INTERNSHIP REPORT

on

Goods and Service

Tax BY

SATYA PRAKASH RAI

20B842157

Submitted to

DEPARTMENT OF MANAGEMENT STUDIES

DR. SHYAMA PRASAD MUKHERJEE
UNIVERSITY, MORABADI, RANCHI,
JHARKHAND PIN CODE - 834008

In partial fulfillment of the requirements for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

Under the guidance of

Assistant Professor

2020 - 2023

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2
 CERTIFICATE
This is to certify that the project entitled " Goods and Service Tax " has been
submitted by SATYA PRAKASH RAI of BBA-FINANCE session 2020-2023,
semester IV, Exam Roll No. 20B842157 in partial fulfillment of the requirement
for the award of BACHELOR IN BUSINESS ADMINISTRATION from School
Of Management Studies, DR. SHYAMA PRASAD MUKHERJEE
UNIVERSITY, RANCHI. This is my original work and not used anywhere for
award of any degree.

Dr. Ashok Kumar Nag Mr. Vikash Sharma

Director (Project Supervisor)

Dept. of BBA(School of Management Studies)

Dr. Shyama Prasad Mukherjee University, Ranchi.

EXAMINER I EXAMINER II

Date:

Place:
3
 DECLARATION

I, SATYA PRAKASH RAI, hereby declare that The internship report on “GOODS AND
SERVICE TAX” with reference to “JAIN GULATI & CO” prepared by me under the guidance
of Mr. VIKSH SHARMA, faculty of B.B.A Department, Dr. Shyama Prasad Mukherjee
University.

I also declare that this internship report is towards the partial fulfillment of the university
regulations for the award of the degree of Bachelor of Business Administration.

I have undergone an industry internship for a period of Six weeks. I further declare that this
report is based on the original study undertaken by me and has not been submitted for the award
of a degree/diploma from any other University / Institution.

Signature of Student

Date:

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 ACKNOWLEDGEMENT

The successful completion of the internship would not have been possible without
the guidance and support of many people. I express my sincere gratitude to Mr.
MAYANK JAIN, CHARTERED ACCOUNTANT, JAIN GULATI & CO,
Ranchi, for allowing to do my internship at JAIN GULATI & CO.

I thank the staff of JAIN GULATI & CO, Ranchi for their support and guidance
and helping me in completion of the report.

I am thankful to my internal guide Mr. Vikash Sharma, for his constant support
and inspiration throughout the project and invaluable suggestions, guidance and
also for providing valuable information.

Finally, I express my gratitude towards my parents and family for their continuous
support during the study.

SATYA PRAKASH RAI

20B842157

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 TABLE OF CONTENTS

SL. NUMBER CONTENTS PAGE NUMBERS

1 Executive Summary 7-16

2 Theoretical Background Of The Study 17-50

3 Industry Profile &Company Profile 51-57

4 Application Of Theoretical Framework 58-60

5 Financial Statements And Reports 61-65

Learning Experience- Findings,

6 66-69
Suggestions And Conclusion

7 Bibliography 70

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 Chapter – 1

GOODS AND SERVICE TAX

TAX

Tax in general is the imposition of financial charges upon an individual or a company by

the Government of India or their respective state or similar other functional equivalents in
a state. The computation and imposition of the varied taxes prevalent in the country are
carried on by the Ministry of Finance’s Department of Revenue. The Central Board of
Direct Taxes (CBDT) has collected Rs 1,117,416.5 crore (11.17 lakh crore) in total direct
taxes in FY 2018-19.

GST – Goods and Service Tax

GST is considered as an indirect tax for the whole nation that would make India one
unified common market. It is a tax which is imposed on the sale, manufacturing and the
usage of the goods and services. It is a single tax that is imposed on the supply of the
goods and services, right from the manufacturer to the customer. The credits of the input
taxes that are paid at each stage will be available in the subsequent stage of value addition
which makes GST essentially a tax only on the value addition on each stage. The final
consumers will bear only the tax charged by the last dealer in the supply chain with the set
of benefits that are at all the previous stages.

It is charged at the national and state level at similar rates for the same products and it
also replaces almost all the current indirect taxes that are imposed separately by the

7
Centre and the States. Goods & Services Tax is a destination based tax which means that
the tax is paid at the place of supply.

There are 3 types of GST

 CGST- Central Goods and service tax

 SGST- State Goods and service tax
 IGST- Integrated Goods and service tax

Why GST has been proposed?

Our Constitution empowers the Central Government to levy excise duty on

manufacturing and service tax on the supply of services. Further, it empowers the State
Governments to levy sales tax or value added tax (VAT) on the sale of goods. This
exclusive division of fiscal powers has led to a multiplicity of indirect taxes in the
country. In addition, central sales tax (CST) is levied on inter- State sale of goods by
the Central Government, but collected and retained by the exporting States. Further,
many States levy an entry tax on the entry of goods in local areas.

This multiplicity of taxes at the State and Central levels has resulted in a complex indirect
tax structure in the country that is ridden with hidden costs for the trade and industry. In
order to simplify and rationalize indirect tax structures, Government of India attempted
various tax policy reforms at different points of time. A system of VAT on services at the
central government level was introduced in 2002. The states collect taxes through state
sales tax VAT, introduced in 2005, levied on intra-state trade and the CST on inter-state
trade. Despite all the various changes the overall taxation system continues to be complex
and has various exemptions.

8
This led to the idea of "One nation One Tax" and introduction of GST in Indian financial
system. This is simply very similar to VAT which is at present applicable in most of the
states and can be termed as National level VAT on Goods and Services with only one
difference that in this system not only goods but also services are involved and the rate
of tax on goods and services are generally the same.

Different types of taxes

Prevalence of various kinds of taxes is found in India. Taxes in India can be either
direct or indirect. However, the types of taxes even depend on whether a particular tax
is being levied by the central or the state government or any other municipalities.

9
In the earlier indirect tax rule, there were many indirect taxes levied by both state and
centre. States mainly collected taxes in the form of Value Added Tax (VAT). Every state
had a different set of rules and regulations. Interstate sale of goods was taxed by the
Centre. CST (Central State Tax) was applicable in case of interstate sale of goods. Other
than above there were many indirect taxes like entertainment tax, octroi and local tax that
was levied by state and centre. This led to a lot of overlapping of taxes levied by both
state and centre.

For example, when goods were manufactured and sold, excise duty was charged by
the centre. Over and above Excise Duty, VAT was also charged by the State. This lead
to a tax on tax also known as the cascading effect of taxes.

The following is the list of indirect taxes in the pre-GST rule:

 Central Excise Duty

 Duties of Excise
 Additional Duties of Excise
 Additional Duties of Customs
 Special Additional Duty of Customs
 Cess
 State VAT
 Central Sales Tax
 Purchase Tax
 Luxury Tax
 Entertainment Tax
 Entry Tax

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  Taxes on advertisements
 Taxes on lotteries, betting, and gambling

CGST, SGST, and IGST has replaced all the above taxes. However, the chargeability
of CST 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) Motor spirit (commonly known as petrol);
(iv) Natural gas;
(v) Aviation turbine fuel; and
(vi) Alcoholic liquor for human consumption. in respect of following transactions only:

 Resale
 Use in manufacturing or processing
 Use in the telecommunication network or in mining or in the generation or
distribution of electricity or any other power.

Objectives of GST

 To concentrate and conform One Country – One Tax.

 To ensure consumption based tax instead of Manufacturing.
 To ensure Uniform GST Registration, payment and Input tax Credit.
 To eliminate the cascading effect of Indirect taxes on single transaction.
 To ensure the subsume all indirect taxes at Centre 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.
11
  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,
but yes GST is much needed in the countries where, it lacks transparency and
complex taxation system. GST will take away cascading effect of various 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 off.

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, it
is clearly mentioned in Section 8 of the GST Act that 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.

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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:

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Consider that a businessman Ramesh from Karnataka had sold goods to Anil from Kerala
worth Rs. 1,00,000. The GST rate is 18% comprised of 18% IGST. In such case, the
dealer has to charge Rs. 18,000 as IGST. This IGST will go to the Centre.

Why the split into SGST, CGST, and IGST?

India is a federal country where both the Centre and the States have been assigned the
powers to levy and collect taxes. Both the Governments have distinct responsibilities to
perform, as per the Constitution, for which they need to raise tax revenue.

The Centre and States are simultaneously levying GST.

The three types tax structure is implemented to help taxpayers take the credit against each
other, thus ensuring “One Nation, One Tax”.

New
Transactions system Old system
THE CETRAL AND THE
SERVICE TAX / STATE WILL SHARE
DOMESTIC SGST + CENTRAL THE REVENUE B/W
TRANSACTION CGST EXCISE + VAT THEM EQUALLY
CENTRAL BASED ON THE
SALES TAX + DESTINATION
STATE TO STATE EXCISE/ CENTRALWILL SHARE
TRANSACTION IGST SERVICE TAX THE REVENUE.

14
For example:

Interstate sale in this two tax are involved. One is the CGST and another SGST is to be
levied. Within the state deal is to be payable to incorporate Goods and service.

As I said before the meaning of GST – “GST is a comprehensive, multi-stage,

destination-based tax that will be levied on every value addition.” Let we try to
understand that means.

Benefits of GST

To Trade:

1. Reduction in multiplicity of taxes.

2. Mitigation of cascading / double taxation.

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 3. More efficient neutralization of taxes especially for exports.
4. Development of common national market.
5. Simple tax regime –
a) Fewer rates and exemptions.

b) Distinction between Goods and Services no longer required.

To Consumers:

1. Simpler Tax system

2. Reduction in prices of goods and services due to elimination of cascading.
3. Uniform prices throughout the country.
4. Transparency in taxation system. Increase in employment opportunities.

Taxes which are not to be subsumed

GST may not subsume the following taxes within its ambit:

1. Basic Custom Duty: These are protective duties levied at the time of Import
of goods into India.
2. Export Duty: This duty is imposed at the time of export of certain goods which
are not available in India in abundance.
3. Road and Passenger Tax: These are in the nature of fees and not in the nature
of taxes on goods and services.
4. Toll tax: these are in the nature of user fees and not in the nature of taxes on goods
and services.

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 Chapter – 2

History and Background

The GST journey began in the year 2000 when a committee was set up to draft law. It
took 17 years from then for the Law to evolve. In 2017 the GST Bill was passed in
the Loksabha and RajyaSabha On 1st July 2017 the GST Law came into force.

Bringing together 35 diverse stakeholders to nurture and roll out an indirect tax
transformation is the hallmark of Goods and Services Tax (GST) introduction. It has had
its share of relentless efforts over several years, to bring all states and union territories in
sync. As we complete one year of the GST, it would be worthwhile to look back to see
how the journey has been so far.

The key principles adopted for designing GST were - Widening of the tax base,
elimination of the cascading effect, transparency and simplicity, and automation of
compliance.

It has taken over six decades to build the existing tax base, and only six months to
amplify it. This is a significant feat, enabling wider coverage, more transparency and
robust tax collections. As a matter of fact, it is also improving direct tax collections as a
consequence.

Mitigation of the cascading impact has resulted in an increase of Indian competitiveness

in the global market. Businesses now recover much larger tax credits than before.

Additionally, the anti-profiteering provisions served as a check on any potential

inflationary impact. With the exception of petroleum products, the government seems
to

17
have firmly held the reins on the inflation rates post GST. This marks an exception
from the general global experience of price rise post VAT/ GST.

Bills Passed For The Implementation Of GST Regime:

1) The Central Goods and Services Tax Bill 2017 (The CGST Bill)
2) The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)
3) The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)
4) The Goods and Services Tax (Compensation to the States) Bill 2017
(The Compensation Bill)
 The CGST Bill makes provisions for levy and collection of tax on intra-state
supply of goods or services or both by the Central Government.

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  IGST Bill makes provisions for levy and collection of tax on inter-state supply
of goods or services or both by the Central Government.
 The UTGST Bill makes provisions for levy on collection of tax on intra-UT
supply of goods and services in the Union Territories without legislature. Union
Territory GST is akin to States Goods and Services Tax (SGST) which shall be
levied and collected by the States/Union Territories on intra- state supply of goods
or services or both.

 The Compensation Bill provides for compensation to the states for loss of
revenue arising on account of implementation of the goods and services tax for a
period of five years as per section 18 of the Constitution (One Hundred and First
Amendment) Act, 2016.

Various Tax Rates imposed by GST

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5%  Household necessities such as edible oil, sugar, spices, tea, and coffee
(except instant) are included. Coal ,Mishti/Mithai (Indian Sweets) and
Life-saving drugs are also covered under this GST slab
 Cashew nuts/cashew nuts in shell
 Ice and snow
 Bio gas
 Insulin
 Aggarbatti
 Kites
 Coir mats, matting and floor covering
 Pawan Chakki that is Wind-based Atta Chakki
 Postage or revenue stamps, stamp-postmarks, first-day covers, etc.
 Numismatic coins
 Braille paper, braille typewriters, braille watches, hearing aids and
other appliances to compensate for a defect or disability
 Fly-ash blocks
 Walking sticks
 Natural cork
 Marble rubble

12%  Preparations of vegetables, fruits, nuts or other parts of plants,

including pickle, murabba, chutney, jam, jelly
 Ketchups, sauces and mustard sauce but excluding curry
paste, mayonnaise and salad dressings, mixed condiments and
mixed dressings
 Bari made of pulses including mungodi
 Menthol and menthol crystals, peppermint, fractionated/de-terpenated
mentha oil, dementholised oil, Mentha piperita oil and spearmint oil
 All diagnostic kits and reagents
 Plastic beads
 Exercise books and note books
 Glasses for corrective spectacles and flint buttons

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  Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs
 Fixed Speed Diesel Engines
 Two-way radio (Walkie talkie) used by defence, police and
paramilitary forces etc.
 Intraocular lens
 Corrective spectacles
 Playing cards, chess board, carom board and other board games,
like ludo, etc.
 Debagged/roughly squared cork
 Items manufactured from natural cork
 Agglomerated cork

 Hair oil, toothpaste and soaps, capital goods and industrial

18% intermediariesKajal pencil sticks
 Dental wax
 Plastic Tarpaulin
 School satchels and bags other than of leather or composition leather;
toilet cases, Hand bags and shopping bags of artificial plastic material,
cotton or jute; Handbags of other materials excluding wicker work or
basket work
 Headgear and parts thereof
 Precast Concrete Pipes
 Salt Glazed Stone Ware Pipes
 Aluminium foil
 All goods, including hooks and eyes
 Rear Tractor tyres and rear tractor tyre tubes
 Rear Tractor wheel rim, tractor centre housing, tractor housing
transmission, tractor support front axle

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  Weighing Machinery other than electric or electronic weighing
machinery
 Printers other than multifunction printers
 Ball bearing, Roller Bearings, Parts & related accessories
 Transformers Industrial Electronics
 Electrical Transformer
 Static Converters (UPS)
 CCTV including CCTV with video recorders
 Set top Box for TV
 Computer monitors not exceeding 17 inches
 Electrical Filaments or discharge lamps
 Winding Wires, Coaxial cables and Optical Fiber
 Perforating or stapling machines (staplers), pencil sharpening machines
 Baby carriages
 Instruments for measuring length, for use in the hand (for
example, measuring rods and tapes, micrometers, callipers)
 Bamboo furniture
 Swimming pools and paddling pools
 Televisions/Monitors (upto 32 inches)
 Power banks powered by Lithium-ion batteries
 Sports goods, games consoles and related items with HS code 9504
 All items with HS code 8483 including gear boxes, transmission cranks
and pulleys
 Used or retreaded pneumatic rubber tires
.
Luxury items such as small cars , consumer durables like AC and Refrigerators,
28% premium cars, cigarettes and aerated drinks , High-end motorcycles are
included.

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Some industries and products were exempted by the government and remain untaxed
under GST, such as dairy products, products of milling industries, fresh vegetables
& fruits, meat products, and other groceries and necessities.

Checkposts across the country were abolished ensuring free and fast movement of goods.

The Central Government had proposed to insulate the revenues of the States from the
impact of GST, with the expectation that in due course, GST will be levied on petroleum
and petroleum products. The central government had assured states of compensation for
any revenue loss incurred by them from the date of GST for a period of five years.

Registration under GST

Background

Model GST law provides for registration of various persons in different situations. This
article aims at enlightening readers about the persons who are required to take
registration and other provisions related to registrations.

Threshold Limit

In order to provide relaxation to small supplies it is provided that every supplies shall be
liable to be registered under this act in the State form where it makes a taxable supply of
goods and services if its aggregate turnover in a financial year exceeds Rs. 9 lakhs .
However, this limit is Rs. 4 lakhs for the persons conducting business in NE states
including Sikkim.

Here, aggregate turnover means the aggregate value of all taxable and non-taxable
supplies, exempt supplies and exports of goods and/ or services of a person having the
same PAN, to be computed on all India basis and excludes taxes, if any, charged under
23
the CGST Act, SGST Act and the IGST Act, as the case may be. But aggregate
turnover does not include the value of supplies on which tax is levied on reverse charge
basis and the value of inward supplies.

Person requiring Registration

Following are the persons required to take registrations under this act –

a) Persons making inter-state supply, irrespective of any threshold limit.

b) Casual taxable persons, irrespective of the threshold specified.

c) Persons who are required to pay tax under reverse charge

d) Non- resident taxable persons

e) Persons who are required to deduct tax under section 37 (TDS)

f) Agents

g) Input service distributors

h) Supply of goods or services through electronic commerce operator, other than

branded services

i) Every electronic commerce operator

j) Aggregators who supplies service under his brand name or his trade name

k) Suppliers liable to be registered where it makes a taxable supply of goods of services if

its aggregate turnover in a financial year exceeds Rs 9 lakhs

l) Transferee in case where business is transferred.

m) Businesses with turnover above the threshold limit of Rs. 40 lakhs* (Rs.
10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

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Documents Required for GST Registration

 PAN of the Applicant.

 Aadhaar Card.
 Proof of business registration or Incorporation certificate.
 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.

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 opted by any taxpayer whose turnover is less than Rs. 1.0 crore*.

*CBIC has notified the increase to the threshold limit from Rs 1.0 Crore to Rs.
1.5 Crores.

Who can opt for Composition Scheme

A taxpayer whose turnover is below Rs 1.0 crore* can opt for Composition Scheme. In
case 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 also supply 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 into
consideration to calculate turnover.

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Who cannot opt for Composition Scheme
The following people cannot opt for the scheme-

 Manufacturer of ice cream, pan masala, or tobacco

 A person making inter-state supplies
 A casual taxable person or a non-resident taxable person
 Businesses which supply goods through an e-commerce operator

What are the conditions for availing Composition Scheme?

The following conditions must be satisfied in order to opt for composition scheme:

 No Input Tax Credit can be claimed by a dealer opting for composition scheme
 The dealer cannot 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’ on every
bill of supply issued by him.

As per the CGST (Amendment) Act, 2018, a manufacturer or trader can now also supply
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.

26
How can a taxpayer 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 into the GST Portal.

This intimation should be given at the beginning of every Financial Year by a dealer
wanting to opt for Composition Scheme.

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.

What are the GST rates for a composition dealer?

Following chart explains the rate of tax on turnover applicable for composition dealers :

27
How should GST payment be made by a composition dealer?
GST Payment has to be made out of pocket for the supplies made.

The GST payment to be made by a composition dealer comprises of the following:

 GST on supplies made.

 Tax on reverse charge
 Tax on purchase from an unregistered 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*.

What are the advantages of Composition Scheme?

The following are the advantages of registering under composition scheme:

 Lesser compliance (returns, maintaining books of record, issuance of invoices)

 Limited tax liability
 High liquidity as taxes are at a lower rate

28
What are the disadvantages of Composition Scheme?
Let us now see the disadvantages of registering under GST composition scheme:

 A limited territory of business. The dealer is barred from carrying out inter-state
transactions
 No Input Tax Credit available to composition dealers
 The taxpayer will not be eligible to supply exempt goods or goods through an e-
commerce portal.

Input Tax Credit

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

Here’s how-

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 mechanism is called utilization of
input tax credit.

For example- you are a manufacturer: a. Tax payable on output (FINAL PRODUCT) is
Rs 450 b. Tax paid on input (PURCHASES) is Rs 300 c. You can claim INPUT CREDIT
of Rs 300 and you only need to deposit Rs 150 in taxes.

29
Who can claim ITC?

ITC can be claimed by a person 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. Returns have been filed.

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

e. When goods are 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

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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.

How to claim ITC?

All regular taxpayers must report the amount of input tax credit(ITC) in their monthly
GST returns of Form GSTR-3B. The table 4 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:

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Reversal of Input Tax Credit

ITC can be availed only on goods and services for business purposes. If they are used 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-payment of invoices in 180 days– ITC will be reversed for invoices which
were not paid within 180 days of issue.

2) Credit note issued to ISD by seller– This is for ISD. If a credit note was issued 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. ITC used in the portion of input goods/services used for the
personal purpose must be reversed proportionately.

4) Capital goods partly for business and partly for exempted supplies or
for personal use – 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 inputs of exempted/non-business purpose is more than the ITC
actually reversed during the year then the difference amount will be added to output
liability. Interest will be applicable.

The details of reversal of ITC will be furnished in GSTR-3B. To find out more about the
segregation of ITC into business and personal use and subsequent calculations, please
visit our article.

32
Special cases of ITC

 ITC for Capital Goods.

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

Stages of GST

There are multiple change-of-hands an item goes through along its supply chain: from
manufacture to final sale to the consumer.

Let us consider the following case:

1. Purchase of raw materials.

2. Production or manufacture.
3. Warehousing of finished goods.
4. Sale to wholesaler.
5. Sale of the product to the retailer.
6. Sale to the end consumer.

Goods and Service Tax is levied on each of these stages which makes it is multi stage tax.

33
Important Aspects of GST

1. Levy of GST: The center will levy Central GST (CGST) and the states will levy State
GST (SGST) on the supply of goods and services within a state. The center will levy
IGST in the case of (i) inter- state supply of goods and services, (ii) imports and exports,
and (iii) supplies to and from special economic zones.

2 .Exemptions from GST: The Centre Exempt certain goods and services from the
purview of GST through a notification. This will be based on recommendations of the
GST Council.

3. Turnover limit under GST and tax right over low turnover entities: GST is
applied when turnover of the business exceeds Rs 40lakhs per year (Limit is Rs 10lakhs
for the North-Eastern States). Traders who would like to get input tax credit should
make a voluntary registration even if their sales are below Rs 40 lakh per year. Traders
supplying goods to other states have to register under GST, even if their sale is less than
Rs 40 lakh. There is a composition scheme for selected group of tax payers whose
turnover is up to Rs 1.5 crore ayear. ( Rs. 75 Lakhs for North eastern States)

4. The four-tier rate structure: The GST proposes a four-tier rate structure. The tax
slabs are fixed at 5%, 12%, 18% and 28% besides the 0% tax on essentials. Gold is
taxed at 3%. The center has strictly demanded and got an additional cess on demerit
luxury goods that comes under the high 28% tax. Essential commodities like food items
are exempted from taxes under GST.Other consumer goods which are common items will be
taxed at 5%. GST seems to have two standard rates – 12% and 18%. GST rate structure for
the goods and services are fixed by considering different factors including
luxury/necessity nature.
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5. Tax revenue appropriation between the center and states: The center and states
will share GST tax revenues at 50:50 ratio(except the IGST). This means that if a service
is taxed at 18%, 9% will go to the center and 9% will go to the concerned state.

6. Taxable amount (value of supply): The GST levied on the supply of goods and
services, whose value will include: (i) price paid on the supply, (ii) taxes and duties
levied under other tax laws, (iii) interest, late fee, penalties for delayed payments, among
others.

7. Refunds and welfare fund: Any taxpayer may apply for refund of taxes in cases
including: (i) payment of excess taxes, or (ii) unutilised input tax credit. The refund may be
credited to the taxpayer, or to a Consumer Welfare Fund under certain circumstances.

8. Returns: Every taxpayer should self-assess and file tax returns on a monthly basis
by submitting:

(i) details of supplies provided, (ii) details of supplies received, and (iii) payment of tax.
In addition to the monthly returns, an annual return will have to be filed by each taxpayer.

9. Apportionment of IGST revenue: The IGST collected will be apportioned between

the center and the state where the goods or services are consumed. The revenue will be
apportioned to the center at the CGST rate, and the remaining amount will be
apportioned to the consuming state.

35
10. Dual Tax Structure:Centre and State both will levy tax on every transaction related
to supply of goods/ services.Tax to be levied by Centre and States to be called Centre
GST (‘CGST’) and State GST (‘SGST’).

11. Supply without consideration:

 Supply between two distinct establishments of same legal entity taxable

even without consideration.
 Supply of goods between agent and principal taxable
 ‘Gifts‘ by employer and employee for an amount exceeding INR 50,000 taxable

12. Imports/Exports:

 Imports will be treated as inter - state supplies and would attract IGST, apart from
BCD on goods.
 Exports to be zero rated.

13. Exemptions / Concessions:

 Exemption to various goods and services.

 Existing incentive schemes to be converted to ‘reimbursement route’.
 Certain petro products though in GST, would continue to attract present taxes.
GST to be activated at a later date.

14. Compliance/ Tax Administration:

 Online system for tax compliances

 GST Facilitation centers, GSPs, ASPs to assist tax payers for tax filings
registrations etc.

36
Key Features of GST

1. GST would be applicable on “supply” of goods or services as against the

present concept of tax on the manufacture of goods or on sale of goods or on
provision of services.

2. GST would be based on the principle of destination based consumption taxation

as against the present principle of origin based taxation.

3. GST on five specified petroleum products ( Crude, Petrol, Diesel, ATF & Natural gas)
would be applicable from a date to be recommended by the GSTC.

4. Electronic filing of returns by different class of persons at different cutoff dates.

5. Elaborate transactional provisions have been provide for smooth transition of existing
taxpayers to GST regime.

6. CGST, IGST and SGST/UTGST are levied at rates that are mutually accepted by
the states and centre.

37
GST will replace the Central Taxes mentioned below:

 Duties of Excise (medicinal and toilet needs)

 Central Excise Duty
 Additional Duties of Excise (Goods of Special Importance)
 Additional Duties of Customs (CVD)
 Service Tax
 Special Additional Duty of Customs (SAD)
 Additional Duties of Excise (Textiles and Textile Products)
 Cess and Surcharges
 GST will subsume the following state taxes:
 Central Sales Tax
 Entry Tax
 State VAT
 Luxury Tax
 Purchase Tax
 Entertainment Tax, except that levied by local entities
 Taxes on lotteries and gambling
 Taxes on advertisements
 State cesses and surcharges

38
Drawbacks of GST:

1. According to the experts, terms such as GST which includes CGST, SGST, and IGST
is nothing but just a new name in accordance with the existing tax systems. Kind of old
wine in a new bottle.

2. The Service Tax which stood at 15% in the previous regime has now been replaced
with GST at 18%. As such many services have become costlier with telecom, airline
and banking affected majorly. In fact, insurance and petroleum are also said to be
majorly affected by the enactment of GST Tax.

3. The GST Act has given the control of businesses to Central and State
Governments with businessmen binding by-laws. This has given rise to complexity
for many businessmen across the nation.

39
4. Post GST implementation, the first few instances of application have resulted in high
tax outgo for businesses. Businesses are trying to claim the credit of input tax but several
cases of mismatch of data are coming up. As a result, there is chaos among the tax
filers.

5. The opposition has called it as a Disability Tax as many of the things related to
disabled people which were earlier tax-free are now included in GST taxation. Prior to
implementation of GST, brail paper, typewriter, hearing aid and motorised wheelchair
were tax-free whereas these things are being taxed now. The opposition has made pleas
to roll back the tax on such items.

6. On one end, the government is trying to give a push to banking services and
insurance in India and on the other end, the government has decided to tax banking and
insurance service at higher rates when compared to the previous rates.

7. GST has also had an impact on discount and reward programs as well. The product
is being taxed on the rates pre-discount whereas the products were earlier taxed at
post discount prices. Most of the companies have also suspended reward programs for
temporary basis because of complexities of GST.

8. The government has chosen a mid-year launch for GST and this will lead to problems
in taxation and reporting during the end of the financial year. Ideally, the government
should have launched GST at end of financial year as this would have avoided a lot of
confusion during taxation and reporting.

40
9. As per GST, the seller requires registering in all the states that it does business in and
it has increased the complexity for the seller. The government should have created a
provision for centralised registration of State GST as this would have helped many
sellers during the rollout.

Impacts of GST on Common Man

The GST transition has been smooth. The big question is how GST will impact a
common man’s budget.GST is stated to be one of the biggest tax reforms in India, which
would not only impact the business but also common man. The primary impact to be felt
by the consumers would change in prices of goods and services on account of GST rates.
In terms of impact in prices, while services would mostly be more expensive in the initial
phases, impact on prices of goods could be a mixed bag. In the long run, once the
benefits of GST are expected to kick in in terms of higher input credits and reduction in
cascading effect, it is anticipated that the inflationary effect will come down and prices,
in general, would come down and stabilize.

In services, the tax rate has increased from 15% to 18%. The 3% increase could
potentially mean an increase in the price of services by 3% for the common man, in
the short run.

41
42
Types of GST Returns

1. 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 tax period,
and also for reporting debit and credit notes issued. Any amendments to sales invoices
made, even pertaining to previous tax periods, should be reported in the GSTR-1 return.

GSTR-1 is to be filed by all normal taxpayers who are registered under GST. It is to
be filed 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.

2. 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 in their GSTR-1 return. GSTR-2A is a read-only
return and no action can be taken.

3. GSTR-2

GSTR-2 is the return for reporting the inward supplies of goods and services i.e. the
purchases made during a tax period. The details in 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.

4. GSTR-3

GSTR-3 is a monthly summary return for furnishing summarized details of all outward
supplies made, inward supplies received and input tax credit claimed, along with
43
details

44
of the tax liability and taxes paid. This return is auto-generated on the basis of the GSTR-
1 and GSTR-2 returns filed.

GSTR-3 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.

5. 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-3B is to be filed by all normal taxpayers registered under GST.

6. GSTR-4 / CMP-08

GSTR-4 is the return that was to be filed by taxpayers who have opted for the
Composition Scheme under GST. CMP-08 is the return which has replaced the now
erstwhile GSTR-4. The Composition Scheme is a scheme 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.

The CMP-08 return is to be filed on a quarterly basis.

7. 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.

The GSTR-5 return is to be filed monthly for each month that the taxpayer is registered
under GST in India.

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8. 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.

9. GSTR-7

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

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

10. 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 all
supplies made through the E-commerce platform, and the TCS collected on the same.

The GSTR-8 return is to be filed on a monthly basis.

11. GSTR-9

GSTR-9 is the annual return to be filed by taxpayers registered under GST. It will contain
details of all outward supplies made, inward supplies received during the relevant
previous year under different tax heads i.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.

46
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.

*The 37th GST Council meeting took the decision to make GSTR-9 filing optional for
businesses with turnover up to Rs.2 crore in FY 17-18 and FY 18-19.

12. GSTR-9A

GSTR-9A is the annual return to be filed by taxpayers who have registered under the
Composition Scheme in a financial year*. It is a consolidation of all the quarterly
returns filed during that financial year.

*GSTR-9A filing for Composition taxpayers has been waived off for FY 2017-18 and FY
2018-19 as per the decision taken in the 27th GST Council meeting.

13. 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 lauda financial year. The registered
madarchod 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 bhenchod 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-9C
forms being filed.

14. 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, whichever is earlier.

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15. 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 a refund under 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-11
will contain details of inward supplies received and refund claimed.

Due Dates of filing GST Returns

48
49
50
Late filing of GST Returns

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

must file a Nil return.
 You cannot file a return if you do not file previous month/quarter’s return.
 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 in the liability ledger of GSTR-3B
filed immediately after such delay.
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 time of payment. 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 &
100 under SGST. Total will be Rs. 200/day. The maximum is Rs. 5,000. There
is no late fee on IGST.

51
 Chapter 03

Company Profile

JAIN GULATI & COMPANY

A firm with depth and expertise of the large firms with the personal attention, value
for money focus and relationship approach of the smaller firms, was established in
the year 1984.

Since then the firm has been providing robust compliance services and growth
navigation solutions on complex business and financial matters through focused
practice groups.

Constant hunger for new and updated knowledge is the key to JGC’s Success.

JGC is committed to deliver a range of professional solutions tailored to match each

client's needs in the most efficient & cost-effective way.

JAIN GULATI & COMPANY

(Advocacy and Chartered Accountancy Services)

You can contact them by sending an email to ca.mayank.jain@gmail.com or visit

them at their registered address NO. 205 JAIN GULATI & Co. Ltd, 2nd Floor
Ratanlal Commercial Complex, Near All India Radio, Ratu Road, Ranchi-834001
Contact No. : +91-9911946652

52
Our Vision

To enable our client to realize and reach their potential by optimal leverage of
resources and constantly strive to better them.

Our Mission

 To establish Trust, Comfort and Convenience as a 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.

53
Key Business:

Book Keeping

Bookkeeping is the recording of financial transactions, and is part of the process

of accounting in business.[1] Transactions include purchases, sales, receipts, and

payments by an individual person or an organization/corporation. There are several
standard methods of bookkeeping, including the single-entry and double-entry
bookkeeping systems. While these may be viewed as "real" bookkeeping, any
process for recording financial transactions is a bookkeeping process.

Functions:

 Recording of accounting transactions in accounting software on

regular basis as per accounting norms.
 Preparing accounting manuals

 Preparation of Various Reconciliation Statements

 Preparation of Aging Analyses of Receivables and Payables

 Preparation of Periodical Financial Statements.

 Handling / preparing / making payments of all statutory areas relating to

Service Tax, VAT, PF, PT, TDS and E-TDS & other Returns.

54
Project Consultancy

A project management consultancy provides expert project management advice to

external businesses. A company may hire a project management consultancy if it
lacks project management expertise. Or if it wants project management advice from
an external, impartial party.

Functions:

 Preparation of detailed project reports.

 Liaison with financial institutions/banks.
 Assistance in deciding Various Financial Options.
 Assistance in preparation of Bank CMA & QIS Statements
 Capital Structuring.

Risk Assessment & Management

Risk assessment is the identification of hazards that could negatively impact an

organization's ability to conduct business. These assessments help identify these
inherent business risks and provide measures, processes and controls to reduce the
impact of these risks to business operation.

Functions:
 Identification of Risk.
 Assessment Risk.
 Potential Risk Treatments.
- Risk Avoidance.
- Risk Reduction

55
 - Risk Retention.
- Risk Transfer.

 Formulating a Comprehensive Risk Mitigation Plan.

 Implementation.
 Review and Evaluation of the plan.

Preparation of MIS Reports

MIS stands for management information system. Business managers at all levels of
an organization, form assistant managers to executives, rely on reports generated
from these systems to help them evaluate their business daily activities or problems
that arise, make decisions, and track progress. MIS system reporting is used by
businesses of all sizes and in every industry.

Functions:

 Business Achievements and Progress.

 Preparation of Budgets and Budget Variance Reports.

 Branch performance monitoring

 Operating cost analysis, activity analysis and portfolio analysis.

56
Payroll Processing

Payroll is a list of employees who get paid by the company. Payroll also refers to
the total amount of money employer pays to the employees. As a business function,
it involves:

Functions:

 Providing end to end solutions

 Implementation of Payroll system & standard

 Assistance in structuring of employee salary, perquisites &

reimbursement packages in conformity with the rules of the
Company\Tax Laws
 Database maintenance & Data Security

 Payroll processing, generation of pay slips, bank advise, etc., on monthly basis

 Processing of Final Settlement (F&F)

 Processing & generation of reports on monthly, quarterly, half yearly

& annual relating to PF, PT, ESI, TDS including Form 16.
 Payroll Auditing.

57
Fixed Asset Preparation and Management

Fixed assets management is an accounting process that seeks to track fixed assets
for the purposes of financial accounting, preventive maintenance, and theft
deterrence.

Organizations face a significant challenge to track the location, quantity, condition,

maintenance and depreciation status of their fixed assets. A popular approach to
tracking fixed assets uses serial numbered asset tags, which are labels often with bar
codes for easy and accurate reading. The owner of the assets can take inventory
with a mobile bar code reader and then produce a report.

Functions:

 Identification of Fixed assets physically.

 Reconciliation of Assets with the documents.

 Labeling of assets with Bar codes and RFID Tags.

 Development of effective fixed asset management system.

 Computerization of Fixed asset management system.

 Monitoring of Fixed assets constantly.

 Reviewing the Fixed asset management policies.

58
 Chapter-4

SWOT Analysis

Strengths:

 Skilled Manpower.
 Low cost advantage.

Weaknesses:

 Small player in Domestic market.

 Limited Domain.

Opportunities:

 Scope of expansion.
 Huge market.
 Huge potential in domestic market

Threats:

 Competition by Indian companies in domestic market.

 Presence of big companies in market.

59
McKinsey 7’s Framework

1. Strategies –

 Client Focused Strategies to Achieve Growth.

 Focuses on limited number of organizations.

 Commands premium margins.

 Develops Deep Industry Knowledge.

 Invests on Organisation Building.
 Believe in Organic Growth Through Risk Averse Strategies

2. Staff –

 Focuses on Quality of Human Resources.

 At the entry level, KPMS Hires candidates with Good Academic Records,
Deep financial knowledge and High Learning ability.

3. Skills –

 Focuses on continuous skill improvement.

 Knowledge Management given special focus.

60
4. Style –

 Emphasis on Developing Leadership Qualities.

 Open Door Policy and Continuous Sharing of Information.
 Inputs from the employee in Decision Making.

5. Shared Values ( C-Life) :

 Client Value: To surpass client expectations consistently.

 Leadership by example: To set standards in our business and transactions, and
be an example for the industry and ourselves.
 Integrity & Transparency: To be ethical sincere and open inall our transactions.
 Fairness: To be objective and transaction oriented and thereby earn trust
and respect.
 Excellence: To strive relentlessly, constantly improve ourselves, ourteams.

6. Structure –
 Follows:
 Free Form Organizational Structure.
 Industry Business Unit concept
 Small Business unit.

7. Systems:

 SKC has always been keen on the quality systems.

61
 Module 5
Financial Statements

62
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64
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 Chapter 6:

Learning Experience

 Performed Taxable Turnover by calculating GST of the respective client

companies.
 Understanding the GST scheme i.e. regular and composite based on
which the GST filing needs to be done.
 Filing various GSTR forms based on monthly transactions made by
the client companies.
 Computing taxable income from various sources.
 Learning the various tax deductions and how individuals can avail them to
reduce the tax burden.
 Understanding the functioning of Tally and its importance for
compliance purpose.
 Bank statements, Bills of Sales and Purchases entered into Tally for the
respective client companies.

67
 Conclusion

From the above discussion, it is clear that 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 a uniform 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 system at 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 definitely outweigh the disadvantages 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.

68
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 wasting 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 myself through being in the office for so
many hours.

69
 Bibliography

 Wikipedia.org
 Cleartax.com
 Paisabazaar.com
 Corporatefinanceinstitutions.com
 Deskera.in
 Goods and Service Tax By Himalaya Publication

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