A

Summer Training Report On

“Basics of Accountant and GST”

AT
RAHEJA AND COMPANY

Submitted in the partial fulfilment of the requirements for the award of the
Degree Master of Business Administration (MBA)
(2020-2022)

Under the guidance of: Submitted By:

MR. VISHAL RAHEJA (CA) SIMRAN
MRS. POOJA RAHEJA (CA) 200101010073
MBA GEN 3rd Sem

Haryana School Of Business

Guru Jambheshwar University of Science & Technology
Hisar (Haryana)

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 SESSION 2020-2022

Internship Certificate

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 PERFACE
Summer training is essential for the fulfillment of MBA curriculum. The
practical knowledge is far different from the bookish knowledge that a student
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achieves in an institution. Theoretical knowledge just provides the base and it’s
not sufficient to produce a good manager that’s why the practical knowledge is
needed.
I have done my project report on the “Basics of Accountant and GST ” .
It is a splendid experience to work Offline with the professionals and get to
know a lot of things. The successful completion of this project was a unique
experience for me and achieved a great knowledge about Accounts and GST .
Therefore, the research product is an essential requirement for the student of
MBA. This research project helps the student to utilize their skill properly. So,
in accordance with the requirement of the MBA .I prepared this report.

SIMRAN
MBA GENERAL
200101010073

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 DECLARATION

I SIMRAN, Roll No.2001010073 a student of MASTERS OF BUSINESS ADMINISTRATION (2020-

2022) Batch at HARYANA SCHOOL OF BUSINESS. GURU JAMBHESHWER UNIVERSITY OF
SCIENCE & TECHNOLOGY HISAR.

HARYANA. I hereby declare that the Summer Training Report entitled "Basics of
ACCOUNTANT AND GST ” ABOUT RAHEJA AND COMPANY ." Is an original work and the
record of authentic work carried out by me during the period from 15th - AUGUST-2021 to
30th - SEPTEMBER- 2020. And has not been submitted to any other university or institute for
the award of any degree/diploma etc.

SIMRAN
MBA GENERAL
200101010073

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 Acknowledgement

This project has been as a part internship required during the completion of PG program. I
was involved with Raheja and Company, Haryana for 45 days and I come across a lot of
people who put in their time and effort toward acclimatizing me to the workings of their
organizations. I express my thanks to my company guide MR. Vishal Raheja(CHARTERD
ACCOUNTANTS) who motivated me in all my efforts.

I would also like to thank DR. VANDANA SINGH GAHLAN for supporting, guiding and
encouraging me during this project. I record my sincere thanks to him with deep gratitude.

I would also like to thanks our director provide me an opportunity to learn outside the
classroom. It was truly wonderful learning experience. Last but not Least, I express my
gratitude to the entire staff of RAHEJA AND COMPANY.

These past 45 DAYS were of almost importance as they added value towards my path of
Knowledge. I would like to end this acknowledgement by thanking the customers and the
people at large with whom I have interacted during the course of my training.

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 TABLE OF CONTENT
Chapter Content Information Page
no.
1 INTRODUCTION
Overview of Industry
• Organization profile
• S.W.O.T Analysis

2 CONCEPTUAL DISCUSSION
• Objective of the study
• Job Description
• Overview of vouching
• Preparation of books on tally
• Overview of tally ERP9
• Overview of GST
3 SKILLS YOU HAVE LEARNT
• Daily activity report
4 Conclusion
5 REFERENCES

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 CHAPTER – 1
INTRODUCTION

1.1. OVERVIEW OF INDUSTRY AS A WHOLE

Organization is working as Chartered Accountants firm under the

rules and regulations and code of ethics designed for CA firms by
ICAI(The Institute of Chartered Accountants of India).
The Institute of Chartered Accountants of India (ICAI or the Institute)
was established as statutory body on July 1 , 1961 under Chartered
Accountants Ordinance , 1961 to regulate the profession of
accountancy in the country.
ICAI is governed by the Council which consists of nineteen members.
Fifteen members are elected from amongst the members for a
period of four years. The remaining four of the council members are
nominated by the Government of India.
These kinds of firm provide different kinds of professional services
like audit, taxation and management consultancy to its clients.
The Chartered Accountancy course is conducted by the institute of
the Institute of Chartered Accountants of India, which has its

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headquarters in New Delhi, 5 regional officers (Calcutta, Kanpur,
Chennai, Mumbai and New Delhi) and 81 branches under these
regional centers.

MISSION & VISION

Mission of ICAI
Is to achieve excellence in professional competence, add value to businesses
and economy, safeguard public interest; ensure ethical practices and good
corporate governance while recognizing the needs of globalization .

Vision of ICAI
The profession of Chartered Accountants in India should be the benchmark of
professional excellence upholding the principles of integrity, transparency and
accountability.

1.2. ORGANISATION PROFILE

About Raheja and Company
Raheja and co. is a leading Chartered accountancy firm. It is rendering
comprehensive professional services which include auditing, Company
Formation in India, Foreign Investment Approvals, Corporate Compliance,
Business Taxation, Accounts Outsourcing, Transfer Pricing.
It is a professionally managed firm. The team consists of distinguished
chartered accountants, corporate financial advisors and tax consultants. The
firm represents a combination of specialized skills, which are geared to offers
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sound financial advice and personalized proactive services. Those associated
with the firm have regular interaction with industry and other professionals
which enables the firm to keep pace with contemporary developments and to
meet the needs of its clients.
Raheja and co. has a clear vision for the future growth and development of
financial markets and services and researches to stay ahead of these trends
and development . Raheja and co. Moulds its operations and areas of
competencies and introduces services so as to assist clients in their business
operations and growth.

RAHEJA AND COMPANY

(CHARTERED ACCOUNTANT)
Membership No: 539625
Email ID: CAVISHALRAHEJA@GMAIL.COM
Website: https://www.rahejaco.com/
Phn No.: 8826130791
Address: 25, near ideal school, Moti Nagar, Hisar Haryana

1.3. S.W.O.T ANALYSIS

(a) Strengths of CA

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 • Highly skilled workforce through successful training and
learning programs. CA, Inc. is investing huge resources in
training and development of its employees resulting in a
workforce that is not only highly skilled but also motivated to
achieve more.
• Strong distribution network – Over the years CA, Inc. has built
a reliable distribution network that can reach majority of its
potential market.
• Highly successful at Go To Market strategies for its products
• Strong Free Cash Flow – CA, Inc. has strong free cash flows that
provide resources in the hand of the company to expand into
new projects.
• Reliable suppliers – It has a strong base of reliable supplier of
raw material thus enabling the company to overcome any
supply chain bottlenecks.

(b) Weakness of CA
• High attrition rate in work force – compare to other
organizations in the industry CA, Inc. Has a higher attrition rate
and have to spend a lot more compare to its competitors on
training and development of its employees.
• Limited success outside core business – Even though CA, Inc. is
one of the leading organizations in its industry it has faced
challenges in moving to other product segments with its
present culture.
• Need more investment in new technologies. Given the scale of
expansion and different geographies the company is planning
to expand into, CA, Inc. needs to put more money in technology
to integrate the processes across the board. Right now, the

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 investment in technologies is not at par with the vision of the
company.
• The profitability ratio and Net Contribution % of CA, Inc. are
below the industry average.

(c) Opportunities for CA

• Government green drive also opens an opportunity for
procurement of CA, Inc. products by the state as well as federal
government contractors.
• Economic uptick and increase in customer spending, after years
of recession and slow growth rate in the industry, is an
opportunity for CA, Inc. to capture new customers and increase
its market share.
• Organization’s core competencies can be a success in similar
other products field. A comparative example could be - GE
healthcare research helped it in developing better Oil drilling
machines.
• Decreasing cost of transportation because of lower shipping
prices can also bring down the cost of CA, Inc.’s products thus
providing an opportunity to the company - either to boost its
profitability or pass on the benefits to the customers to gain
market share.

(d) Threats CA
• Increasing trend toward isolationism in the American economy
can lead to similar reaction from other government thus
negatively impacting the international sales.
• New environment regulations under Paris agreement (2016)
could be a threat to certain existing product categories.

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 • Rising raw material can pose a threat to the CA, Inc.
profitability.
• Imitation of the counterfeit and low-quality product is also a
threat to CA, Inc.’s product especially in the emerging markets
and low-income markets.
• The company can face lawsuits in various markets given -
different laws and continuous fluctuations regarding product
standards in those markets.
• New technologies developed by the competitor or market
disruptor could be a serious threat to the industry in medium to
long term future.

CHAPTER 2
CONCEPTUAL DISCUSSION

2.1 OBJECTIVE OF STUDY

I choose to work with Raheja and co. During this internship I have learnt many
new skills. Before internship I have only theoretical knowledge about work in
organization but now, I have practical some practical experience of working in

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organization ‘s working environment and how organizations work and achieve
their goals and objectives.
This internship has to gives me the understanding of business and also about
the elements of strategic thinking , planning and implementation , and how
these things are applied in a real world organization environment. Following
are the objective that I have in my mind before working as an internee.
• To improve communication skills.
• To analyze the business situation.
• To establish high standard in profession.
• To learn more than the theoretical knowledge.
• To learn book keeping practices of different companies.
• To make quick decision in real situations.
• To learn how to promote and to conduct research in business areas.
• To get knowledge of opportunities and threats while entering into an
organization.
• To know how to present your recommendations in front of your boss.
• Expand networks of professionals relationship & contacts.
• Develop organizational skills to complete the projects in a timely
manner.
• Develop time management skills and the ability to be responsible for
more than one project at a time.

2.2 JOB DESCRIPTION

I have tried my best to enhance my abilities and apply the knowledge
that I gained during the studies. On my first day at firm , company in
–charge MR. VISHAL RAHEJA gave me training session about GST and
basic knowledge about ITR and computerized accounting in tally
software and also shared a practical experience with me and gave

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me some techniques of this process. He also guided me that how to
prepare GST return and filling data in income tax return software.
Different task that I performed during my internship :
• Vouching
• Preparing books of accounts in tally
• Voucher entry
• Preparing data in excel sheet
• Theoretical learning of different type of taxation and GST
• GST return preparation
Software used during internship:
• MS Office
• Tally software (Tally ERP9)
• Compu tax

2.3 Overview of Vouching

The term vouching is the core thing of auditing which refers to
the inspecting of documentary evidence by an auditor to
support and substantiate a transaction. The main objective of
this practice is to establish the authenticity and accuracy of the
transactions that are written in the primary books of account.
Vouching involves verification of a transaction which is
recorded in the books of account by checking it with the
appropriate authority and documentary evidence based on
which they have made the entry. It also involves confirming and
checking whether the amount that has been stated in the
voucher is posted to a right account that would reveal the

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transaction’s nature when it is included in final statements of
accounts.

2.4 Preparation on books of Tally

Following are the books that were made in tally:
➢ VOUCHER ENTRY
Tally provides flexibility to use predefined voucher types , comprising
of accounting and inventory voucher types to record various
business transactions . It also allow you to use keyboard shortcut
keys as well as mouse operations during voucher entry.
To create a new Voucher type,

Go to gateway of Tally >Accounts info >Voucher type > Create

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 • Enter the voucher name
• Specify the type of voucher
• Specify the method of numbering
• Activate or deactivate the other functions as required.

➢ BOOKS AND REGISTERS:

Tally provides you capability to generate various books and registers
for any specfic period viz. Month ,date and year and ass on date . In
tally , once voucher entry is made , the transactions are
automatically & immediately in the day book and other books of
accounts without may additional effort . Tally allows you to maintain
and generate all primary books of accounts and registers like :
• Cash book

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 • Bank book
• Purchase register
• Sales register
• Journal register
• Debit note register
• Credit note register
• General ledger

2.5 Overview of Tally ERP9

➢ Journal Entry
Journal voucher are used to adjust the debit and credit amounts
without involving the cash or bank accounts. Hence they are referred
to as adjustment entries.

➢ Creating a Journal Entry:

Journal entries are usually used for finalization of accounts. To pass
a journal voucher.
Go to gateway of tally > Accounting vouchers
Click on F7 : journal on the button bar or press F7.
For example: there may be entries made for interest acccrued or
interest due . If you have to receive Interest from a party , the same
can be entered using Journal Voucher .
1. Debit the party
2. Credit the interest receivable account

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Special key for voucher narration field :
▪ ALT + R : Recalls the last narration saved for the first ledger in
the voucher , irrespective of the voucher type .
▪ CTRL +R : Recalls the last narration saved for a specific voucher
type , irrespective of the ledger.
Allowing Cash Accounts in Journals :
Journals are adjustment entries , which do not involve cash account
and bank account . However in exceptional cases where the user
would like to accounts Journal entries involving cash bank accounts ,
Tally.ERP9 has the flexibility of passing such entries by enabling the
option under F12 configuration.
• To enable cash accounts in journal voucher,
• Set allow cash accounts in journals to yes in F12: configure
(voucher entry configuration).

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To pass a journal voucher with cash/bank leger,
1. Go to gateway of tally >Accounting Vouchers>Select F7: journal
2. Press the spacebar at the Debit or Credit field.
The journal voucher screen with cash/bank ledger selection will
appear as shown :

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 ➢ Purchase Voucher
The purchase of goods or services from a supplier in the same state
attracts central tax and state tax.
Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

➢ Sales Voucher
Go to Gateway of Tally > Accounting vouchers > F8: sales

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 ➢ Payment Voucher
Payment voucher is used to account all the payments made by the
company by way of Cash/Bank .
Gateway of Tally >Accounting voucher> F5: payment
Transaction : paid salaries of Rs 5000 and Rent of Rs 2000 by cheque
of SBI as on 1-4-2020.

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 ➢ Receipt Voucher
Any money received from debtors against sales invoices or on
account and for all transactions where money is received are entered
into Tally.ERP9 using Receipt Voucher.
• Go to gateway of tally > Accounting Vouchers.
• Select F6: Receipt from the button bar or press F6.
Transactions : A cheque of Rs 5000 towards interest on bank deposit
received in SBI .

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 ➢ Contra Voucher

Go to Gateway of Tally > Accounting Vouchers > Select

F4: Contra
For example, to transfer funds from Cash Account to Bank
Account:
● Debit the Bank Account.
● Credit the Cash Account.

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2.5 Overview of GST

GST is known as the goods and services tax. It is an indirect tax which
has replaced many indirect taxes in India such as the excise duty,
VAT, services tax, etc. The goods and service tax act were passed in
the parliament on 29th march 2017 and came into effect on 1st July
2017.
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Simple basics of GST
▫ GST is a tax on both Goods and Services except for some of the
goods like alcohol for human consumption.
▫ GST is levied at the time of supply.
▫ GST will make sure input credit is available for taxes paid on all
purchases & input services.
▫ Input credit shall only be allowed when your supplier has
deposited the GST, he collected from you.
▫ There shall be a common law , return procedures and
governance for all.

How to Utilize Input Credit Under GST

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Will GST Increase Tax Collection
• Total tax collection in India (direct, indirect), currently stands at
Rs 14.6 lakh crore, of which almost 34 per cent comprises
indirect taxes, with Rs 2.8 lakh crore coming from excise and Rs
2.1 lakh crore from service tax.
• After GST, the percentage of indirect tax is expected to increase
in India. In developing countries, indirect taxes comprise a
higher share of total taxes.
• For example, in Australia, indirect tax contributes just 13
percent of total tax collection.

GST Advantages
• GST eliminates the cascading effect of tax.
• Higher threshold for registration.
• Composition scheme for small businesses.
• Simple and easy online procedure.
• The number of compliances is lesser.
• Defined treatment for E-commerce operators.
• Improved efficiency of logistics.
• Unorganized sector is regulated under GST
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GST Limitations
• GST Scheme has increased the cost of operation.
• Increased tax liability on SMBs.
• Enhance burden of compliance.
• Penalties for non-GST-compliant firms

Monthly GST Return Filling Process (Simplified)

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 CHAPTER 3
SKILLS YOU HAVE LEARNT

Daily Activity Report

DATE LIST OF ACTIVITIES FOR THE MY LEARNING FOR THE
DAY DAY
16-8-2021 Information about work Learn about company profile
17-8-2021 Information about the software Learn about how to work
to 23-8-
2021
24-8-2021 Information of GST Know about GST work
to 26-8-
2021
27-8-2021 How to fill GST Return Learn about how to fill a
to 6-9-2021 return

7-9-2021 to Information of Tally software Learn about how to work

15-9-2021
16-9-2021 How to work tally software Learn about and make entry
to 24-9- of tally
2021
25-9-2021 Create GST No. Learn info about GST
to 30 -9-
2021
11-10-2021 Collecting training certificate Feedback from CA VISHAL
RAHEJA

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 CONCLUSION
• Raheja and company is overall one of the profit making
and reputed firm of earth. The organization since its
very first day is devoted to providing quality services .
The detailed and through review of work and clients ‘
trust shows the perfection with which it is working.

• At the end of this study, we can say that given the rising
standards of Indian individual and upward economy of
the country, prudent tax planning before-hand is must
for all the citizens to make the most of their incomes.
However,the mix of tax saving instruments, planning
horizon would depend on an individual’s total taxable
income and age in the particular financial year.

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 REFERENCES
BOOKS
• GST Ready Reckoner (8th Edition, October 2018)
• GST Manual with GST Law Guide & GST Practice
Reference (Set of 2 Volumes) (10th Edition, October
2018)

WEBSITE
• Best GST Software for Return Filing & Billing in India -
Try Free Demo (cleartax.in)
• https://www.computaxonline.com/default.htm
• Goods & Service Tax, CBIC, Government of India :: Home
(cbic-gst.gov.in)
• What is Tally ERP 9 & How to use it | Tally Solutions

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