SUMMER INTERNSHIP REPORT

Conducted at :

MB Consulting

BAHADURSINH S. MORI

( Shop No-5, Vyayamshala shopping Centre, Talaja

Talaja-364140 Dis : Bhavnagar

GST PTC No : 241900003710GPU )

Submitted to :

B.COM (HONOURS) PROGRAMME

FACULTY OF COMMERCE

THE MAHARAJA SAYAJIRAO UNIVERSITY OF BARODA, VADODARA

In partial fulfilment

Of the requirement for the degree of

BACHELOR IN COMMERCE (HONOURS)

Submitted by:

RUCHITABEN RATHOD

[email protected]

Class: S.Y. B.com (Honours). Semester- IV

PRN: 2020033800072707

B.COM (HONOURS) PROGRAMME

START DATE OF INTERSHIP: 16th May ,2022

END DATE OF INTERSHIP : 16th June ,2022

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 DECLARATION

I hereby declare that the following documented Internship Report conducted by me at Mb Consulting,
Talaja , Bhavnagar , Gujarat ] is an original and authentic work done submitted in partial fulfilment of the
requirement for the degree in BACHELOR IN COMMERCE (HONOURS).

I hereby certify that all endeavours put by me in the fulfilment of the tasks are genuine and original to the
best of my knowledge and I have not submitted it earlier elsewhere.

Signature of the student

RUCHITABEN RATHOD

CLASS : S.Y. B.com (Honours)

PRN : 2020033800072707

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 ACKNOWLEDGEMENT

First of all, I would like to thank God, helping me starting from the beginning to the end of my internship
period.

I have extend my supreme gratitude to MB Consulting for providing such kind of opportunity for students to
broaden their perception on how the real world in the field of Accounting and finance looks like as well
organizing the whole internship program and its effort to make sure that the whole internship program to
achieve its desired goals.

I would also like to express my special thanks to BAHADURSINH S. MORI, giving me a chance to spend
my practice in his firm and helping me in my day to day activities during the internship period.

I extend my grateful thanks to other employees at the firm those help me in moral and material needs as well
as sharing me their knowledge to improve my theoretical knowledge to the real works.

Finally. I would like to express my special thanks to my families and friends helping me in all aspects and
appreciate me to spend my all time in the work place during my internship time.

RUCHITABEN RATHOD

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 EXECUTIVE SUMMARY

The present internship include analysis of MB Consulting, (BAHADURSINH S. MORI )where the
internship regarding financial auditing and accounting conducted. The report include details of GST returns
and various process related to GST , financial audit , different types of vouching, use of tally , software in
auditing and accounting process etc.

Also some factors which may affect firm’s performance such as external environment, deficiencies, external
challenges firm’s atmosphere etc. are discussed in the report.

Chapter I include brief introduction about the firm , chapter II include description of duty assigned during
internship, chapter III include organizational analysis, their internal efficiencies, external circumstances that
may affect firm’s performance and main problems found in firm , chapter IV contain recommendation given
to the firm as per analysis, chapter V discuss learning outcomes and chapter VI contain self evaluation.

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 TABLE OF CONTENTS

Sr. No. Contents Page

No
1. Chapter I : Firm’s Overview

2. Chapter II : Position and Description of Duties

3. Chapter III : Organizational / Departmental / Branch

analysis
4. Chapter IV : Recommendation

5. Chapter V : Learning Outcomes

6. Chapter VI : Self Evaluation

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CHAPTER I : FIRM’S OVERVIEW
“MB Consulting” is an initiative of a team of competent and distinguished professionals, who possess
varied experiences in indirect tax, to provide a knowledge platform for GST for quick and timely service
delivery. They also offer a wide spectrum of consultancy services within a core professional environment.
Their well-knit committed team is motivated to maintain the highest stands of professional excellence. They
duty bound to live up to highest ethical and moral standards in the best possible way.

They are a professional, enthusiastic and innovative team, dedicated to providing GST Consulting Services
and evolving GST Advisory Solutions that help their customers become more productive and profitable.
They at “GST Practitioner” work beyond the boundaries of traditional accounting services by recognizing
the importance of understanding your total business. They pride ourselves on our business instinct to deliver
commercially astute solutions that make a valuable contribution to your business.

OBJECTIVES: Following are the main objectives of MB Consulting Firm :

• To provide consultancy for Direct Tax and Indirect Tax .

• To provide best auditing services to each client.
• To give financial suggestions to clients.
• To provide comprehensive training for interns.

MISSION AND VISION :

Our aim in doing this is to maintain a high level of service to our clients by providing a dedicated team of
experts who will know your affairs intimately

Our firm’s success has been due to the can-do caring personal service which our clients highly talk about
and reward us by referring their family and friends. In today’s business environment, “GST Practitioner”
must provide growth and opportunities for our people and our clients.

This two pronged growth goal, one internal and one external, service as the foundation of GST Practitioner’s
future directions and success.
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GROWTH OF OUR CLIENTS:

Numbers do not tell our story, Relationships do. Our commitment to helping our clients to achieve their
goals, has resulted in growth for both our clients and our firms. GST Practitioner’s core competencies fuel
that growth and are the ever evolving definition of our capabilities, at the heart of everything we do. They
include teamwork, specialization, strategic vision, being technologically adept and client focused.

OUR SERVICES

1. GST Registration: In any tax system registration is the most fundamental requirement for
identification of tax payers ensuring tax compliance in the economy. Registration of any business
entity under the GST Law Implies obtaining a unique number from the concerned tax authorities for
the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on
his inward supplies. Without registration, a person can neither collect tax from his customers nor
claim any input tax credit of tax paid by him.
2. GST Return Filling: GST has been implemented in India from 1st July, 2017. Under the new GST
regime, nearly 1 crore businesses in India have obtained GST registration. All entities having GST
registration are required to file GST returns, as per the GST return due date schedule mentioned
below. GST return filing is mandatory for all entities having GST registration, irrespective of
business activity or sales or profitability during the return filing period. Hence, even a dormant
business that obtained GST registration must file GST return
3. .GST practitioner is the leading GST Consultants in India, offering end to end GST services from
registration to return filing. GST practitioner can help you file GST returns on India Pan Basis. The
average time taken to file a GST return is about 1 – 2 working days, subject to government
processing time and client document submission. Get a free consultation on GST return filing by
scheduling an appointment with a Team of GST practitioner.
4. GST Compliance : The GST compliance rating is a score given by the government to a business so
that other businesses can see how compliant they are with the tax department. This score will be
calculated based on parameters such as timely filing of monthly and annual returns, furnishing details
of input credits used, taxes paid, etc.
5. Audit under GST: Various measure have been taken by the government to ensure compliance of
GST law and audit is one them. Audit conducted under GST law is the examination of records
maintained by a taxable person to verify the correctness of information furnished, taxes discharged,
refund claimed and input tax credit availed. It is a way to analyse the compliance of taxpayer with the

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 provisions of the GST Act. The meaning of audit is given under section 2(13) of Central Goods and
Services Tax Act, 2017. There are three types of audit as prescribed under GST.
1. Audit by Chartered Accountants “or” Cost Accountants
2. Audit by Tax Authorities
3. Special Audit

6. E-Way (Electronic Way) Bill is a document required to be carried by a person in charge of the
conveyance carrying any consignment of goods of value exceeding Rs. 50,000. This has been
mandated by the government in terms of Section 68 of the Goods and Services Tax (GST) Act. An E-
Way bill is generated through the GST Common Portal for e-Way bill system – ewaybill.nic.in – by
registered users or transporters who cause movement of goods of consignment. The e-way bill came
into effect on April 1, 2018.

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CHAPTER II :

POSITION AND DESCRIPTION OF DUTIES

I was given the position of an intern under the head of Accounting Mr. BAHADURSINH S. MORI

During the internship the main job of Auditing of industrial accounts and GST returns filing have been
carried out as an Intern.

AUDITING

An Audit is a systematic and independent examination of books , accounts, statutory records documents and
vouchers of an organisation to ascertain how far the financial statements as well as non financial disclosures
present a true and fair view the concerned organisation.

It also attempts to ensure that the books of accounts are properly maintained by the concern as required by
law

Auditing has become a ubiquitous phenomenon in the corporate and the public sector that academics started
identifying it as an “Audit Society”.

The main work is concerned about financial audit which perform to ascertain the validity and reliability of
information, as well as to provide an assessment of system’s internal control.

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 Fig 2.1 A typical auditing cycle

Following are the main types of auditing carried out :

1. Tally
2. Vouching of sales
3. Vouching of purchase
4. Cash /Bank book checking
5. Expenses journal checking

TALLY : Tally is the most important part of auditing. Here ERP 9 version of tally is used. Tally software
posts voucher entries passed to respective ledgers. Principle Books of account are like Ledger, Cash Book ,
Bank book are maintained by tally software. The software gives Trial Balance, Balance Sheet, and profit
and loss account along with schedules of respective groups. Learning the tally is good experience for a
beginner in an accounting also it gives good practicing in accounting as well as in auditing.

VOUCHING OF SALES : In vouching of sales, entry number, party’s name and amount of sales had been
verified to balance amount of credit and debit. It’s one type of verification process in which party’s sales are
verified and proper changes made if any fault found.

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VOUCHING OF PURCHASE : In vouching of purchase, the entry number, party’s name and amount of
purchase had been verified to balance amount of credit and debit. The process is same as vouching of sales
but the only difference is that the purchase is verified.

CASH /BANK BOOK CHECKING : The same things verified as same as of vouching process. But here
Cash Book or Bank Book are checked and any error or fault in account, if found removed.

EXPENSE JOURNAL CHECKING: Expenses journal include general expenses like lightning, printing
and stationary, maintenance and all other general expenses, All the firm’ expenses are checked and their
individual records are prepared

CHAPTER III:

ORGANIZATIONAL ANALYSIS

The organization is providing accounting services, auditing services and suggestive work regarding finance
and taxation. Following are the main parameters related to firm’s performance:

INTERNAL DEFICIENCIES THAT HINDERING THE ORGANIZATION’S

EFFORT IN ACHIEVING THEIR TARGETS

At firm there is no serious issue regarding communication, management or any other facilities. The firm’s
management is good and decisions of Top level management are fair enough to achieve firm’s target. Also
there is good monitoring of lower management by upper level and we’ll verification of work is done by
upper level.

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The only deficiency found among all these thing is employee’s attitude towards the work. Very few of them
have professional attitude and the remaining employees are behaving like non-professionally and focusing
on their personal growth rather than all over firm’s growth which is the most deficient thing for such kind of
firm.

The top level management always bother about overall growth rather than an individual’s goal, hence the
attitude of too level automatically make employees to choose his/her attitude spontaneously. This deficiency
should be removed from the firm to achieve overall growth of firm also the growth of an individual as firm’s
growth is not the only target for management.

Also most of the repetitive work is done by interns and trainees who are beginners into the same filed so the
chances of error are more. Proper comprehensive and detailed work should be assigned to trainees so that
they can get better idea about their work .

EXTERNAL CIRCUMSTANCES THAT FAVOURS THE ORGANIZATION IN

ACHIEVING THEIR TARGETS

The main governing external circumstance is the strict government Policy regarding auditing
and taxation at state level as well as Central level which make every firm to be transparent to
their government , hence each firm have to audit their account which leads to beneficial
environment for achieving goals.

India has strict taxation rules as well as auditing terms in, also government of India has
enforced all rules and regulations with the provisions of heavy penalties and legal actions for
violation of any rule. Hence every firm should be transparent towards their tax payment and
other duties towards the government.

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Also government of India has opened market after 1993 to propel the economic growth of
India and since then so many industrial firms and other firms have been established and
new firm’s are also being established day by day which makes market more likely to take
favour of auditing and other related work, the increasing population also make positive
market for CA and other consultancies.

Along with the taxation solution, suggestions regarding project financing, accounting work
etc. are some additional work done by the firm which have good client response into today’s
modern era , these services, sometimes become more fruitful than main auditing work
sometime. Also they are useful in other months after March as they equalize workload and
less cumbersome than auditing.

EXTERNAL THREATS / CHALLENGES that WILL DECREASE THE

ORGANIZATION’S EFFECTIVENESS AND PRODUCTIVITY

Regulatory and Legal Environment: The political environment governs the legal and regulatory environment
of country. The regulatory environment plays a vital role by dictating the do’s and don’ts of a business.
Every country has a different legal environment. In India we have the Companies Act that governs
companies, the MRTP Act which restricts Monopoly, various laws regarding shares, the Consumer
Protection Act, environmental Laws, and the implementation of GATS

Technological: Technological forces present a wide range of opportunities and threats that have to be
accounted for in the process of business strategy formulation. Technological Advancement may dramatically
affect an “organization’s products, services, markets, Suppliers, distributors, competitors, customers,
manufacturing process, marketing practices, Financial composition, and competitive position.

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Some of the important factors that Influence operating in the technological environment are:

• Sources of technology like company sources, external sources and foreign sources, Cost of
technology acquisition, collaboration and transfer of technology.
• Rate of change in technology, rate of obsolesce.
• Impact of technology on human being, the man machine system, and the Environmental effect of
technology.
• Communication and infrastructural technology in management.

India's Goods and Services Tax (GST), is being called a 'game changer' for its far-sweeping impact on
business.
Manufacturers, traders, and service providers across India have been placed under one unified tax umbrella,
and no longer need to work with a tedious array of 17 distinct types of taxes they currently need to comply
with.

The industry, at present, is struggling to get on with the destination-based tax from an origin-based tax
structure. The shift from the previous tax regime and carry forward the input credits into GST is the biggest
challenge that businesses are facing today.

To make “One Nation, One Tax” a reality, the government is training its officers on taxation of services.
GSTN, the technology backbone for the reform, has a massive IT mandate of securely handling mammoth
volumes of data that GST will generate. The legislation cuts across all enterprises, requiring them to relook
at their business models, business policies, and procedures.

GST offers tax and finance professionals multiple opportunities to grow their client list and clearly establish
their role in ensuring seamless migration of various businesses to become GST compliant. Firms are
scrambling to get the right teams in place to benefit from the new tax regime as GST is expected to bring in
financial savings, which will accrue on account of a well-planned GST system. But such prospects are not
without challenges for these professionals. Listed below are some of the biggest challenges the tax and
finance professionals face today in the GST transition phase:

GST preparedness among clients is missing

Clients’ understanding of GST provisions and its impact on their business is still at a nascent stage, and
many are still identifying the locations and places they need to be registered in.

These businesses are also assessing the mandated GST-compliance their relevant functional departments
need to adhere to, including their Supply Chain, IT Systems, and Legal. This is necessary for identifying

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their new Working Capital, Cash Flow, and Fund Flow needs. To be on the right side of the GST anti-
profiteering clause, businesses are also assessing their cost sheets while performing Comparable Analysis of
the pricing of goods and services, pre-and post GST.

Lack of Clarity on GST Provisions (Rules and Regulation)

Various provisions of GST are still ambiguous. Categorisation of goods and services in various cases is still
unclear. Provisions for anti-profiteering, as well as the now-deferred e-way bill, which tracks consignments
across states, are unclear.

The new tax regime requires transporters to generate e-way bills on the GST portals which includes
incurring substantial costs to install radio frequency identification devices (RFIDs). Currently there is no
clarity on who will bear the bill for the infrastructure. The government has also made the rules related to
assessment and audit public, but the absence of actual forms in the public domain challenges the
effectiveness of the rule.

Increased compliance, with increase in the number of returns to be filed annually

Businesses will need to file multiple returns, a minimum of 37 in most cases for assessees, and this can
increase in accordance with business models. Clients will need to ensure timely compliance by registered
suppliers to ensure there is no loss of input credit. This will necessitate correct data and reports to fill
accurate GST returns.

Preparedness of IT Systems

Various businesses are yet to map the accounting software and IT systems in line with the new tax
provisions, to create GST invoices, and extract required reports. Tax and accounting professionals jointly
need to ensure that their clients’ current systems are compatible with their GST Service Provider (GSP).

With GST demanding compliance, only days after guidelines were issued in their entirety, India Inc is
rushed for time to modify the entire IT framework. Seamless implementation will require six million micro,
small, and medium enterprises (MSMEs) to adapt their invoicing approaches for which they do not have
adequate IT support and systems.

Lack of skilled resources and need for re-skilling

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With GST rates and their complexities only recently becoming a part of our policy framework, skilled staff
with updated GST subject knowledge and training are not easily available. This has placed an additional
work load on personnel across industries, and created an urgent need for additional GST-skilled resources to
ensure swift implementation.

While GST aims to streamline business and protect consumer interests, the legislation should not allow a
sense of apprehension to impact industrial interests. GST is both a challenge and an opportunity for tax and
accounting professionals, and a knowledge of cloud, big data, analytics, and business applications along with
financial knowledge is the need of the hour.

PROBLEM IDENTIFICATION

The organization is providing traditional accounting services. New areas of services, like management
consultancy services, outsourcing, valuation services are not provided by the organization. Now a days it’s
necessary to provide such type of services to enhance the clients requirements and to stick the current position
into today’s competitive market.

Management consulting is the practice of helping organizations to improve their performance, operating
primarily through the analysis of existing organizational problems and the development of plans for
improvement.

Organization may draw upon the services of management consultant for number of reasons, including gaining
external advice and access to the consultant’s specialised expertise. Consultancies may also provide
organizational Change management, assistance, development of coaching skills, process analysis, technology
implementation, strategy development or operational improvement services.

Management consultant often bring their own proprietary methodologies or framework to guide the
identification of problems or to serve as the basis for recommendations for more effective or efficient ways of
performing work tasks.

Outsourcing involve the contracting out of a business process to another party. Outsourcing is also the practice
of handling over control of public service to for profit corporation. Outsourcing includes both foreign and
domestic contracting and sometimes includes off shoring or near shoring. Financial savings from lower
international labour rates can provide a major motivation for outsourcing or off shoring.

Outsourcing can offers better budget flexibility and control. It lets organization’s pay for only the service they
need , when they need them. It also reduces the need to hire and train specialised staff , brings in fresh
engineering expertise and reduce capital and operating expenses.

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Outsourcing services are important for today’s organization and a consultant should provide such kind of
services.

Valuation is the process of determining the present value of an asset by the one who is authorised to do so .
Items that are usually can be done on assets like stocks, auctions, business enterprise or intangible assets like
patterns and trademark or liabilities. Valuation are needed for many reasons such as Investment analysis,
capital budgeting, merger and acquisition transaction, financial reporting, taxable events to determine the
proper tax liability and in litigation

Valuation services are important services for today’s market hence there is good scope for consultancy services
in valuation.

Hence above all services should be provided to other firms which are necessary now a days . Also the
management should bring staff for that services.

CHAPTER IV : RECOMMENDATION
Following are the recommendation for the given firm .

• The organization should go for one stop solution for all services which can be provided by the members
of The Institute of Chartered Accountant of India and GST practitioner and other professionals to fulfil
the needs of clients.

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 • The organization should provide some additional services like management consultancies, outsourcing
services and Valuation services to different clients to stick their position into the today’s competitive
market and to fulfil modern clients requirements.
• To start new consultancy services, the top level management should bring staff and arrange training
programme for interns and new employees to propel their work.
• The top level management should focus on individual development as well as overall growth and
should make atmosphere more professional.

CHAPTER V : LEARNING OUTCOMES

Following are the some topics which I have learnt during my internship period.

GST Return Filing

The businesses registered under GST have to file returns monthly, quarterly and annually based on the
category of business through the Government of India’s GST portal. They have to provide the details of the
sales and purchases of goods and services along with the tax collected and paid.

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Implementation of a comprehensive Income Tax system like GST in India will ensure that taxpayer services
such as registration, returns, and compliance are transparent and straightforward. Individual taxpayers will
be using 4 forms for filing their GST returns such as the return for supplies, return for purchases, monthly
returns, and annual return. Small taxpayers who have opted for a composition scheme will have to file
quarterly returns. All filing of returns will be done online.

What is GST Return?

GST return is an official document that furnishes all the purchases, sales, tax paid on purchases, and tax
collected on sales-related details. The GST returns is required to be filed, following which the taxpayer has
to pay off the tax liability.

Who should file GST Returns?

GST returns has to be filed by all the business entities who are registered under the GST system. The filing
process has to be identified on the basis of the nature of the business.

The registered dealer who part of the following activities needs to file a GST return:

• Sales
• Purchase
• Output Goods and services tax (on Sales)
• Input Tax Credit with GST paid on the purchase

How to File GST Returns Online?

From manufacturers and suppliers to dealers and consumers, all taxpayers have to file their tax returns with
the GST department every year. Under the new GST regime, filing tax returns has become automated. GST
returns can be filed online using the software or apps provided by Goods and Service Tax Network (GSTN)
which will auto-populate the details on each GSTR forms. Listed below are the steps for filing GST return
online:

Step:1 Visit the GST portal (www.gst.gov.in).

Step:2 A 15-digit GST identification number will be issued based on your state code and PAN number.
Step:3 Upload invoices on the GST portal or the software. An invoice reference number will be issued
against each invoice.

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Step:4 After uploading invoices, outward return, inward return, and cumulative monthly return have to be
filed online. If there are any errors, you have the option to correct it and refile the returns.
Step:5 File the outward supply returns in GSTR-1 form through the information section at the GST
Common Portal (GSTN) on or before 10th of the following month.
Step:6 Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the
recipient.
Step:7 Recipient has to verify, validate, and modify the details of outward supplies, and also file details of
credit or debit notes.
Step:8 Recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2
form.
Step:9 The supplier can either accept or reject the modifications of the details of inward supplies made
available by the recipient in GSTR-1A.

How to File GST Returns with GSTN?

The Goods and Service Tax Network will store information of all GST registered sellers and buyers,
combine the submitted details, and maintain registers for future reference. Companies have to file 3 monthly
returns every 3 months and one annual return in a financial year (37 returns in total). GSTN has launched a
simple excel based template to make the filing of returns easier for businesses. This excel workbook can be
downloaded from the GST common portal free of charge. Taxpayers can use this template to collate invoice
data regularly. The details of inward and outward supplies can be uploaded on the GST portal on or before
the due date. The data preparation can be done offline. Only while uploading the prepared file on the GST
portal will the taxpayer need the Internet.

How to check GST Returns Status?

The official GST Login Portal allows you to check the status of your GST Returns. There are 3 different
methods for the same. The methods are as follows:

• Tracking the status using the ‘Return Filing Period’ option

• Tracking the status using the ‘ARN’ option
• Tracking the status using the ‘Status’ option

Penalty for late filing of GST Returns

A penalty will be levied on the taxpayer in case he/she fails to file the returns on time. This penalty is called
the late fee. As per the GST Law, the late fee is Rs.100 for each day for each Central Goods and Services
Tax (CGST) and State Goods and Services Tax (SGST). Thus, the total fine amount will be Rs.200 per day.
However, this rate is subject to changes which will be announced through notifications. The maximum

20
amount of fine that can be levied is Rs.5,000. Integrated GST or IGST does not attract any late fee in case
the return filing is delayed. The taxpayer will also be required to pay an interest at the rate of 18% p.a. in
addition to the late fee. This interest has to be calculated by the taxpayer on the amount of tax that is to be
paid. The time period will be calculated from the day following the filing deadline till the date when the
actual payment is made.

Types of GST Returns under New GST Law

The list of all types of GST returns in India along with frequency and the due date for filing returns :

Return Who should file the return and what should be Due date for
Frequency
form filed? filing

Registered taxable supplier should file details of 11th of the

GSTR-1 outward supplies of taxable goods and services as Monthly subsequent
effected. month.

Registered taxable recipient should file details of 15th of the

GSTR-2 inward supplies of taxable goods and services Monthly subsequent
claiming input tax credit. month.

Registered taxable person should file monthly

20th of the
return on the basis of finalization of details of
GSTR-3 Monthly subsequent
outward supplies and inward supplies plus the
month.
payment of amount of tax.

18th of the
month
GSTR-4 Composition supplier should file quarterly return. Quarterly
succeeding
quarter.

20th of the
GSTR-5 Return for non-resident taxable person. Monthly subsequent
month.

13th of the
GSTR-6 Return for input service distributor. Monthly subsequent
month.

10th of the
Return for authorities carrying out tax deduction
GSTR-7 Monthly subsequent
at source.
month.

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 Return Who should file the return and what should be Due date for
Frequency
form filed? filing

E-commerce operator or tax collector should file 10th of the

GSTR-8 details of supplies effected and the amount of tax Monthly subsequent
collected. month.

31 December
Registered taxable person should file annual
GSTR-9 Annual of the next
return.
fiscal year.

Within 3
months of date
Once, after
of cancellation
the
Taxable person whose registration has been or date of
GSTR-10 registration
cancelled or surrendered should file final return. cancellation
of GST is
order,
cancelled
whichever is
later.

28th of the
month,
following the
Person having UIN claiming refund should file
GSTR-11 Monthly month for
details of inward supplies.
which the
statement was
filed.

Along with GST returns I had also learnt about Tally and basic accounting work .

Tally is the most popular software for small and medium enterprises. In India, if learning of tally with
relevant provisions of Income Tax, Goods and Services Tax, Central Excise Duty are incorporated in
syllabus of students, students will have better opportunities for study.

After undergoing the Audit process , the brief Idea about audit tools, audit methodologies and processes. The
identification of gaps and loop holes also carried out along with preparing statement including profit and
loss account and Balance sheet.

Also knowledge on Accounting Standards and Auditing Standard at corporate level gathered. Idea about
Laws governing auditing become more clear. Following are the main work carried out during audit process:

• TALLY : Tally is the most important part of auditing. Here ERP 9 version of tally is used. Tally
software posts voucher entries passed to respective ledgers. Principle Books of account are like
Ledger, Cash Book , Bank book are maintained by tally software. The software gives Trial Balance,
Balance Sheet, and profit and loss account along with schedules of respective groups. Learning the
22
 tally is good experience for a beginner in an accounting also it gives good practicing in accounting as
well as in auditing.
• VOUCHING OF SALES : In vouching of sales, entry number, party’s name and amount of sales
had been verified to balance amount of credit and debit. It’s one type of verification process in
which party’s sales are verified and proper changes made if any fault found.
• VOUCHING OF PURCHASE : In vouching of purchase, the entry number, party’s name and
amount of purchase had been verified to balance amount of credit and debit. The process is same as
vouching of sales but the only difference is that the purchase is verified.
• CASH /BANK BOOK CHECKING : The same things verified as same as of vouching process.
But here Cash Book or Bank Book are checked and any error or fault in account, if found removed.
• EXPENSE JOURNAL CHECKING: Expenses journal include general expenses like lightning,
printing and stationary, maintenance and all other general expenses, All the firm’ expenses are
checked and their individual records are prepared.

CHAPTER VI : SELF EVALUATION

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Apart from enabling you to put those concepts & theories, you learned in college to the test, internship roles
can also provide invaluable career-changing experiences for people who wish to try out a new industry
sector.

You’ll need to acquire additional work experience to make you more employable before making career-
related moves.

Because of the recent shortage in global work skills, building your career experience is not exaggerated and
internship roles are unique learning experiences that have gotten more important over the years; especially in
terms of their benefits.

But let’s be clear, internships aren’t spoon-fed learning processes in college, they typically consist of
pressure-filled workload that will help you learn work basics as well as develop the skills you’ll need to
advance your career professionally.

It doesn’t matter what you studied in college or which industry sector you prefer, employers nowadays
always lookout for basic work experience, traits, and skillsets when hiring for internship roles and entry-
level jobs.

Completing internships successfully will indicate to your future employers that you can perform in a
particular work environment and that you can be trusted to handle projects and function independently in the
competitive world of work.

According to recent surveys, employers are becoming more reluctant to fill vacant positions due to the lack
of workplace competencies in most candidates especially in areas that require technical competencies.

So, if you’re not acquiring knowledge while honing your work skills with internship roles, you could easily
be overlooked for future job opportunities.

Before going for INTERSHIP I was like that the computer skills are not much important for us – commerce
students,. But Now I am able to understand that the basic Excel skills and knowledge of computer is must
nowadays. Learning the software are also very important . Because everything is paperless nowadays.

So now I have decided to learn the software skill , some basic Excel skills also .which is the most important.

This is what is my weakness that I don’t know the much computer skill that’s why I am calling myself
outdated . But no time has not gone still 8 can learn the computer skills. Thanks to internship that teaches me
how important it is to have knowledge about computer. Apart from these software skill I have also learnt
some soft skills which should be present in oneself :

Communication Skills : There are various ways to communicate these days, but potential employers
tend to look towards your ability to speak and write professionally. You must make the best of every
opportunity to demonstrate your verbal skills & writing prowess. Your resume & cover letter must be

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engaging in well-written format, and you should also be able to supply thoughtful answers to likely
interview questions. Your ability to communicate effectively by conveying information and translating ideas
among your co-workers, supervisors, or clients, becomes essential in any field.

Experience of Work : Yes, we all need work experience before we can be considered as employable but
don’t be deceived, it isn’t quite the same as this next skill. It’s something we tend to overlook when taking on
an internship role but, getting an experience of your career of choice and the hands-on knowledge that can
only be acquired by actually working at a business are two very different things. Experience of work will
involve you learning more than you have ever known about workplace politics and office relationships; which
brings us to our next skill:

Teamwork Skills : Internships are professional roles where every team member must work together to
accomplish any task. During internships, you’ll have to remain focused on the team’s goals. You should also
develop a patient, positive, and considerate attitude whenever disagreement arises among members of your
team.

Software Education : As our world becomes increasingly reliant on technology, we must look at every
opportunity to improve our software skills to become more capable future employees. Internships are an
excellent opportunity for all-round improvement. Apart from making your resume look good, they have so
much more to give. By learning to use software like Tally and some basics computer skills , during an
accounting internship, you can deliver more value at a future job. Moreover, because many software skills are
transferable across different industries, you can switch professions and remain relevant.

Critical Thinking & Problem Solving Skills Here, we are referring to your overall problem-solving
skills; your ability to evaluate and analyse an issue or a situation and then respond effectively. This can be
demonstrated by your enthusiasm to ask questions and examine issues from various angles. Internship roles
will help you think critically to provide creative solutions to work challenges. This is a skill that is highly
valued and emphasized by many by employers.

Project Management Skills : You must learn how to cope with workload early in your career. Internships
offer excellent learning experiences in this regard. You’ll learn to take responsibility and prioritize your career
goals. And if you haven’t developed adequate project management skills, your internship supervisor will likely
give you a few pointers on the best ways to resolve work problems. These solutions may involve you getting
a work planner to map out your daily goals and targets so you and your team members can be aware of them.
On the other hand, at non-internship, full-time job roles, your manager probably won’t have the time to mentor
you hence learning how to properly manage work projects during internships becomes crucial for your future
performance.

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Networking : Proper networking is another valuable skill you can learn during your internship. While you
may most likely be working as part of a departmental team, exploring outside the box options is also a great
experience that will certainly improve your overall communication with others.

I would like to tell that not only in B.com honours but in every course these should be something like practical
field work .and whether it is in the syllabus or not everyone should try to do something that they will be able
to gain practical knowledge even if it’s not there in syllabus that you have to go for internship you should go.
It is extremely useful.

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