Summer Training Project

Report
On
“A COMPARATIVE STUDY OF GST RETURN.”

SUBMITTED TO

I.K. GUJRAL PUNJAB TECHNICAL UNIVERSITY

KAPURTHALA

In partial fulfillment of the requirement for the

Award of degree of
Master of Business Administration (MBA)

Submitted by Supervisor
Rishav Sharma Tanmoy Patra
2218047 CHARTERED ACCOUNTED

MBA DEPARTMENT
CHANDIGARH BUSINESS SCHOO ADMINISTRATION
LANDRAN, PUNJAB
(2022-2024)
 STUDENT DECLARATION

I “Rishav Sharma”, hereby declare that I have undergone my summer training at “ Tp &
COMPANY CHARTERED ACCOUNTED” from 24/06/2023 to 24/08/2023. I have
completed a research project tilted “Comparative Study Of GST Return” under the
guidance of Mr.Tanmoy Patra .

Further I hereby confirm that the work presented herein is genuine and original and has
notbeen published elsewhere.

Rishav Sharma
 FACULTY DECLARATION

I hereby declare that the student Mr. Rishav Sharma of MBA (II) has undergone his
summer training under my periodic guidence on the Project titled “ Comparative Study
Of GST Return.”

Further I hereby declare that the student was periodically in touch with me during his/her
training period and the work done by student is genuine & original.

(Signature of Supervisor)

(Signature of Head of Department)

 Acknowledgment

“It is not possible to prepare a project report without the assistance and encouragement of other
people. This one is certainly not exception”.
On the very outset of this report, I would like to extend my sincere and heartfelt obligation towards
all the personages who have helped me this endeavor. Without their active guidance, help,
corporation and encouragement, I would not have made headway in the project.
I am ineffably indebted to Mr. Tanmoy Patra for conscientious guidance and encouragement to
accomplish this assignment.
I am extremely thankful and pay my gratitude to my faculty Dr. Parampal Singh for his valuable
guidance and support on completion of this project.
I extend my gratitude to Chandigarh Group of Colleges, Landran for giving me this opportunity.
I also acknowledge with a deep sense of reverence, my gratitude towards my parents and my
family members, who has always supported me morally as well as economically.
At last, but not least gratitude goes to all my friends who directly or indirectly helped me to
complete this project report.
Any omission in this brief acknowledgment does not mean lack of gratitude.

Thanking you
Rishav Sharma
 Index (Table of Contents)

Sr. No. Particulars Page No.

1 Introduction i

2 Company profile ii

3 Objective of study v

4 Scope of study vi

5 Research methodology xxxix

6 Literature xli

7 Findings xlii
Figure no Figure title Page no

Fig-1 GST Tax Slab Rate xvii

Fig-2 Based Taxable Income xxxiv

Fig-3 Graphical Representation xxxv

Fig-4 Graph Showing Trends In GST Collection In Rs. Crore xxxvi

Fig-5 GST Collection Graph xxxvii

Table no Table title Page no

Tab-1 History of GST vii-viii

Tab-2 x
SGST Rates

Tab-3 CGST Rates xi

Tab-4 IGST Rates xii

Tab-5 Different types of GST Returns xix-xxii

Introduction

The title of the project study “A Comparative study of GST return” gives us broad

knowledge about GST and analysis of GST return. The study also helps to know how auditing

of various GST return done in practical world of finance.

The Goods and Services Tax, or GST, is an indirect tax law applicable across India. It has

replaced multiple indirect taxes such as excise duty,service tax, value-added tax, octroi, entry

tax, and luxury tax. Laws pertaining to the same were put into effect on July 01, 2017, in India.

This indirect taxation system has gone through multiple amendments since to arrive at the

current juncture. However, it must be noted that GST does not replace customs duty, which is

still mandatory on imported goods and services. Every kind of product and service attracts a

different tax rate under GST. For example, luxury or sin goods are classified to attract a higher

interest rate, whereas necessities have been included in lower and nil rate slab rates.

i
Company profile

Name of firm :- Tp & COMPANY

Type of firm :- Limited Liability Partnership

Work profile of firm :- Legal and Auditing

Proprietor’s of firm :- 1) CA Tanmoy Patra

2) CA SV Nag

ii
 Vision and mission

Tp & CC is a team of individuals that collects, interprets, and maintains financial information

while providing quality customer service and training. We strive to protect the financial

integrity of the University in a changing regulatory and technological environment. A

department recognized for providing excellent customer service, including training, and

reliable, accurate financial information.

Our goal is to provide a full range of financial information: from detailed information, such as

how to process a transaction, to over view in formation, such as how to interpret the financial

reports. We provide a full disclosure of the University's finances in the Reports section.

iii
Terminologies

⮚ GST - The Goods and Services Tax, or GST, is an indirect tax law applicable across
India. It has replaced multiple indirect taxes such as excise duty, service tax, value-
added tax, octroi, entry tax, and luxury tax.

⮚ Auditing is a part of the accounting world. It is an examination of accounting and

financial records that is undertaken independently.

⮚ CGST, SGST, IGST, UGST

⮚ Comparison of GSTR-3B vs GSTR-2A

⮚ GSTR-3B with GSTR-

iv
 Objectives of study

⮚ Objective of studying GST return is to know the in depth knowledge about GST,
how to file GST return.

⮚ Compare GST return invoices for auditing.

⮚ Understanding various aspects of GST which help company at time of auditing.

Scope of study

⮚ Acquiring knowledge of GST and return

⮚ Getting importance of various tax slab in GST.

⮚ Understanding comparison of GST return.

⮚ Evaluating results with help of graphs.

⮚ Understanding recursion of not filling retu

v
 Need of SIP

⮚ Need of SIP is to gain inside knowledge of auditing

⮚ To know working environment of office.

⮚ To tackle invoice and solve queries of clients.

⮚ To handle roles and responsibilities in the company.

CONTRIBUTION DURING SIP

Following is my contribution of SIP in 45 days :-

⮚ Review of various GST invoices.

⮚ Download GST return file from government website.

⮚ Comparing GST return with invoice.

⮚ Understood various GST slab

vi
 History of GST

Year Event

2000 PM Atal Bihari Vajpayee sets up a committee to draft the

Goods & Services Tax law for India.

2004 A task force is put together to figure out the

requirements to create and implement GST with the purpose of improving
the indirect tax system.

2006 The Finance Minister of India, P. Chidambaram,

schedules the introduction of the Goods & Services Tax

on April 01, 2010.

2007 The decision to phase out Central Sales Tax (CST) is made, after which CST

rates are reduced from 4% to

3%.

vii
2008 The EC final is the dual structure of GST for separate

legislation and levy.

2010 The introduction of GST is postponed citing struct land implementing

hurdles.

2013 The Standing Committee presents its report on GST.

2014 The Finance Minister of India reintroduces the GST Bill

to the Parliament.

2015 The Lok Sabha approves the Bill but it gets stalled in the

Rajya Sabha..

2016 The Goods and Services Tax Network (GSTN) goes live; simultaneously, the

GST Bill as well as all amendments made up until this point get approved by

the President of India.

2017 The Cabinet approves the creation of four supplementary bills on GST. Post

which, the Goods & Services Tax Law gets implemented in full force on July

01, 2017.

Table-

viii
 Types of GST Charged in India

1. State Goods and Services Tax (SGST)

The State Goods and Services Tax is one of the GST types which the government of a particular

state imposes. The state government taxes goods and services within the state (intrastate, for

example Mysore), and the state government is the sole beneficiary of the collected revenue.

⮚ The SGST replaces various state-level taxes such as lottery tax, luxury tax,

VAT, purchase tax and sales tax.

⮚ However, if the transaction of the goods is interstate (outside the state), then

both SGST and CGST are applied. But, if the goods and services are transactions

within the state, only SGST is imposed.

⮚ The rate of GST is equally divided among the two types of GSTs. For instance,

when the traders sell their commodities within their state, they must pay SGST

and CGST. The revenue earned from SGST belongs to the state government and

revenue from CGST to the central government.

⮚ The SGST of various goods and services depends on the government

notification published from time to time.

ix
SGST Rates

Commodities SGST

Common Groceries such as Tea, Salt, Spices, 2.5%

Sugar, Etc.

Processed foods 6%

Electronic goods

Capital Goods, toiletries, etc. 9%

Premium luxury commodities 14%

Table-2

x
 Central goods and Services tax (CGST)

The Central goods and Services tax applies to the intrastate (within the state) supply of goods

and services. The central government taxes it. The CGST Act governs this type of GST. Here,

the revenue generated from the CGST is collected along with the SGST and is divided between

the central and state government.

For instance, when a trader makes a transaction within the state, the goods are taxed with SGST

and CGST. The GST rate is divided equally between SGST and CGST, while the revenue

collected under the CGS be longs to the central government.

CGST Rates

Commodities CGST

Common Groceries such as Tea, Salt,Spices, Sugar, 2.5%

Etc.

Processed foods 6%

Electronic goods

Capital Goods, toiletries, etc. 9%

Premium luxury commodities 14%

Table-3

xi
 Integrated Goods and Services tax (IGST)

The Integrated Goods and Services tax is a type of GST, where the tax applies on the interstate

supply of goods and services. This GST type is also imposed on the goods and services that are

imported as well as exported. The IGST Act governs it, and the central government is

responsible for the collection of IGST.

The collected IGST is equally divided into central and state government portions. The State

portion of the IGST is provided to the state where the goods and services are received. The

remaining IGST received goes to the central government.

For instance, when the trader makes a supply between two states, the type of tax in this case

would be IGST.

IGST Rates

Commodities IGST

Common Groceries such as Tea, Salt,Spices, Sugar, 5%

Etc.

Processed foods 12%

Electronic goods

Capital Goods, toiletries, etc. 18%

Premium luxury commodities 28%

Table-4

xii
 Union Territory Goods and Services Tax (UGST)

The Union Territory Goods and Services Tax is a type of GST imposed on the goods and

services in the union territories. This is similar to the SGST but applies only to the union

territories.

The UGST is applicable in Dadra, Nagar Haveli, Chandigarh,

Andaman and Nicobar along with Pondicherry and Delhi. Here the revenue collected by the

government belongs to the Union territory government. As the UGST is a replacement for the

SGST, they are collected along with the CGST.

OBJECTIVES OF GST

⮚ The elimination of other taxes –

The introduction of the GST Act led to the replacement of other indirect taxes. The

major taxes are grouped into the GST.

⮚ Increases compatibility –
The tax compliance is easier for MSME or small scale businesses. In addition, the

presence of a single tax makes the process of filing a return easier.

⮚ Increases transparency –
The GST reduces the chances of corruption and increases transparency. For example,

in businesses there are reduced chances of a false input tax credit.

xiii
⮚ Reduction of price –
The GST bill imposes taxes exclusively on the net value-added part, eliminating the

previous tax-on-tax system and reducing the cost of commodities.

⮚ Boost the country's revenue –

A large tax-to-GDP ratio indicates increased government revenues, indicating a healthy

economy. In addition, a broader tax base and greater tax compliance can lead to an

increased government income from GST operations

⮚ High efficiency and productivity –

The GST in India intends to eliminate logistical restrictions and the time-consuming

filing process for the input tax credit. Furthermore, by eliminating the entry tax, the

productivity levelsof businesses are predicted to rise.

xiv
List of Goods and Service Tax Rates and Slab

5% Tax Slab

The tax slab of 5% is where the GST tax actually begins. The products which attract a 5% GST

Rate are skimmed milk powder, coffee, fish fillets, coal, fertilizers, ayurvedic medicines,

insulin, cashew nuts, agarbatti, Ethanol - Solid biofuels among a few others.

The GST rate in India for services in the 5% tax slab includes smaller restaurants affiliated with

transport services like railways and air travel, standalone AC restaurants, non-AC restaurants,

and restaurants that serve alcohol.

12% GST Slab

The 12% slab includes items such as frozen meat products, butter, sausage, ghee, pickles, fruit

juices, namkeen, tooth powder, instant food mix, umbrella, medicine, cell phones, man- made

yarn, wooden frames for painting, photographs, Brass Kerosene Pressure Stove, Art ware of

iron, mirrors, etc.

xv
 18% GST Slab

The GST rate in India is structured in such a way, that the bulk of the items fall under this

category. Some of the main items included are flavored refined sugar, cornflakes, pasta, pastries

and cakes, detergents, washing and cleaning preparations, mirror, glassware, safety glass,

sheets, pumps, light fitting, compressors, fans, chocolate, tractors,preserved vegetables, ice

cream, televisions (up to 68 cm).

Some others include marble & granite, paints, scent sprays, hair shavers, lithium-ion batteries,

artificial fruits, hair curlers, hairdryers, stones used in flooring, vacuum cleaners, sanitaryware,

leather clothing, wristwatches, cookers, stoves, cutlery, telescope, goggles, binoculars oil

powder, cocoa butter, fat, detergent as well as artificial flower.

xvi
 28% GST Slab

The 28% GST slab is the highest GST rate in India. It is mainly reserved for sin goods as well

as luxury items. The goods which are part of this slab are, pan masala, dishwasher, weighing

machine, paint,cement, sunscreen.

Automobiles and motorcycles along with hair clippers are also part of this slab which is also a

bone of contention as the auto industry is going through a downturn currently.

Figure- GST Tax Slab Rate

xvii
 GST return

GST return is a document that will contain all the details of your sales,purchases, tax collected
on sales (output tax), and tax paid on purchases(input tax). Once you file GST returns, you will
need to pay the resulting tax liability (money that you owe the government).
All business owners and dealers who have registered under the GST system must file GST
returns according to the nature of their businessor transactions.

⮚ Regular Businesses.

⮚ Businesses registered under the Composition Scheme.

⮚ Other types of business owners and dealers.

⮚ Amendments.

⮚ Auto-drafted Returns.

⮚ Tax Notice.

xviii
Different types of GST Returns

GSTR-1 Returns of outward The due date is 11th of

supplies undertaken next month

by a typical Previously, the due date

for GST return filing was
registered taxpayer 10th of the next month.
under GST.

GSTR-2 Returns of inward 15th of next month.

supply of goods and

services as agreed

by the recipient of

the goods and

services.

GSTR-3 A monthly GST 20th of next month.

return filing of

inward and outward

supplies of goods

and services.

xix
GSTR-3B Returns of outward Previously it was the 20th of

supplies along with the next month for all

input tax credit is taxpayers. Now it's from the

declared and payment month of January 2020

of tax is affected by onwards.

the

taxpayer.
GSTR-4 GST filing for The due date is the 30th of

taxpayers registered the month succeeding a

under the financial year.

composition scheme

under section 10 of

the CGST Act

(Supplier of goods)

and CGST (Rate)

GSTR-5 Return for a non- 20th of next month.

resident foreign

taxable person.

xx
GSTR-6 Returns that an

Input Service

Distributor files

every calendar

month. It has all the

information of the 13th of next month.

invoices on which

credit has been

received and are

issued by an ISD.

GSTR-7 A monthly return 10th of next month.

that has to be filed

by the deductors

who are required to

deduct TDS under

GST.

GSTR-8 Returns for the 10th of next month.

electronic commerce
operator who is

xxi
 required to deduct
Tax Collected at
Source under GST.

GSTR-9 Annual return for a 31st December of next

normal taxpayer. financial year.

GSTR-9A Annual return to be

filed by the 31st December of next

registered taxpayer financial year.

under the

composition levy

anytime during the

year.
GSTR-9C Certified 31st December of next

reconciliation financial year.

statement

GSTR-10 A final return that To be filed within 3

needs to be filed to months of cancellation of

make sure the order.

taxpayer pays off

any liability

outstanding.

Table-5

xxii
Comparison of GSTR-3B vs GSTR-2A

Form GSTR – 3B is a monthly summary return filed by the taxpayer by the 20th of the next
month or 22nd/24th of month following the quarter. Taxpayers are allowed to take the input
tax credit (ITC) based on the details declared by the taxpayer

Form GSTR – 2A is an auto-populated form generated in the recipient’s login, covering all the
outward supplies (Form GSTR – 1) declared by his suppliers.

When the supplier files GSTR – 1 in any particular month disclosing his sales, the
corresponding details are captured in GSTR-2B and GSTR – 2A of the recipient. While the
filing of Form GSTR – 2 has been kept in abeyance, it’s still important under the GST
framework for the taxpayers to reconcile the ITC claimed in Form GSTR – 3B andForm GSTR
– 2A.GSTR – 3B is a summary return. Hence, the amount of ITC available as disclosed in Table
4(a) must match with tax details disclosed in Form GSTR-2B regularly, along with GSTR –
2A.

GSTR-3B vs GSTR-2A is an important exercise that businesses must not miss out on. It helps
businesses claim the full Input tax credit (ITC) and also reverse any excess ITC claimed. In
turn, the reconciliation before filing GSTR-3B will help avoid any potential demand notices
from the tax authorities.

xxiii
 Importance for GSTR-3B vs GSTR-2A

⮚ GST authorities have issued notices to a large number of taxpayers asking them to
reconcile the ITC claimed in a self- declared summary return Form GSTR – 3B with the

auto- generated Form GSTR-2B and Form GSTR – 2A. Such notices are issued in Form

GST ASMT – 10. The taxpayer would be required to reply to such notices or pay the

differential amount.

⮚ Tax evaders claiming ITC on the basis of fake invoices have also been penalised in the
past.

⮚ Reconciliation ensures that credit is being claimed for the tax which has been actually
paid to the supplier.

⮚ Ensures that no invoices have been missed/recorded more than once, etc.

⮚ In case the supplier has not recorded the outward supplies in Form GSTR – 1,
communication can be sent out to the supplier to ensure that the discrepancies are

corrected.

⮚ Errors committed while reporting details in GSTR-1 by suppliers or GSTR-3B by

recipients can be rectified.

xxiv
 Reasons for non-reconciliation of GSTR-2A vs 3B

The details disclosed in Form GSTR – 2A and Form GSTR – 3Bmay not reconcile on

account of the following reasons:

⮚ The credit of IGST claimed on the import of goods

⮚ IGST Credit on the import of services

⮚ The credit of GST paid on reverse charge mechanism, etc.

⮚ Transitional credit claimed in TRAN – I and TRAN – II.

⮚ ITC for goods and services received in FY 2020-21 but availed inFY 2021-22.

xxv
 Advantages of GSTR-3B vs 2A report

⮚ Download GSTR-2A anytime across months from the GST portal to start comparing
with GSTR-3B data. Verify GST login once using OTP, and continue to easily update
data in

a click, any time and anywhere.

⮚ Check the difference for every field such as B2B other than reverse charge to compare
ITC between GSTR-2A and GSTR- 3B.

⮚ ITC comparison at PAN and GSTIN level is available.

⮚ Know the differences instantly at a monthly level or at a quarterly level, to take further
action.

xxvi
 Auditing of GSTR-3B with GSTR-1

Comparing GSTR-3B with GSTR-1 is a much-needed process to be undertaken by every

taxpayer in order to ensure that there are no variations or gaps, which could, in turn, lead to a
demand notice from the tax authorities or unwanted issues that may arise and hinder the
accurate filing of the annual returns.

GSTR-3B is a monthly summary return filed by a taxpayer by the 20thof the next month or
22nd/24th of month following a quarter. GSTR- 3B discloses supplies made during the month
along with GST to be paid, input tax credit claimed, purchases on which reverse charge is
applicable, etc., and also makes a provision for the payment of taxes, If any, for the relevant
month.

GSTR-1 is a monthly or quarterly return filed by taxpayers to disclose details of their outward
supplies for the month – along with their tax liability. Here, invoice-wise details are to be
uploaded so that the Government can keep a check on every transaction. This forms the basis
for the recipient of supplies to accept the same and take the eligible input tax credit.

xxvii
Importance for GSTR-3B vs GSTR-1

⮚ Time and again, GST authorities have issued show cause notices to a large number of
taxpayers asking them to reconcile the total of sales disclosed in the GSTR-3B summary
return and the detailed GSTR-1 return.

⮚ Reconciliation ensures that no invoice is omitted or recorded more than once in either of
the returns.

⮚ This ensures a taxpayer to arrive at an accurate amount of output tax payable on the sales
made in a period.

⮚ From 1st January 2021, taxpayers must ensure that supplies declared in GSTR-1 must
match the summary total of supplies declared in GSTR-3B. Otherwise, the GSTIN may
be suspended.

xxviii
⮚ Any late declaration of GST liability can also attract interest.

⮚ Reconciliation would also help the Government to allocate the right share of tax revenue
to the concerned states. This reconciliation is specifically useful to identify any errors that
have been made when entering the details of integrated taxes while filing
GSTR-3B.

⮚ GSTR-1 forms the base for the recipients of supplies to claim input tax credit while filing
their returns. Hence, a timely and accurate declaration in both GSTR-1 and GSTR- 3B is
necessary, to avoid hassles with recipients at a later date, and also ensure that only
genuine input tax credit can be claimed.

xxix
Reconciliation at the time of filing of Annual return

⮚ At the time of filing an Annual return in Form GSTR – 9, a reconciliation of outward

supplies is a must to ensure that the details disclosed match the details disclosed in GSTR-
1 and GSTR-3B, across all months. Details of tax paid during the year need to be
mentioned as well and this must tally with the total taxes disclosed and paid in GSTR-
3B.

⮚ Therefore, it is important that GSTR-1 and GSTR-3B match as the return-filing system is
integrated and a mismatch between the same could result in improper disclosure in the
annual return. GST Return and Analysis

xxx
 Reasons for mismatches in GSTR-3B vs GSTR-1

Most commonly, the details disclosed in Form GSTR – 3 and GSTR – 1 may not reconcile
on account of the following reasons:

⮚ Reporting of supplies under the wrong table in GSTR-3B, but correctly reporting the
same when declaring it invoice-wise in GSTR-1. For example: Reporting zero-rated
sales correctly in Table 6A of GSTR-1, but incorrectly reporting it under Table 3.1(a) in
GSTR-3B.

⮚ Issue of an invoice in a particular month, and issue of a debit or credit note at a later
date could lead to mismatches.

⮚ Inter-state supplies made to unregistered persons omitted in GSTR-3B but declared in

GSTR-1.

⮚ Value of supplies correctly shown but tax paid under the wrong head. For example,
IGST instead of CGST & SGST or vice- versa.

⮚ Supplies that may have been amended after GSTR-1 has been filed. In other words, any
change of tax liability between the time of filing GSTR-1 and GSTR-3B.

⮚ The time difference in reporting of invoices in GSTR-1 and GSTR-3B.

xxxi
Advantages of GSTR-3B vs GSTR-1 Tax Comparison Report

⮚ Download GSTR-1 and GSTR-3B anytime across months and upload sales ledgers to
start comparing data. Verify GST login once using OTP, and continue to easily update
data in a click, anytime and anywhere.

⮚ Check the difference for every field such as outward tax, out ward taxable value, supplies
under RCM in both returns, etc.

⮚ Data comparison at a PAN and GSTIN level is available.

⮚ Know the differences instantly at a monthly, quarterly, or annual level, to take further
action.

xxxii
Repercussion on not filling ITR

The ITR filing deadline has been extended twice, first from the usual July 31, 2021, to
September 30, and then eventually, to December 31. Note that the last date for filing belated
ITR for FY 2020-2021 i.e. AY 2021-2022 is March 31, 2022. For the uninitiated, AY i.e.
Assessment Year is the year post financial year (FY) where your income is assessed and
evaluated.
While the due date i.e. December 31 indicates the day seller can file income tax returns without
paying any penalty charges or foregoing any benefits, the last date i.e. March 31 is the final day
seller can file ITR with the IT department, after paying the relevant fine and fees.
In the event seller miss out on filing your returns today, seller will haveto pay a maximum fine
of Rs 5,000, a substantial reduction from the earlier levy of Rs 10,000. This is applicable in
case income is above Rs 5,00,000. If seller/individual income ranges up to Rs 5,00,000,
seller/individual will only be required to pay Rs 1,000 as a fine for filing ITR after December
31. But, if seller/individual annual income does not fall in the taxable category, seller/individual
will not be charged any penalties.
The midnight of 31st December is the due date only for individual taxpayers whose accounts
are not required to be audited.

A seller can still file your returns under ‘belated returns’, under section139 (4) of the Income
Tax Act, 1961. Here is a list of financial implications you will have to face :
Payment of penal interest on unpaid tax liability, if any. This amount,payable by assesses will
increase proportionately to the delay. seller/individual will also have to forego any interest on
refund of excess taxes seller/individual have paid for the delay period.
Seller/individual will not be able to set off losses against your current year's income if v fail to
file the ITR before midnight today.

Significantly, seller/individual will not be able to carry forward any losses despite timely
payment of all past taxes. This includes losses from business and profession, short-term or long-
term capital losses or

xxxiii
any other losses. The only exception here is the loss from house property up to an amount of
Rs.2 lakh.
For carrying forward the losses, it is compulsory that seller/individual file all taxes before the
due date. Notably, taxpayers can carry forward their short and long-term capital losses to a
maximum of 8 assessment years immediately after the AY in which the loss was evaluated.
And in the situation seller/individual don't file income tax returns at all, seller/individual will
be subjected to a penalty that can range anywhere between 50-200 percent of the assessed tax.
In addition, the reis also a provision of prosecution i.e. rigorous imprisonment of up to 7years.

Figure2- Based Taxable Income

xxxiv
Graphical Representation

Figure3- Graphical Representation

xxxv
Graph showing trends in GST collection in Rs. crore

Figure4- Graph Showing Trends In GST Collection In Rs. Crore

xxxvi
GST COLLECTI ON GRAPH

Figure5- GST Collection Graph

xxxvii
 Limitations

⮚ In the auditing of GST return extensive use of paper work isinvolved.

⮚ There is no specified format to record data entries.

⮚ It takes lot of time to record each entry in the excel format.

⮚ Traders does not follow scheduled date to file return which increases work of filling
penalties.

⮚ Businesses does not record all transaction in GST return to save tax.
⮚ Because of heavy traffic on website it takes lot of time and efforts to download file from
government portal.

xxxviii
Research methodology

A research methodology encompasses the way in which you intend to carry out your research.
This includes how you plan to tackle things like collection methods, statistical analysis,
participant observations.

Research methodology is mainly of two types :-

⮚ Primary Data

⮚ Secondary Data

During internship we have use primary data from seller such as purchase and sale invoice to
reconcile with the GST report filled by the seller .

xxxix
Literature

G. Garg, analysed the impact of GST on Indian tax scenario. He tried to highlight the objectives
of the proposed GST plan along with the possible challenges and opportunity that GST brings.
He concluded that GST is the most logical steps towards the comprehensive indirect tax reform
in our country since independence. GST is leviable on all supply of goods and provision of
services as well combination there of.All sectors of economy i.e the industry, business
including Govt. departments and service sector shall have to bear impact of GST. All sections
of economy viz., big, medium, small scale units, intermediaries, importers, exporters, traders,
professionals and consumers shall be directly affected by GST. One of the biggest taxation
reforms in India – the Goods and Service Tax (GST) is all set to integrate State economies and
boost overall growth. GST will create a single, unified Indian market to make the economy
stronger. Experts say that GST is likely to improve tax collections and Boost India’s economic
development by breaking tax barriers between States and integrating India through a uniform
tax rate. Under GST, the taxation burden will be divided equitably between manufacturing and
services,through a lower tax rate by increasing the tax base and minimizing exemptions.

Pankaj Chand the authors in the paper have explored the concept of GST, the need to introduce
it in India, the hurdles in introducing it in India and suggestions to overcome the same. The paper
also discusses the benefits of introducing GST at the earliest. The authors have discussed the
options to introduce the dual GST in India which could be Concurrent Dual GST, National GST
or State GST. Under the concurrent dual GST the better option was the one where GST is applied
on both goods and services. The other option explored was whether the Central GST would be
on goods and services but state GST would be only on goods since state to collect GST in
services is difficult to determine. This option also recommended one single return with both
CGST and SGST details and PAN based registration. The authors have also discussed the
constitutional amendments required if GST is ever to be introduced since without the amendment
taxing both goods and services using one tax is not possible. The paper also highlights the issues
in the credit mechanism in the CGST/SGST model since it is difficult to practically implement
in terms of determination of place where service is taxable. The other challenges to introduction
of GST in India highlighted are the availability of strong IT network, infrastructure and
programmes, agreement on other provisions like basic threshold, exemption to goods/services,
rates to be applied, etc.

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FINDINGS

⮚ Found out various financial techniques which helped in accounting.

⮚ GST return comparison process

⮚ Learned about various financial terminologies used in business.

⮚ Learning about use of tax slabs in GST.

⮚ Graphical analysis of current with previous data.

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CONCLUSION

⮚ Summer internship in SNGC Tax serve was very helpful for in learning about
financial and management aspect in the organization.

⮚ During SIP I have gained knowledge of GST and how actual auditing is done to find
out frauds done by seller to save tax.

⮚ In this process I came that working in an organisation and studying about working in
organisation is very different.

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 Bibliography

⮚ Information from company Boucher and from various in voices of clients.

⮚ Reference book :-Good and service tax, Dr. H.C.Mehrota & Prof. V.P. Agarawal
The simplified Indian GST law, CA Prakhar Jain

⮚ Weblinks :-

https://jgateplus.com/home/
https://gstcouncil.gov.in/

https://ijcrt.org/

https://www.incometax.gov.in/iec/foportal

https://gstcouncil.gov.in/

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