CHAPTER I
INTRODUCTION
ABOUT INTERNSHIP
An internship is a structured work experience program offered by companies and
organizations to provide students or recent graduates with hands-on exposure to a
professional environment. Typically lasting from a few weeks to several months, internships
serve as an opportunity to bridge the gap between academic learning and practical
application. They allow individuals to gain industry-specific skills, experience workplace
dynamics, and build connections with professionals in the field.
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SOURCE:[Link]
OBJECTIVE OF INTERNSHIP
As a part of the B. Com (Professional Accounting) curriculum at S.D.N.B. Vaishnav College,
we are required to complete a four-week internship program at an organization to gain
practical exposure and hands-on experience. This internship provided me with the
opportunity to acquire in-depth knowledge of tax compliance procedures carried out within a
professional setting. For gaining this empirical experience, I went to VELU ASSOCIATES,
a prominent tax consultancy firm in West Tambaram, Chennai. During my internship, I had
the opportunity to work in the GST department, where I gained a deeper understanding of
the practical processes involved in GST compliance.
DETAILS OF INTERNSHIP
Name of the firm : Velu Associates
Address :21, Rajagopal street, Tambaram West, Tambaram,
Chennai, Tamil Nadu-45.
Position : Intern
Field of Internship : Taxation (GST)
Period of Internship :01-06-2024 to 29-06-2024
Timings :10 AM to 6 PM
Working days : Monday to Saturday
BENEFITS OF INTERNSHIP
Internships provide valuable benefits that significantly impact both personal and professional
growth. Here’s a brief overview of these benefits:
Hands-On Experience and Skill Development: Internships offer practical
experience, allowing candidates to apply and enhance their theoretical knowledge in
real-world settings.
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Exploring Career Paths and Industry Insights: They provide insight into various
career options and industry practices, helping candidates make informed career
decisions.
Networking and Professional Connections: Internships facilitate the development of
professional networks, which can lead to future job opportunities and career
advancement.
Enhanced Soft Skills: Interns gain essential soft skills, including communication,
teamwork, and problem-solving, which are crucial for career success.
Confidence Building: Successfully completing internship tasks helps build self-
confidence and reinforces a candidate's potential in their chosen field
Personal Growth and Professional Development: Internships support goal-setting,
constructive feedback, and self-improvement, fostering ongoing personal and
professional development.
SCOPE OF INTERNSHIP STUDY
During my one-month internship in the GST department, I gained comprehensive exposure
across several key areas of GST:
1. Understanding GST Fundamentals: I learned the core principles and framework of
the Goods and Services Tax, including its structure and objectives within the Indian
taxation system.
2. Handling GST Compliance: I worked on ensuring compliance with GST
regulations, focusing on tasks like registration processes, maintaining documentation,
and meeting return filing deadlines.
3. Filing Returns and Reconciling Data: I contributed to the preparation and
submission of GST returns, and practiced data reconciliation, ensuring that entries
from the purchase register matched with the GSTR 2A report.
4. Involvement in Audit Procedures: I was involved in the GST audit process,
reviewing invoices and records to verify compliance with GST norms.
5. Using GST Software: I became proficient with tools like Tally and Compu Office,
which are essential for GST return filing, data reconciliation, and report generation.
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6. Insights into Sector-Specific GST Management: I observed how GST processes
varied across industries, providing me with a broader perspective on how different
sectors handle their GST responsibilities.
