tax under any existing tax
incentive scheme would pay tax in the GST regime and the decision to
continue with any incentive scheme shall be with the concerned State or
Central

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 government. In case, the State or Central Government decides to continue with
any existing exemption/incentive scheme; it will be administered by way of a
reimbursement mechanism.

Adoption of four slabs tax rate structure of 5%, 12%, 18% and 28%. In
addition, the rewound be a category of exempt goods and further acess would
be levied on certain goods such as luxury cars, aerated drinks, pan masala and
tobacco products, over and above the rate of 28% for payment of
compensation to the states.

GST rates on 1211 items were approved at the 14th GST Council meeting
held at Srinagar on 18th and 19th of May 2017.

Atthe15thGSTCouncilmeetingheldatNewDelhion3rdJune2017,taxrates on the
remaining goods were approved

22states,and2UnionTerritorieswithLegislatures(DelhiandPuducherry)have
already passed their respective State GST Bill in their State Assemblies.

Issue of cross empowerment and administrative vision of taxpayers between the

States and Centre has been resolved.

The implementation of GST has the following challenges:

ChallengingtimeframeofrollingoutGSTby1stJuly,2017;

InfrastructureandTechnologyup-gradationoftaxsystemparticularlyoftheStates;

Up-gradation of IT systems of trade & industry;

Taxes which are not to be subsumed

GST may not subsume the following taxes with in it samb it:

1. Basic Custom Duty: The seroprotective duties levied at

the time of Import of goods into India.
2. Export Duty: This duty is imposed at the time of export to feta in
14
 goods which are not available in India in abundance.

3. Roadand Passenger Tax: These are in the nature of fees and

not in the nature of taxes on goods and services.
4. Toll tax: the seare in the nature of user fees and not in the nature
of taxes on goods and services.

Various Tax Rates imposed by GST

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 Registration under GST Law
In any tax system registration is the most fundamental requirement for
identification of tax payer sensuring tax compliance in the economy. Registration
of any business entity under the GST Law implies obtaining a unique number
from the concerned tax authorities for the purpose of collecting tax on behalf of
the government and to avail Input tax credit for the taxes on his inward supplies.
Without registration, a person can neither collect tax from his customers nor
claim any input tax credit of tax paid by him.

Need and advantages of registration

Registration will confer the following advantages to a tax payer:

 He is legally recognized as supplier of goods or services.

 He is legally authorized to collect tax from his customers and passon the
credit of the taxes paid on the goods or services supplied to the purchasers/
recipients.
 He can claim input tax credi to taxes paid and can utilize the same for
payment of taxes due on supply of goods or services.
 Seamless flow of Input Tax Credit from suppliers to recipients at the
national level.

Liability to register

GST be in gatax interevent of “supply”, every supplier needs to get registered.

However, small businesses having all India aggregate turn over below Rupees
20lakh (10lakh if business is in Assam, Arunachal Pradesh, Himachal Pradesh,
Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura) need
not register. The small businesses, having turnover below the threshold Lim it
can, however, voluntarily opt to register.

The aggregate turnover includes supplies made by him on behalf of his

principals, but excludes the value of job-worked goods if he is a job worker. But
persons who are engaged exclusively in the business of supplying goods or
services or both that are not liable to tax or wholly exempt from taxor an

16
agriculturist, to the extent of supply of produce out of cultivation of Andreotti
able to register under GST.

Also, if all the supplies being made by a supplier are taxable under reverse
charge, there is no requirement for such a supplier to register in light of
Notification No. 5/2017-Central Tax dated 19.06.2017.

Nature of Registration

The registration in GST is PAN based and State specific.

Supplier has to register in each of such State or Union territory from where he
effects supply. In GST registration, the supplier is allotted a 15-digit GST
identification number called “GSTIN” and a certificate of registration in corpo
rating therein this GSTIN is made available to the applicant on the GSTN comm
on portal. Thefirst2digitsof the GSTIN is the State code, next 10 digitsare the
PAN of the legal entity, the next two digit sare for entity code, and the last digit
is check sum number. Registration under GST is not tax specific which means
that the Reis single registration for all the taxwise. CGST, SGST/UTGST, IGST
and cesses.

A given PAN based legal entity would have one GSTIN per State, that means a
business entity having its branches in multiple States will have to take separate
State wise registration for the branches in different States. But within a State an
entity with different branches would have single registration wherein it can
declare oneplaceasprincipalplaceofbusinessandotherbranchesasadditionalplace of
business. However, a business entity having separate business verticals (as
defined in section 2 (18) of the CGST Act, 2017) in a state may obtain separate
registration for each of its business verticals. Further a unit in SEZ or a
Redeveloper needs to necessarily obtain separate registration.

 Generally, the liability to register under GST arises when you are a
supplier within the meaning of the term, and also if your aggregate
turn over in the financial year is above the exemption threshold of20
lakh rupees (10 lakh rupees in special category states except J & K).
However, the GST law enlists certain categories of suppliers who are
17
 required to get compulsory registration irrespective of their turnover
that is to say, the threshold exemption of20 lakh rupees or 10 lakh
rupees as the case may be is not available to them. Some of such
supplier swho need to register compulsorily irrespective of the size of
their turnover are those who are,-

 Inter-state suppliers; However, persons making inter-state supplies of

taxable services and having an aggregate turnover, to be computed on
all India bas is, not exceeding an amount of twenty lakh
rupees(tenlakh rupees for special category States except J & K) are
exempted from obtaining registration vide Notification No. 10/2017-
Integrated Tax dated13.10.2017.

 A person receiving supplies on which tax is payable by recipient on

reverse charge basis

 Casual tax able person who is not having fixed place of business in the
State or Union Territory from where he wants to make supply.
However casual taxable persons making supplies of specified
handicraft goods need not take compulsory registration and are
entitled to the threshold exemption of Rs.20 Lakh. Handicraft goods
are specified in Notification no. 33/2017-Central Tax dated
15.09.2017 as amended by Notification no. 38/2017-Central Tax dated
13.10.2017.

 non-resident taxable persons who is not having fixed place of business

in India
 A person who supplies on behalf of some other taxable person (i.e. an
Agent of some Principal)

 E-commerce operators, who provide platform to the suppliers to make

supply through it

 Supplier so goods who supply through suche-commerce operator who

are liable to collect tax at source. Persons supplying services through

18
 e- commerce operators need not take compulsory registration and
areentitled to avail the threshold exemption of Rs. 20 Lakh as per
Notification No. 65/2017-Central tax dated 15.11.2017.

 Those ecommerce operators who are notified as liable for GST

payment under Section 9(5) of the CGST Act, 2017

 TDS Deductor

 Input service distributor

 Those supplying online information and data base access or retrieval

services from outside India to anon-registered person in India.

AcasualtaxablepersonisonewhohasaregisteredbusinessinsomeStateinIndia,but
wants to effect supplies from some other State in which he is not having any fixed
place of business. Such person needs to register in the State from where he seeks
to supply as a casual taxable person. A non-resident taxable person is one who is a
foreigner and occasionally wants to effect taxable supplies from any State in India,
and for that he needs GST registration. GST

Law prescribes special procedure for registration, as also for extension of the
operation period of such casual or non- resident taxable persons. They have to
apply for registration at least five days in advance before making any supply.
Also, registration is granted to them or period of operation is extended only after
they make advanced pos it of the estimated tax liability.

In respect of supplies to some notified agencies of United Nations organisation,

multinational financial institutions and other organizations, a centralized unique
identification number (UIN) is issued.

Documents Required for GST Registration

 PAN of the Applicant.

 Aadhaar Card.

 Proof of business registration or Incorporation certificate.

19
 Identify and Address proof of Promoter.

 Address proof of the place of business.

 Bank Account statement/Cancelled cheque

 Digital Signature.

 Letter of Authorization/Board Resolution of Authorized signatory

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21
GST Composition Scheme

Composition Scheme is a simple and easy scheme under GST for

taxpayers. Small taxpayers can get rid of tedious GST formalities and
pay GST at a fixed rate of turnover. This scheme can be optodynamic tax
payer who turnover is less than Rs. 1.0 crore*.

*CBIChasnotifiedtheincreasetothethresholdlimitfromRs1.0Crore
to Rs. 1.5Crores.

Who can opt for Composition Scheme

A taxpayer whose turnover is below Rs 1.0 crore* can opt for

Composition Scheme. Incase of North-Eastern states and Himachal
Pradesh, the limit is now Rs 75* lakh.

As per the CGST (Amendment) Act, 2018, a composition dealer can alsosupply
services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is
higher. This amendment will be applicable from the 1st of Feb, 2019. Further,
GST Council in its 32nd meeting proposed an increase to this limit for service
providers on 10th Jan 2019*.

Turnover of all businesses registered with the same PAN should be taken in to
consideration to calculate turnover.

Who can not opt for Composition Scheme

The following people can not opt for the scheme-

 Manufacturer of icecream, panmasala, ortobacco

 Aperson making inter- state supplies
 Acasual taxable person or anon-resident taxable person
 Businesses which supply goods throughfare- commerce operator

What are the conditions for availing Composition Scheme?

The following conditions mustbesatisfiedin or dertoopt for composition scheme:

21
  No Input Tax Credit can be claimed by a dealer opting for composition
scheme
 The dealer can not supply GST exempted goods
 The taxpayer has to pay tax at normal rates for transactions
under the Reverse Charge Mechanism
 If a taxable person has different segments of businesses (such as
textile, electronic accessories, groceries, etc.) under the same
PAN, they must register all such businesses under the scheme
collectively or opt out of the scheme.
 The taxpayer has to mention the words ‘composition taxable
person’ on every notice or signboard displayed prominently
at their place of business.
 The taxpayer has to mention the words ‘composition taxable
person’ one very bill of supply issued by him.

As per the CGST (Amendment) Act, 2018, a manufacturer or trader can

now also supplyservices to an extent of ten percent of turnover, or Rs.5
lakhs, whichever is higher. This amendment will be applicable from the
1st of Feb, 2019.

How can a tax payer opt for composition scheme?

To opt for composition, scheme a taxpayer has to file GST CMP-02 with
the government. This can be done online by logging in to the GST Portal.

This intimation should be given at the beginning of every Financial Year

by a dealer wanting to opt for Composition Scheme.

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 How Should a Composition Dealer raise bill?

A composition dealer cannot issue a tax invoice. This is because a composition

dealer cannot charge tax from their customers. They need to pay tax out of their
own pocket.
Hence, the dealer has to issue a Bill of Supply.
The dealer should also mention “composition taxable person, not eligible to
collect tax on supplies” at the top of the Bill of Supply.

How should GST payment bemadebya composition dealer?

GST Payment has to bemad eou t of pocket for the supplies made.

TheGSTpaymenttobemadebyacompositiondealercomprisesofthefollowing:

 GST on supplies made.

 Tax on reverse charge
 Tax on purchase from anun registered dealer*
*Only on the specified categories of goods and services and well as
the notified class of registered persons with effect from 1st Feb 2019
but is yet to be notified. Hence, not applicable until then.

What are the returns to be filed by a composition dealer?

A dealer is required to file a quarterly return GSTR-4 by 18th of the month

after the end of the quarter. Also, an annual return GSTR-9A has to be
filed by 31st December of next financial year*.

23
What are the GST rates for a composition dealer?

Followingchartexplainstherateoftaxonturnoverapplicableforcompositiondealers:

24
Input Tax Credit

Input credit means at the time of paying tax on output, you can reduce
the tax you have already paid on input sand pay the balance amount.

Here’show-

When you buy a product/service from a registered dealer you pay taxes
on the purchase. On selling, you collect the tax. You adjust the taxes
paid at the time of purchase with the amount of output tax (tax on sales)
and balance liability of tax (tax on sales minus tax on purchase) has to
be paid to the government. This mechan is miscall edutilization of in
put tax credit.

For example- you are a manufacturer: a. Tax payable on output (FINAL

PRODUCT)isRs450b.Taxpaidoninput(PURCHASES)isRs300c.You can
claim INPUT CREDITof Rs 300 and you only need to deposit Rs 150 in
taxes.

25
Who can claim ITC?

ITC can beclaimed by aperson registered under GST only if he fulfills

ALL the conditions as prescribed.

a. The dealer should be in possession of tax invoice

b. The said goods/services have been received

c. Return shave been filed.

d. The tax charged has been paid to the government by the supplier.

e. When good Sar received in installments ITC can be claimed only

when the last lot is received.

f. No ITC will be allowed if depreciation has been claimed on tax

component of a capital good

What can be claimed as ITC?

ITC can be claimed only for business purposes. ITC will not be
available for goods or services exclusively used for: a. Personal use b.
Exempt supplies c. Supplies for which ITC is specifically not
available.

Howtoclaim ITC?

All regular taxpayers must report the amount of input tax credit (ITC) in
their monthly GST returns of Form GSTR-3B.The table requires the
summary figure of eligible ITC, Ineligible ITC and ITC reversed during
the tax period. The format of the Table 4 is given below:

26
 Reversal of Input Tax Credit

ITC can be availed only on goods and services for business purposes. If
they areused for non-business (personal) purposes, or for making exempt
supplies ITC cannot be claimed .Apart from these, there are certain other
situations where ITC will be reversed.

ITC will be reversed in the following cases-

1) Non-paymentofinvoicesin180days–ITC will be reversed for

invoices which were not paid within 180 days of issue.

2) CreditnoteissuedtoISDbyseller–ThisisforISD.Ifacreditnotewasissued
by the seller to the HO then the ITC subsequently reduced will be
reversed.

3) Inputs partly for business purpose and partly for exempted

supplies or for personal use– This is for businesses which use inputs
for both business and non-
business(personal)purpose.ITCusedintheportionofinputgoods/services
used for the personal purpose must be reversed proportionately.

27
 4) Capital goods partly for business and partly for
exempted supplies orforpersonaluse–This is similar to above
except that it concerns capital goods.

5) ITC reversed is less than required- This is calculated after the

annual return is furnished. If total ITC on input so exempted/non-
business purpose is more than the Tactually reversed during the year
then the difference amount will be added to out put liability. Interest
will be applicable.

6) ThedetailsofreversalofITCwillbefurnishedinGSTR-3B. To find out more

about the segregation of ITC into business and personal use and
subsequent calculations, please visit our article.
Special cases of ITC

 ITC for Capital Goods.

 IT Con Job work.
 ITC provided by Input service distributor.
 IT Con Transfer of Business.

Stages of GST

Ther ear emultiple change-of-hand sanitem goes through a longits

supply chain: from manufacture to final sale to the consumer.

Letus consider the following case:

1. Purchase of rawmaterials.
2. Production or manufacture.
3. Warehousing of finished goods.
4. Saletowholesaler.

28
 5. Sale of the product to the retailer.
6. Sale to the end consumer.

GoodsandServiceTaxisleviedoneachofthesestageswhichmakesitismultistage tax.

29
Types of GST Returns

GSTR-1

GSTR-1 is the return to be furnished for reporting details of all outward

supplies of goods and services made, or in other words, sales transactions
made during a taxperiod, and also for reporting debit and credit notes
issued. Any amendments to sales in voices made, even pertaining to
previoustaxperiods,shouldbereportedintheGSTR-1return.

GSTR-1istobe filed by all normal tax payers who a reregistered under

GST. It is to befiled monthly, except in the case of small taxpayers
with turnover up to Rs.1.5 crore in the previous financial year, who
can file the same on a quarterly basis.

GSTR-2A

GSTR-2A is the return containing details of all inward supplies of goods

and services i.e., purchases made from registered suppliers during a tax
period. The data is auto-populated based on data filed by the suppliers
intheir GSTR-1return. GSTR-2 Aisaread- only return and no action can
be taken.

GSTR-2

GSTR-2 is the return for reporting the inward supplies of goods and
services i.e.,the purchase smad eduringa taxperiod.Thed etailsin the
GSTR-2 return are auto-populated from the GSTR-2A. Unlike GSTR-
2A, the GSTR-2 return can be edited.

GSTR-2 is to be filed by all normal taxpayers registered under GST, however,

the filing of the same has been suspended ever since the inception of GST.

30
GSTR-3

GSTR-3isamonthlysummaryreturnforfurnishingsummarizeddetailsof all outward

supplies made, inward supplies received and input tax credit claimed, along with
details of the tax liability and taxes paid. This return is auto-
generatedonthebasisoftheGSTR-1andGSTR-2returnsfiled.

GSTR-3istobefiledbyallnormaltaxpayersregisteredunderGST, however, the filing

of the same has been suspended ever since the inception of GST.

GSTR-3B

GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized

details of all outward supplies made, input tax credit claimed, tax liability
ascertained and taxes paid.

GSTR-3BistobefiledbyallnormaltaxpayersregisteredunderGST.

GSTR-4/CMP-08

GSTR-4isthereturnthatwastobefiledbytaxpayerswhohaveoptedfor
theCompositionSchemeunderGST.CMP-08isthereturnwhichhas
replacedthenowerstwhileGSTR-4.TheCompositionSchemeisascheme in which
taxpayers with turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed
rate on the turnover declared.

TheCMP-08returnistobefiledonaquarterlybasis.

GSTR-5

GSTR-5 is the return to be filed by non-resident foreign taxpayers, who are

registered under GST and carry out business transactions in India. The return
contains details of all outward supplies made, inward supplies received,
credit/debit notes, tax liability and taxes paid.
31
 The GSTR-5 return is to be filed monthly for each month that the taxpayers
registered under GST in India.

GSTR-6

GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD).It

will contain details of input tax credit received and distributed by the ISD. It
will further contain details of all documents issued for the distribution of input
credit and the manner of distribution.

GSTR-7

GSTR-7 is a monthly return to be filed by persons required to deduct TDS(Tax

deductedat source) under GST. GSTR 7 will contain details of TDS deducted,
the TDS liability payable and paid and TDS refund claimed, if any.

GSTR-8

GSTR-8 is a monthly return to be filed by e-commerce operators registered

under the GST who are required to collect tax at source (TCS). GSTR-8 will
contain details of allsupplies made through the E-commerce platform, and the
TCS collected on the same.

TheGSTR-8returnistobefiledonamonthlybasis.

GSTR-9

GSTR-9 is the annual return to be filed by tax payer registered under GST. It
will contain details of all outward supplies made, inward supplies received
duringtherelevantpreviousyearunderdifferenttaxheadsi.e.CGST,SGST & IGST
and HSN codes, along with details of taxes payable and paid. It is a
consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A,GSTR-
3B) filed during that year.

32
GSTR-9 is required to be filed by all taxpayers registered under GST*, except
taxpayers who have opted for the Composition Scheme, Casual Taxable Persons,
Input Service Distributors, Non-resident Taxable Persons and persons paying TDS
under section 51 of CGST Act.

*The37thGSTCouncilmeetingtookthedecisiontomakeGSTR-9filing optional for

businesses with turnover up to Rs.2 crore in FY 17-18 and FY 18-19.

GSTR-9A

GSTR-9A is the annual return to be filed by tax payers who have registered

under the Composition Scheme in a financial year*. It is a consolidation of all

the quarter lyre turns filed during that financial year.

*GSTR-9A filing for Composition taxpayers has been waived off for FY 2017-
18 and FY2018-19 as per the decision taken in the 27th GST Council meeting.

GSTR-9C

GSTR-9C is the reconciliation statement to be filed by all taxpayers registered

under GST whose turnover exceeds Rs.2 crore in a financial year. The registered
person has to get their books of accounts audited by a Chartered/Cost
Accountant. The statement of reconciliation is between these audited financial
statements of the taxpayer and the annual return GSTR-9 that has been filed.

GSTR-9C is to be filed for every GSTIN, hence, one PAN can have multiple
GSTR-9Cforms being filed.

GSTR-10

GSTR-10 is to be filed by a taxable person whose registered has been cancelled

or surrendered. This return is also called a final return and has to be filed within
3 months from the date of cancellation or cancellation order, which ever is
earlier.
33
GSTR-11

GSTR-11 is the return to be filed by persons who have been issued a Unique
Identity Number (UIN) in order to get are fundunder GST for the goods and
services purchased by them in India. UIN is a classification made for foreign
diplomatic missions and embassies not liable to tax in India, for the purpose of
getting a refund of taxes. GSTR-11will contain details of inward supplies
received and refund claimed

34
Due Dates of filing GST Returns

35
36
37
 Late filing of GST Returns

 Return filing is mandatory under GST. Even if there is no transaction,

you must file a Nilreturn.

 You can not filea return if you do not file previous month/quarter’
sreturn.
 Hence, late filing of GST return will have a cascading effect leading to
heavy fines and penalty.
 The late filing fee of the GSTR-1 is populated inthe liability ledger of
GSTR-3Bfiledimmediatelyaftersuchdelay.

Interest/late fees to be paid

 Interest is 18% per annum. It has to be calculated by the taxpayer on the

amount of outstanding tax to be paid. It shall be calculated on the Net tax
liability identified in the ledger at the telepayment. The time period will
be from the next day of filing due date till the actual date of payment.

 As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under
CGST&100underSGST.TotalwillbeRs.200/day. The maximum is Rs. 5,000.
There is no late fee on IGST.

38
 RESEARCH METHODOLOGY
Research is a logical and systematic search for new and useful information on a
particular topic. Research methodology is a systematic way to solve a problem. It is a
science of studying how research is to be carried out. Essentially, the procedures by
which researchers go about their work of describing , explaining and predicting
phenomenon are called research methodology.
About my Research Problem :

The present research is exploratory in nature. Since GST is a new phenomenon in

India, there are hardly any studies in this area. Specially there is a huge gap of
empirical and behavior studies on GST in India. The study tries to find the
significance of popular perception regarding GST.
RESEARCHDESIGN

A good research design has characteristics viz, problem definition , time required for
research project and estimate of expenses to be incurred the function of research
design is to ensure that the required data are collected and they are collected
accurately and economically. A research design is purely and simply the framework
for a study that guide the collection and analysis data. In this project the two basic
types of research designaroused
Exploratory Research:

All research projects must start with exploratory research. This is a preliminary phase
and is absolutely essential in order to obtain a proper definition of problem in hand.
The major emphasis on the discovery if ideas and in sights . The exploratory study is
particularly helpful in breaking broad and vague problems in to smaller, more precise
sub problem statements . Exploratory research is also used to increase the familiarity
with the problem under investigation.
Descriptive Research:

It is the design that one simply describe something such as demographic

characteristics of people .The descriptive study typically concerned with determining
frequency with which something occurs or how two variables varytogether

39
what, when and why apex of the research . It requires formulation of more specific
hypothesis and the testing these through statically inference technique.
This is the research design of the study and then it comes to develop the research
plan, which means that what to do before going for the actual interpretation and it is
discussed below .

How to Calculate GST on Under Construction Flat 2019?

You have almost skimmed every possible and necessary information on the latest
updates on real estate current GST rates. Therefore now you can somehow scrutinize
well and will be able to figure out how to calculate the GST on a flat purchase. Let us
make it easier for you to know the GST rate on under construction property by
breaking the calculation process into steps. Scroll down.
1. The ones who are about to purchase residential flats for them, the government
has offered relief. You are subjected to pay 18% of GST on the under
construction property.
2. Out of this 18%, deduct 1/3 and rest is the payable GST rate i.e., 12%. The
deduction made is of land value which is tax-free inGST.
3. Now the 33rd GST amendment comes into the picture. It slashed the 12%
GST to 5% on the under construction property and ready to move in flats with
no CC issuance.
4. This 5% of GST on under construction property will be there only in the
absence ofITC Input Tax Credit).
5. During the calculation of GST for under construction property, the whole
amount isbeing considered i.e., the value of building and land too.
6. The GST will always be applicable for under construction properties.
A single tax structure is definitely a welcome move and the introduction of Goods
and Services Tax (GST) seeks to do just that by way of amalgamating a large number
of Central and State taxes into a single tax. GST will not only address the concerns of
double taxation but will also help in reducing the overall tax burden on goods and
services.
Furthermore, it will also help in making Indian goods competitive internationally thus
providing a much-needed boost to the economy.

40
 METHODS FOR PRESENTATION OF DATA

 Traditional method of data representation i.e. Pie chart, Barchartetc.

 Average of responses – No. of Responses/Total Responses*50

Sample size:
The sample size shorted out from the population (universe set) is 100 nos. to draw the
conclusion of the study.
Sampling Technique: The Project will be non-probability sampling.Research Type:
The project will be exploratory research type.

ANALYSIS OF DATA:

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 shown them list of question for which I had required
their responses.
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 willbe
taken over time or on different conditions, usually on small dataset)

41
  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,
sames 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 statisticsare-
- Bar Charts

- Piecharts

- Tables

Bar charts and pie charts are really useful tools for every research to
show the result in a well clear, ease and simple way. Because I used bar
charts and pie cahrtsin 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 any body could know that what is being said.
Technological Tools Ms-Excel
Ms-Access Ms-Word

42
 DATA ANALYSIS AND INTERPETATION

Q1. How do you get know about GST? From:

Table 1:

Particulars No. of Respondent Percentage

Friend/Family 15 15%
Mass Media 50 50%
Online source 20 20%
Other 15 15%
TOTAL 100 100%

How do you get know about GST? From:

60

50

40

30

20

10

0
Friend/Family Mass Media Online source Other

Interpretation: Most of the Client knows about GST From Mass Media.

43
Q2. Gender
Table 2:

Particulars No. of Respondent Percentage

Male 70 70%
Female 30 30%
TOTAL 100 100%

Interpretation: 70% of them are male. 30% of them are female.

44
Q3. Education ?
Table 3

Option No. of Respondents Percentage

SSC 10 10%
HSC 20 20%
Graduate 30 30%
Post-graduate 40 40%
Totals 100 100%

Education

40
35
30
25
20
15
10
5
0
SSC HSC Graduate Post-graduate

Interpretation: From the above diagram it is stated that most of the dealer are
literate.

45
Q4 . Professional status ?
Table 4

Option No. of Respondents Percentage

Student 35 35%
Working Professionals 64 64%
Unemployed 1 1%
Total 100 100%

Professional status

70

60

50

40

30

20

10

0
Student Working Professionals Unemployed

Interpretation: From the above diagram it is stated that most of the persons who have
answered were the constructor

46
Q5. Years of experience ?

Table 5

Option No. of Respondents Percentage

Less than 5 40 40%
5-10 18 18%
10-15 25 25%
More than 15 17 17%
Totals 100 100%

Years of experience ?

40
35
30
25
20
15
10
5
0
Less than 5 05-Oct Oct-15 More than 15

Interpretation: From the above diagram it is stated that most of the constructor where
having less than 5 year of experience and only 17 are been having more than 15 year
of experience

47
Q6. Monthly Income ?
Table 6:

Option No. of Respondents Percentage

Less than 10,000 10 10%
10,000-30,000 61 61%
30,000-50,000 15 15%
50,000 & above 14 14%
Totals 100 100%

Monthly Income ?

70

60

50

40

30

20

10

0
Less than 10,000 10,000-30,000 30,000-50,000 50,000 & above

Interpretation: From the above diagram it is stated that most of the persons who have
answered were the constructor and the most of the constructor were earning 10k-30k
permonth.

48
Q7. Do you agree with the implementation of GST in India?
Table 7:
Particulars No. of Respondent Percentage

Yes 70 70%
No 30 30%
TOTAL 100 100%

Interpretation: Most of the Client agree about the implementation of GST in India.

49
Q8. Does the land acquisition cost get affected ?
Table 8:

Option No. of Respondents Percentage

Strongly Agree 40 40%
Agree 20 20%

Neutral 25 25%

Disagree 10 10%

Strongly Disagree 15 15%

Totals 100 100%

Does the land acquisition cost get affected

?

40
35
30
25
20
15
10
5
0
Strongly Agree Neutral Disagree Strongly
Agree Disagree

Interpretation: From the above diagram it is stated that most of the persons are agreed
that the land acquisition cost has been increased strongly .

50
Q9. Do you think implementing GST will cause higher price of goods &services?
Table 9:

Particulars No. of Respondent Percentage

Yes 80 80%
No 20 20%
TOTAL 100 100%

Interpretation: Most of the Client think that implementing GST will cause higher price
of goods & services.

51
Q10. Do you think all businesses need to be registered under GST?

Table 10:

Particulars No. of Respondent Percentage

Yes 80 80%
No 20 20%
TOTAL 100 100%

GS
T

Yes
No

Interpretation: 80% user think that all businesses need to be registered under GST.

52
 Q11. Whether there is increase in bank loan interest rate ?

Table 11:

Option No. of Respondents Percentage

Strongly Agree 50 50%
Agree 20 20%

Neutral 15 15%

Disagree 10 10%

Strongly Disagree 5 5%

Totals 100 100%

60

50

40
Strongly Agree

30 Agree
Nuetral

20 Disagree
Strongly Disagree
10

0
Strongly Agree Aagree Nuetral Disagree Strongly
Disagree

Interpretation: Most of the constructor were agreed that there is increase in bank loan
interest.

53
Q12. Whether there is improved access to bank loans ?
Table 12:

Option No. of Respondents Percentage

Strongly Agree 50 50%
Agree 10 10%

Neutral 25 25%

Disagree 10 10%

Strongly Disagree 5 5%

Totals 100 100%

50
45
40
35
30
Strongly Agree
25
Agree
20
15 Nuetral
10 Disagree
5 Strongly Disagree
0
Strongly
Agree
Agree Nuetral
Disagree
Strongly
Disagree

Interpretation: Most of the constructor were agreed that there is improved in the
access of bank loan interest.

54
Q13. Which system do you think is more beneficial to both Government and
people?
Table 13:

Particulars No. of Respondent Percentage

Goods & Service Tax 65 65%
OTHER 35 35%
TOTAL 100 100%

Sales

Goods & Service Tax

OTHER

Interpretation: 65% user think that Goods & Service Tax is more beneficial to both
Government and people.

55
Q14. Whether there is increase in construction cost of new residential buildings ?
Table 14:

Option No. of Respondents Percentage

Strongly Agree 40 40%
Agree 20 20%

Neutral 25 25%

Disagree 10 10%

Strongly Disagree 15 15%

Totals 100 100%

INCREASE IN COST
45
40
35
30
Strongly Disagree
25
Disagree
20
Nuetral
15
Agree
10
Strongly Agree
5
0
Strongly Agree Nuetral Disagree Strongly
Agree Disagree

Interpretation: 40% of the constructor are strongly agreed that there is increase in
construction cost due to GST.

56
Q15. Do you think INIDA is ready for implementing GSTsystem?
Table 15

Particulars No. of Respondent Percentage

Yes 75 75%
No 25 25%
TOTAL 100 100%

GST System

Yes
No

Interpretation: 75% user think INIDA is ready for implementing GST system.

57
 FINDINGS OF THE STUDY

Some of the key learning experience es include:

Exposuretoreal- world accounting and finance tasks: I have gained experience

in areas such as auditing, tax preparation, and financial analysis.

Development of technical skills: It developed my technical skills in areas such as

financial reporting, tax compliance, and accounting systems.

Opportunities for professional growth: I have expanded my knowledge and

understanding of the accounting and finance industry through exposure to new and
challenging tasks.

Mentorship: I also have the opportunity to work with experienced professionals

and receive guidance and feedback on my work.

Networking: I medieval able connections with industry professionals and learn

about different career paths within the field of accounting and finance.

Building confidence: By working on real-world tasks, I have gained confidence in

my abilities and develop a sense of pride in my work.

58
 CONCLUSION

A conclusion on an under Jaiswal Yash& Associates internship focused on GST

would typically summarize the main learning experiences and takeaways related to
the field of GST. GST is basically an indirect tax that brings most of the taxes
imposed on most goods and services, on manufacture, sale and consumption of
goods and services, under a single domain at the national level. In the present
system, the taxes are levied separately on goods and services. The GST is a
consolidated tax based on auni form rate of tax fixed for both goods and services
and it is payable at the final point of consumption. At each stage of sale or purchase
In the supply chain, this tax Is collected on value added goods and services, through
a tax credit mechanism, introduction of the Value added Tax (VAT) at the Central
and the State level has been considered to be a major step an important
breakthrough in the sphere of indirect tax reforms in India. If the VAT is a major
improvement over the pre existing Central excise duty at the national level and the
sales tax systemat the State level, then the Goods and Services Tax (GST) will
indeed be a further significant improvement the next logical step towards a
comprehensive indirect tax reforms in the country. Once GST Is Implemented,
most of the current challenges of this move will be a story of the past. India will
become a single market where goods can move freely and there will lesser
compliances to deal with for businesses. The benefits of GST will de finitel you
weighted is advantages of GST. In review this internship has been an excellent and
a rewarding experience. I have been able to meet and network with so many people
and I hope I will be able to help get opportunities in the future.
One main thing that I have learned through this internship is time management
skills as well as self- motivation. When I first started I did not think that I was
going to be able to make myself sit in an office for eight hours a day, five days a
week. Once I realized what I had to do I organized my day and work so that I was
not overlapping or was ting my hours. I learned that I needed to be organized and
have questions ready for when it was the correct time to get feedback. From this
internship and time management I had to learn how to motivate my self through
being in the office for so many hours.

59
 SUGGESTION AND RECOMMENDATIONS

The Recommendations of internships in Goods and Services Tax (GST) and

Income Tax is expansive and promising, considering the dynamic and ever-
evolving nature of tax lawsandregulations. Aseconomiesgrow and tax systems
become more intricate, the demand for skilled professionals in this field is likely to
increase. The following points outline the potential future scope and opportunities
that can arise from internships in GST and Income Tax:
Deepening Understanding of Complex Tax Regimes: The complexity of tax laws,
especially in areas like GST and Income Tax, is unlikely to diminish. Interns who
gain a deep understanding of these areas are well-positioned for future roles that
require expertise in navigating and applying these laws. This include support
unities in tax consultancy, legal tax advisory, and roles in corporate tax
departments.
Increasing Demand for Tax Professionals: As businesses expand and the global
economy becomes more interconnected, the need for knowledgeable tax
professionals who can manage cross-border taxation issues, GST implications, and
income tax planning is on the rise. Interns with hands-on experience in these areas
will be highly sought after in the job market.
Exposure to International Tax Practices: With globalization, there is a growing
intersection between domestic and international tax regulations. Interns in GST and

Income Tax might find opportunities to work on international tax cases, thereby
broadening their professional horizons and understanding of global tax practices.

1. Technology Integration in Taxation: The future of taxation is closely tied to

technology. Interns today a regetting exposed to sophisticated tax software and
analytical tools, which will likely become even more advanced. This exposure
positions them well for future roles where technology plays a key role in tax
compliance and strategy.

2. Specialization Opportunities: As tax laws become more complex, there is a

trend towards specialization. Future professionals might choose to specialize in
areas like indirect taxes, direct taxes, international taxation, transfer pricing, etc.
60
Internship sprov idea solid foundation for such specialization.

3. Role in Policy Formulation: Anin-depth understanding of GST and Income

Tax could open doors to participating in policy formulation and advisory roles.
Governments and policy-making bodies of ten seek professionals with practical
experience and a thorough understanding of these taxes for insights on policy
development.

4. Entrepreneurial Opportunities: For those inclined towards entrepreneurship, an

internship in GST and Income Tax provides the knowledge and skills needed to
start their own tax consultancy or advisory firm. This is an attractive prospect in a
market where businesses constantly seek expert tax advice.

5. Academic and Research Careers: Those interested in the academic side can
leverage their practical experience gained from internship sin further research or
academic pursuits. This can lead to careers in teaching, writing, or in research roles
focusing on tax laws and policies.

6. Enhanced Career Mobility: Experience in GST and Income Tax is valuable

many finance-related roles. This experience enhances career mobility, allowing of
sessional to movein to diverse areas such as financial planning, corporate finance,
and even into broader management roles.

7. Continuous Learning and Professional Development: The field of taxation is

one where continuous learning is essential. Interns starting in this field are likely
to develop a habit of continuous professional development, keeping them relevant
and competitive in their careers.

Inconclusion, internships in GST and Income Tax are not just stepping stones but
foundational experiences that open up a multitude of career paths. From specialized
tax roles, international opportunities, to entrepreneurial ventures, the future scope
in this field is vast and varied. As tax regimes continue to evolve, the skills and
experiences gained during these internships will become increasingly valuable,
making them acritical startingpointforambitious professionals in the field of
taxation.
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 LIMITATIONS OF THE STUDY

Internships in the fields of Goods and Services Tax(GST)and Income Tax offer
invaluable practical experience for aspiring tax professionals. However, they also
present a unique set of challenges. These challenges can range from the complexity
of tax laws to the practical aspects of dealing with clients and data. Understanding
these challenges is crucial for both interns and the organizations that host them, as
it helps in creating a more effective learning environment.

1. Navigating Complex Tax Laws: One of the primary challenges faced by

interns in GST and Income Tax is the complexity of the tax laws themselves. GST,
with its multi- tiered structure, and Income Tax, with its intricate provisions, can be
daunting for interns. The constant updates and amendments in these laws add
another layer of difficulty. Interns of ten find themselves sspendinga signific ant
amount of time just to stay updated and understand the basic framework of these
taxes.

2. Real-world Application vs. Theoretical Knowledge: Interns typically come

with a strong theoretical background but limited practical experience. Thereal-
world application of tax laws can be vastly different from what is taught in
textbooks. Interns must learn to apply their theoretical knowledge to complex, real-
life scenarios, which can be a steep learning curve. This includes understanding
how to interpret the laws in specific contexts and how to apply them in practical
cases.

3. Handling Sensitive Data: Working with sensitive financial data is a significant

responsibility. Interns must be extremely cautious in handling confidential
information related to clients' income and taxes. Any mistake in this regard can
have serious consequences, both for the client and the firm. Learning the protocols
for data handling and maintaining confidentiality is a crucial part of the internship.

4. Client Interaction and Communication Skills: Interns often face challenges

in dealing with clients. This includes understanding their needs, communicating
tax-related information clearly, and managing their expectations. Developing good
communication skills is essential, as interns need to explain complex tax concepts
62
in a simple and understandable manner to clients who may not have a background
in tax.

5. Time Management and Meeting Deadlines: Taxation work is deadline-

driven, especially during tax filing seasons. Interns must learn to manage their
time effectively to handle multiple tasks and meet deadlines. This is often a
challenge for those who are not used to working in a high-pressure environment.

6. Adapting to Professional Environment: For many, an internship in GST and

Income Tax is their first exposure to a professional work environment. Adapting to
this environment, understanding the work culture, and learning professional
etiquette are important challenges that interns face.

7. Keeping Pace with Technology: Taxation increasingly relies on various

software and technological tools for computation, filing, and analys is. Interns must
quickly learn Tous ethese tool sufficiently, which can be challenging for those who
have limited exposure to such technology.

8. Building a Network: Networking is key in the professional world, but many

interns struggle with build in GA professional network. Learning to connect with
colleagues, superiors, and clients in a professional setting is an important skill that
interns often need time to develop.

63
 BIBLIOGRAPHY

https://msme.gov.in/about-us/about-us-ministry
https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx
https://en.wikipedia.org/wiki/Vouching_(financial_auditing)
https://tallysolutions.com/about-tally/
https://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Ac t_1932.pdf

https://en.wikipedia.org/wiki/The_Indian_Partnership_Act,_1932

https://www.gst.gov.in/ https://www.gst.gov.in/about/gst/history
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/benefitschallenges- for-
auto-sector-in-gst-bill/53541153
http://www.abplive.in/auto/gst-bill-how-it-affects-the-autosector-391864

http://www.caclubindia.com/articles/impact-of-gst-onautomobile- dealers-
industry-28910.asp

64
 Appendix
Questionnaire
Q1. How do you get know about GST? From:

Friend/Family

Mass Media

Online source

Other

Q2. Gender

Male

Female

Q3. Education ?

SSC

HSC

Graduate

Post-graduate

Q4 . Professional status?

Student

Working Professionals

Unemployed

Q5. Years of experience?

Less than 5

5-10

10-15

More than 15

65
Q6. Monthly Income ?

Less than 10,000

10,000-30,000

30,000-50,000

50,000 & above

Q7. Do you agree with the implementation of GST in India?

Yes

No

Q8. Does the land acquisition cost get affected ?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

Q9. Do you think implementing GST will cause higher price of goods

&services?

Yes

No

Q10. Do you think all businesses need to be registered under

Yes

No

Q11. Whether there is increase in bank loan interest rate ?

Strongly Agree

Agree

Neutral

66
 Disagree

Strongly Disagree

Q12. Whether there is improved access to bank loans ?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

Q13. Which system do you think is more beneficial to both Governmentand

people?

Goods & Service Tax

Other

Q14. Whether there is increase in construction cost of new residential

buildings?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

Q15. Do you think INIDA is ready for implementing GST system?

Yes

No

67