CHAPTER-1

1 . 1 INTRODUCION
 I am Ashwini Ramesh M.com department Sharanbasva university, USN:
SG21MCM002. I am thankful to chairperson and internal guide Dr.R.D AWANTI Sir. I have
done my internship report under IRANNA N. GOBBUR and Chartered accountants gave
some suggestions and guided about project report and to complete all which i have learned
there.

Through this study we came to know more information about our selected topic which
is “GST-THE NEW ERA OF THE TAXATION SYSTEM”, which is very interesting and
gives the knowledge about theoretical and practical aspects of GST-THE NEW ERA OF
THE TAXATION SYSTEM.

The GST also known as the GST is a reform of our economy’s indirect tax structure
the GST (which has been in the works for a long time) was passed by the loksabha on Aug 8,
2016 and took effect on July 1, 2017. The introduction of the goods and services tax (GST)
has attend the taxation relationship between the states and the federal government.

Through implementation of GST the government has achieved to implement unified

indirect taxation system in India now there is only a single taxation system for indirect
taxation throughout the territory of India for both Union and State Government and now the
problem of filing separate taxes to the union and state.

GST stands for Goods and Services Tax. It is an comprehensive tax system that is
implemented in India to remove the various short coming of the earlier indirect taxation
system that are cascading effect, entry taxes, double taxation and black marketing.

Indian economy is poised to enter a new era of taxation in the form of implementation
of much awaited Goods and services (GST),With effect from July 1 st 2017. The GST bill was
passed unanimously in Aug 2016, by the Indian parliament and after ratification by majority
of states and upon receiving presidential assent, it was enacted as constitution (one hundred
and first amendment) Act, 2016.
1.2 OBJECTIVES OF STUDY
1. To increase tax compliance
2. To Reduce the tax evasion and corruption
3. To subsumed all the indirect taxes at the central and state level
4. To achieve the policy of One Nation One Tax
1.3 SCOPE OF THE STUDY
With the exception of alcoholic beverages for human consumption, all commodities
and services are subject to the goods and services tax. It has been stipulated that until a date
announced on the advice of the goods and services tax council, petroleum and petroleum
products shall not be subject to the levy of goods and services tax.

Every transaction involving the supply of goods and services is subject to the GST,
with the exception of those involving exempt products and services, goods that fall outside
the scope of the GST, and transactions that fall below certain thresholds. Electricity and
alcoholic beverages intended for human consumption are exempt from the GST.
1.4 RESEARCH METHODOLOGY

PRIMARY DATA
In order to collect first hand in information we interacted with various departments
and gathered the required information.

Primary Data was collected from various people and their opinion and information for
the specific purposes of study helped to run the analysis. The data was collected through
questionnaire to understand their experience and preference towards GST.

SECONDARY DATA
Our study has based on the basis of secondary data collected from various research
papers, internet, newspapers etc. to present the data in a more comprehensive manner. Finally
some findings have been gathered to establish our objectives.
1.5 LIMITATION OF THE STUDY
 Adopting to a complete online taxation system
 Increase prices due to software purchase
 GST will mean an increase in operational costs.
 GST came into effect in the middle of financial year.
 SMEs (small and medium sized enterprises)will have a higher tax burden.
CHAPTER -2
2.1 MEANING AND DEFINITION

MEANING
GST, or Goods and Services Tax is an indirect tax imposed on the supply of Goods
and Services. And GST is a consumption based tax charged by the government. It is levied on
the supply of all the goods and services taxable under the GST system in India. The central
government then uses this money in the functioning and administration of the nation. Every
consumer who is adding value in the supply chain will have to pay GST.

DEFINITION
The term GST is defined in Article 366 (12A) to mean “any tax on supply of goods
or services or both except taxes of the alcoholic liquor for human consumption”,
2.2 DEFICIENCIES IN THE VALUE ADDED TAXATION SYSTEM
In the earlier indirect tax regime, a manufacturer of excisable goods charged excise
duty and value added tax (VAT) on intra=state sale of goods. The earlier indirect tax
framework in India suffered from various shortcomings. Under the earlier indirect tax
structure, the various indirect taxes being levied were not necessarily mutually exclusive.

When the goods were manufactured and sold, both central excise duty (CENVAT)
and state level VAT were levied. Though CENVAT and state level VAT were essentially
value added taxes, set off of one against the credit of another was not possible as CENVAT
was a central levy and state level VAT was a state levy.

Central excise duty value added tax was applicable only at manufacturing level and
not at distribution levels. Service tax was also a value added tax and credit across the service
tax and the central excise duty was integrated at the central level.
2.3 HISTORY OF GST
The goods and services tax (GST) is a successor to value added tax (VAT) used in
India on the supply of goods and services. GST is a new era of taxation system of VAT
which is digitalized form of VAT where the goods and service both are included in the
taxation system of GST. It is a comprehensive, multistage, destination based tax. Goods and
services tax which is imposed on goods and services on the bases of five different slabs for
collecting tax like 0%, 5%, 12%, 18%, 28%. However petroleum products, alcoholic for
drinks and electricity are not taxed under GST. There is a special rate of 0.25% on rough
precious and semi-precious stones and 3% on gold. In addition a cess of 22% or other rates
on top of 28% GST applies on several items like aerated drinks, luxury cars and tobacco
products. Pre GST, the statutory tax rate for most goods was about 26.5%, post-GST most
goods are expected to be in the 18% tax range. The main aim of this taxation system is to
check the cascading effect of other indirect taxes and it is applicable throughout India.

The idea of a nationwide GST in India was first proposed by the kelkar tax force on
indirect taxes in 2000. The empowered committee of state finance minister s prepared a
design and roadmap, releasing the first discussion paper in 2009. The Constitution
Amendment Bill was introduced in 2011 but faced challenges regarding compensation to
states and other issues. After years of deliberation and negotiation between the central and
state governments, the constitution (122 nd Amendment) Bill, 2014, was introduced in the
parliament

2.4FEATURES OF GST
  GST is a indirect Tax
 GST is applicable on supply of goods an services
 One tax rate across the country
 Destination based consumption tax
 Computation of GST on the basis of invoice credit method
 Payment of GST-CGST and SGST are paid through GST
 GST tax on import and export
 No differentiation in Goods or services

TYPES OF GST

1. SGST (State goods and service tax )

Similar to CGST, SGST is levied on purchases of goods and services made inside a
state

2. CGST (central goods and service tax )

Central goods and services tax it is levied by the central government on the intrastate
movement of goods and services, i.e, transactions within one country.

3. IGST (Integrated goods and services tax)

Integrated goods and services tax means the tax levied under this act on the supply of
any goods or services in the course of inter-state trade or commerce and for the
purpose.

4. UTGST (Union Territory goods and Services Tax)

The tax is nothing but the GST applicable on the goods and services supply that takes
place in territory of India including,
1. Union Territory with state legislature:
Delhi, panducharry, Jammu and Kashmir.
2. Union Territory without state legislature:
Andaman and Nicobar Islands, Chandigarh, Daman and Diu and
Dadra and Nagar havell, Lakshadweep.

2.5. ADVANTAGESAND DISADVANTAGES OF GST

ADVANTAGES

1. Decrease in the cost of goods

2. Ease of doing business
3. Developing common national market
4. Reduction in tax evasion
5. Goods becoming cheaper
6. Attracting foreign investment
7. Take system becomes more transparent, regular and predictable.

DISADVANTAGES

1. Increased costs due to software purchase

2. Not being GST compliant can attract penalties
3. GST will mean an increase in operational costs
4. Adapting to a complete online taxation system
5. SMEs (small and medium sized enterprises) will have a higher tax.
2.6 IMPACT OF GST ON MANUFACTURES, DISTRIBUTORS AND
RETAILERS:
GST, the biggest tax reform in India since Independence, also brought with it a host
of questions from all the different industrial sectors in the country. While efforts have been
made to help every sector grow and flourish further, the impact of GST has been as diverse as
the demographics of the country.

Manufacturers, retailers, and distributors play a crucial role in the Indian

economy. As a result, a common question among the masses is how the new tax regime has
impacted these sectors. Let us have a look at some essential points that can shed light on the
diverse impact.

GST AND MANUFACTURERS:

The effect of GST on the manufacturing sector has been mostly positive. It has
helped in reducing the cost of production and simplified the entire tax system.

Under the previous tax regime, manufacturers were required to pay around 25% - 26% more
due to the cascading tax effect. GST has eliminated this ‘tax-on=tax’ regime, enabling
manufacturers to pay a single, unified tax. This means that a large number of goods have got
cheaper, leading to more sales.

GST IMPACT ON RETAILERS:

More than 90% of the retail industry in India is unorganised and works on cash
payments. As GST is an online tax system which is levied at every stage where value is
added to goods or services, GST impact on small retailers has been positive too. The input tax
credit facility and easier entry into new markets have been some of the biggest advantages of
GST for the retailers.

IMPACT OF GST ON DISTRIBUTORS:

Distributors, along with wholesalers, play a vital role in the nation’s supply chain.
The GST impact on distributors and wholesalers is widely criticised as it claimed to increase
their tax liabilities. This is not quite true in most cases. It is just that the entire supply chain
can be tracked online with GST and this presents tax evasion which was widely prevalent in
distribution and wholesaling in the past. While the GST impact on telecom distributors is
currently considered unfavourable due to the high GST rate on telecom services, it is
expected that the telecom sector would be moved to a lower GST tax bracket in the future.

CHANGING FACE OF INDIA UNDER NEW TAX REGIME:

While the impact of GST on retailers, manufacturers, and distributors are not what
many of the industries were expecting, the unified tax regime is more focused upon the
greater good of the country. While there have been some hits and misses in the past two
years, more changes are expected in the future to help each member of the supply chain.
2.7 GST REGISRATION:

GST Registration means applying for a unique GST number or GSTIN i.e. GST
Identification. Number on the GST Portal. The taxpayer requires GSTIN to collect amd pay
GST on the outward supplies i.e. sales and claim. GST input tax credit on the inward supplies
i.e purchases. Types of GST Registration depend on the nature of the business.

TYPES OF GST REGISTRATION:

 Compulsory Registration :
Under certain situation, the dealer must take Compulsory Registration under
GST irrespective of the turnover. For eg : interstate sales of taxable goods, e-
commerce operation seller. Etc.

 Voluntary Registration :
A business that does not need to apply for compulsory registration can apply
for registration on a voluntary basis. It is called Voluntary Registration under GST.

 Registration under composition Scheme:

If the aggregate turnover exceeds the prescribed threshold limit of (Rs 10 laks
for special category states) but is less than Rs 1.5 Cr (Rs 75 laks for special category
states), the dealer can register under composition scheme. In case of services, if the
aggregate turnover exceeds Rs 20 laks (Rs 10 laks for special category states) but it is
less than Rs 50 laks, the dealer can register under the composition scheme. Under this
scheme, the taxpayer should pay GST at a fixed rate on turnover and the compliance
is lesser than in case of normal registration.

 No Registration :
The following category of persons do not require GST Registration:
 The business for which aggregate turnover during the financial year does not
exceed Rs 40 laks for goods (Rs 20 laks for special category states) or Rs 20 laks
for services (Rs 10 laks for special category states).
 The business that does not fall under the provision of compulsory registration.
 Persons selling goods or services that are exempt under GST or not covered
under GST.
 Agriculturists for the supply of crops produced from the cultivation of land.
2.8THREE YEARS OF GST: Past, Present, and Future:

Three years ago, the indirect tax system in India went through a massive change and
taxpayers across the country were introduced to a consumption based indirect tax, the goods
and services tax. Known as India\s most significant and most historic indirect tax reform, this
new system revolutionized the way India perceived indirect tax by introducing uninform
taxation under its philosophy of one nation, one tax. GST as a consistent taxation system
replaced indirect taxes like excise duty, service tax, additional duties of excise and other
duties, customs at the Central Government level as well as State VAT, luxury tax, entry tax,
central sales tax, entertainment and amusement tax, taxes on advertisements, taxes on
lotteries and purchase tax at the State Government level. This marked the start of a tax
revolution in the country-“One Nation, One Tax’.

As a nation, we have come a long way since the Goods and Services Tax was first
implemented on July 1, 2017. Here are the highlight of the Goods and Services Tax journey
since its implementation in India, its challenges and achievements, its future prospects and its
most recent efforts to revive the nation from the economic slump caused due to the novel
Corona virus outbreak and subsequent nationwide lockdown.

India launched the world’s most extensive coordinated lockdown in march 2020 due
to the outbreak of COVID-19 Naturally this lockdown brought already struggling business to
a standstill.2019 already saw India in an economic slump, and the Union Budget 2020 was
mainly focus on introducing automation and advocating digitization in a bid to crackdown on
tax evasion and propose measure for easier GST compliance. Two significant reforms that
were expected to be rolled out in April 2020 were e-invoicing and the new returns system.
These reforms were expected to further the nation’s Digital India campaign with digitized tax
management and tax operations. Unfortunately, the reforms were deferred due to the Corona
virus outbreak.

This meant that all eyes were on the COVID-19 economic stimulus relief package that
was announced by the Centre after India went into lockdown in March 2020. This economic
stimulus package eased several concerns of the otherwise troubled MSME sector who
contribute to a large chunk of the Indian economy.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
Tax system and its
importance :-
Tax policies playan important
role ina country’s economy.
The main source of revenue
for
government of India is from
different taxes. Direct and
indirect taxes are the two main
source of
tax revenue generation. When
the impact and incidence is on
same person it is called a
direct
tax. When the impact and
incidence is on different
persons, that is when burden
can be shifted to
from one to other person, it is
called an indirect tax.
The tax system prior to GST
was a multi-layered tax
systemin which taxes were
levied both by
the Central and state
governments at different stages
- like excise duty, octroi,
central sales tax
(CST) and value-added tax
(VAT) and service tax. Table
shown year wise VAT
Introducing in
India.
Year of IntroducingMode of
VAT
1986Modvat for Inputs.
1994Modvat for capital goods.
2002 & 2003Service tax credit
2004Cross - sectoral credit
2005 VAT
2010GST Proposed.
2015GST Implimented.
First tax Reform occurred in
India was (MODVAT),
CENVAT was introduced for
designated
commoditiesin
1986toswitchtheCentral
Excise Duty.
Theotherreformsareawasthe
introduction of service tax in
1994 andintroduction of VAT
in early 1999, introduction first
time
of Constitution modification
Bill on GST in 2011 loksabha
session.
Goods and Services Tax
(GST) is most formidable and
largest tax reform set up in
India, which
aims to stitch together a
common market by
dismantling fiscal barriers
between states. It is one
national uniform tax levied
across the nation on all
merchandise and services. In
GST, all the
indirect taxes are subsumed
beneath one regime. The GST
taxation laws can are simple
and once
GST is paid it takes care of all
tax obligations. It has helped
to finish to multiple taxes at
different stages of production,
value addition and distribution,
ranging from the initial
producer
to the final consumer. GST
works on thefundamental
Principle of “One Country One
Tax”-
Single tax for all people.
Figure 1 Shows the different -
direct and Indirect taxes in
India before Introduction of
GST.
GT, CGT, DDT, STT all these
tax devolution later on in
Income tax. Below are the
brief details
about all these types of Tax.
 GT :-A gift tax is a central
tax applied to an individual
giving anything of value to
another
person like relatives & friends
For something to be considered a
gift, the receiving party cannot
pay the giver full value for the
consignment or gift, but may pay
an amount lesser than its full
value. It is the giver of the gift
who is required or pay the gift
tax.
 CGT :- A capital gains tax
(CGT) is a tax on capital gains,
the profit realized on the sale of a
noninventory assets that was
greater than the amount on the
sale.
 DDT :-When a company
announces dividends, it is liable
to pay as a tax on the amount that
is
paid as dividend. This tax is
called the Dividend Distribution
Tax (DDT). Investors can receive
dividends from 2 different types
of companies: -
Domestic and Foreign. The tax
situation for each of these is
varies.
 STT :-The securities
transaction tax (STT) was
introduced in India few years ago
to avoid tax
evasion in case of capital gains.
Earlier, many people avoided
declaring their profits on the sale
of
stocks, Property, and avoided
paying capital gains tax, so the
government could only tax those
profits, which were declared by
people on sale of Property . So to
fix this problem, the former
Finance Minister P Chidambaram
in the Union Budget 2004-2005
introduced this tax.
2.9OBJECTIVES OF GST:

 To achieve the ideology of ‘One Nation One Tax’:

GST has replaced multiple indirect taxes, which were existing under the
previous tax regime. The advantage of having one single tax means every state
 follows the same rate for a particular product or service. Tax administration is easier
with the Central Government deciding the rates and policies. Common laws can be
introduced, such as e-way bills for goods transport and e-invoicing for transaction
reporting. Tax compliance is also better as taxpayers are not bogged down with
multiple return forms and deadlines. Overall, it’s a unified system of indirect tax
compliance

 To subsume a majority of the indirect taxes in India:

India had several erstwhile indirect taxes such as service tax, Value Added
Tax (VAT), Central Excise, etc, which used to be levied at multiple supply chain
stages. Some taxes were governed by the states and some by the centre. There was no
unified and centralised tax on both goods and services. Hence, GST was introduced.
Under GST, all the major indirect taxes were subsumed into one. It has greatly
reduced the compliance burden on taxpayers and eased tax administration for the
government.

 To eliminate the cascading effect of taxes:

One of the primary objectives of GST was to remove the cascading effect of
taxes. Previously, due to different indirect tax laws, taxpayer could not set off the tax
credits of one tax against the other. For example, the excise duties paid during
manufacture could not be set off against the VAT payable during the sale. This led to
a cascading effect of taxes. Under GST, the tax levy is only on the net value added at
each stage of the supply chain. This has helped eliminate the cascading effect of taxes
and contributes to the seamless flow of inputs tax credits across both goods and
services.

 To curb tax evasion:

GST laws in India are far more stringent compared to any of the erstwhile
indirect tax laws. Under GST, taxpayers can claim an input tax credit only on invoices
uploaded by their respective suppliers. This way, the chances of claiming input tax
credits on fake invoices are minimal. The introduction of e-invoicing has further
reinforced this objective. Also, due to GST being a nationwide tax and having a
centralised surveillance system, the clampdown and minimized tax fraud from taking
place to a large extent.

 To increase the taxpayer base:

GST has helped in widening the tax base in India. Previously, each of the tax
laws had a different threshold limit for registration based on turnover. As GST is a
consolidated tax levied on both goods and services both, it has increased tax-
registered businesses. Besides, the stricter laws surrounding input tax credits have
 helped bring certain unorganised sectors under the tax net. For example, the
construction industry in India.

 Online procedures for ease of doing business:

Previously, taxpayers faced a lot of hardships dealing with different tax
authorities under each tax law. Besides, while return filing was online, most of the
assessment and refund procedures took place offline. Now, GST procedures are
carried out almost entirely online. Everything is done with a click of a button, from
registration to return filing to refunds to e-way bill generation. It has contributed to
the overall ease of doing business in India and simplified taxpayer compliance to a
massive extent. The government also plans to introduce a centralised portal soon
for all indirect tax compliance such as e-invoicing.

 An improved logistics and distribution system:

A single indirect tax system reduces the need for multiple documentation
for the supply of goods. GST minimises transportation cycle times, improves
supply chain and turnaround time, and leads to warehouse consolidation, among
other benefits. With the E-way bill system under GST, the removal of interstate
checkpoints is most beneficial to the sector in improving transit and destination
efficiency. Ultimately, it helps in cutting down the high logistics and warehousing
costs.

 To promote competitive pricing and increase consumption:

Introducing GST has also led to an increase in consumption and indirect tax
revenues. Due to the cascading effect of taxes under the previous regime, the
prices of goods in India were higher than in global markets. Even between states,
the lower VAT rates in certain states led to an imbalance of purchases in these
states. Having uniform GST rates have contributed to overall competitive pricing
across India and on the global front. This has hence increased consumption and led
to higher revenues, which has been another important objective achieved.

2.10 THE LAWS BEFORE GST:

In the earlier indirect tax regime, there were many indirect taxes levied by both the
state and the centre. State mainly collected taxes in the form of Value Added Tax
(VAT)..Every state had a different set of rules and regulations.
 Inter-state sale of goods was taxed by the centre. CST (Central State Tax) was
applicable in case of inter-state sales of goods. The indirect taxes such as the
entertainment tax, control and local tax were levied together By state and centre. These led
to a lot of overlapping of taxes levied by both the state and the centre.
For example, when goods were manufactured and sold, excise duty was charged by
the centre. Over and above the excise duty, VAT was also charged by the state. It led to a
tax on tax effect, also known as the cascading effect of taxes.
The following is the list of indirect taxes in the pre-GST regime
 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
 Taxes on advertisements
 Taxes on lotteries, betting, and gambling.
:

CGST, SGST, AND IGST have replaced all the above taxes.

However, certain taxes such as the GST levied for the inter-state purchase at a concessional
rate of 2% by the issue and utilization of ‘Form C’ is still prevalent .

It applies to 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.
VI. Alcoholic liquor for human consumption/

It applies to the following transactions only:

 Resale
 Use in manufacturing or processing
 Use in certain sectors such as the telecommunication network, mining, the generation
or distribution of electricity or any other power sector.
2.11 NEW COMPLIANCE UNDER GST:
Apart from online filing of the GST returns, the GST regime has introduced several new
systems along with it.

E-WAY BILLS

GST introduced a centralized system of way bills by the introduction of ‘E-way

bills’. This system was launched on 1st April 2018 for inter-state movement of goods and on
15th April 2018 for inter-state movement of goods in a staggered manner.

Under the e-way bill system, manufacturers, traders and transporters can generate
e-way bills for the goods transported from the place of its origin to its destination on a
common portal with ease. Tax authorities are also benefited as this system has reduced time
at check posts and helps reduce tax evasion.

E-INVOICING:

The E-invoicing system was made applicable from 1st October 2020 for
businesses with an annual aggregate turnover of more than Rs 500 crore in any preceding
financial years (from 2017-18). Further, from 1st January 2021, this system was extended to
those with an annual aggregate turnover of more than Rs 100 crore.

These businesses must obtain a unique invoice reference number for every
business to business invoice by uploading on the GSTN’s invoice registration portal. The
portal verifies the correctness and genuineness of the invoice. Thereafter, it authorises using
the digital signature along with a QR code.

E-invoicing allows interoperability of invoices and helps reduce data entry errors.
It is designed to pass the invoice information directly from the IRP to the GST portal and the
E-way bill portal. It will, therefore, eliminate the requirement for manual data entry while
Filing GSTR-1 and helps in the generation of E-way bills too.
2.12 BEFITS OF GST BILL IMPLENTATION:

 The entire Indian will be a unified market which may translate into lower business
costs. It can facilitate seamless movement of goods states and reduce the transaction
costs of business.
 It is good for export oriented business. Because it is not applied for goods or services
which are exported out of India.
 In the long run, the lower tax burden could translate into lower prices on goods and
consumer’s.
 The suppliers, manufactures, wholesalers and retailers are able to recover GST
incurred on input costs as tax credits. This reduces the cost of doing business, this
enabling fairer prices for consumers.

.
2.13 PROCEDURE OF GST:

 Every person who is register under the pre-GST law (i.e, Excise, VAT, Service tax
etc) needs is register under GST.
 When a business which is registered has been transferred to someone, the
transferee.shall take registration with effect from the date of transfer.
 Anyone who drives inter-state supply of goods.
 Casual taxable person.
 Non-resident taxable person.
 Agents of a supplier.
 Those paying tax under the reverse charge mechanism.
 Input service distributor.
 E-commerce operator or aggregator..
 Person supplying online information and database access or retrieval services from a
place outside India is a person in India, other than a registered Taxable Person.
CHAPTER-3
3.1 CA PROFILE

BRIFE PROFILE
Name : CA Iranna N. Gobbur

Address : H. No. 3-26, Saraswati Godam, Super

Road, Gajipur, Kalaburagi-585101,

Karnataka

Qualification : B.com, ACA

Profession : Practicing Chartered Accountant

Status : Proprietorship

Established : Year, 2021

No of professional Associated : 3.3

Telephone : 9620906568

E-mail : [email protected]
The firm is engaged in the activities in the line of GST consultancy and compliance, Income
Tax Matter, audit and accountancy covering a wide range of sub activities related to the
profession. The major and significant activities taken by the organization are as follows.

TAXATION:

Direct Taxes-Income Tax

Indirect Taxes –GST

CONSULTANCY:

Income Tax Consultancy and Compliance

GST consultancy and compliance

ACCOUNTING:

Accounting and related Techniques

CHAPTER-4
4. ANALYSIS & INTREGATION OF DATA

Table 4.1 Age Wise Classification

Opinion No. of Responds Percentage

18-25 37 40 %
25-30 22 29 %
30-45 12 16 %
45 above 4 5%
Total 75 100

From the above table it was notice that in the table we can observe 49% of respondents are
between ages 18-25. 29% of respondents are between ages 35-30. 16% of respondents are
between ages 30-45, 5.3% of respondants are between ages 45 above , Most of the age’s
between 18-25 are involved in the respondents are between ages 45 above. Most of the age’s
between are involved in the research.

Graph 4.1. Age Wise Classification

 Sales
5%

16%

40% 18-25
25-30
30-45
45 above

29%

Table 4.2 Gender of respondents

 Opinion No. Of Responds Percentage
18-25 37 40 %
25-30 22 29 %
30-45 12 16%
45 above 4 5%
Total 75 100

From the above table it was notice that the table we can we observe 49 % of respondents are
between ages 18-2. 29% of respondents are between ages 25-30. 16% of respondents are
between ages 30-45, 5.3% of respondents are between ages 45 above. Most of the age’s
between 18-25 are involved in the research.

4.2 Graph Gender of respondents

COUNTOFHOWOLDARE
5%

16%
18-25
25-30
Table 4.3 Professional Status

Opinion No. of Response Percentage

Auditors 14 19 %
Business 36 48 %
Financial Manager 5 6%
Industrialist 20 27 %
Total 75 100

From the above table we can we observe that 19 % of respondents in Auditors. 48% of
respondents in business. 6% of respondents in Financial Manager. 27% of respondents in
Industrialist.
Chart 4.3 Professional Status

COUNTOFPROFESSIONAL
STATUS

19%
27% Auditors
Business
Financial managerIndustrialist
6%

48%
 4.4 Monthly Income of respondents

Opinion No of Response Percentage

50000 2 4%
30000-50000 18 41 %
Below 30000 24 55 %
Grand Total 44 100
Chart 4.4 Monthly Income of respondents
 Sales
4%

50000
41% 30000-50000
Below 30000

55%

From the chart we can we observe that 4% of respondents in 50000.41% of respondents in

30000-50000. 55% of respondents in below 30000.

4.5 Table Are you affecting from GST day to day life
Opinion No. Of Responds Percentage
Maybe 13 17 %
No 21 28 %
Yes 41 55%
Total 75 100

4.5 Chart are you affecting from GST day to day life
 Sales
17%

28%

May be
No
Yes
4th Qtr

120
%
55%

From the chart we can we observe that 17% of people said MAYBE. 28% of respondents said
NO. 55% of respondents said YES.

4.6 Table In which GST is affecting for you

 Opinion No. Of Response Percentage
Banking and Insurances wise 7 9%
Education 21 28%
Glossary 10 13 %
House hold Expenses 37 50 %
Total 75 100

From the above Table it was notice that In the chart we can we observe 9 % of respondents
affecting in Banking and insurance services. 28 % of respondents affecting in Education.
13% of respondents affecting in Glossary. 50% of respondents affecting in Household
Expenses.
4.6 Chart in which GST is affecting for you

Sales

9%
28%

Banking & Insurance

Education
13% Glossary
House hold Expenses

120
%

4.7 Table When you will pay GST

 Opinion No of Response Percentage
Monthly 54 72%
Quarterly 14 19 %
Year 7 9%
Total 75 100

From the above Table it was notice that In the chart we can we observe 72% of respondents are
pay in monthly. 19% of respondents are pay in quarterly. 13% of respondents are pay in year.
4.7 Graph when you will pay GST

Sales
9%

19
%
Monthly
Quartely
Year

72
%
 4.8 Table GST is to pay difficult before and now

Opinion No of Response Percentage

Strongly Agree 14 19 %
Agree 44 58 %
Neutral 12 16 %
Disagree 10 13%
Strongly disagree 5 7%
Total 130 130%

From the above Table it was notice that In the chart we can we observe 58% of respondents are
Agree in difficult to pay. 16% of respondents have a Neutral level. 19% of respondents in
difficult to pay strongly agree. 7% of respondents in difficult to pay strongly disagree.
4.8 graph GST is to pay difficult before and now

Sales

16%

7% Agree
Strongly agree
Strongly Disagree
Neutral

58%
19%
 4.9 Table GST is a very good tax forms for India

Opinion No of response Percentage

Strongly Agree 3 4%
Agree 23 31 %
Neutral 33 44 %
Disagree 12 16 %
Strongly Disagree 4 5%
Total 75 100

From the above table it was notice that, In the chart we can we observe 31 % of respondents
are Agree. 16% of respondents are Disagree. 44% of respondents in strongly agree. 5% of
respondents in strongly disagree.
4.9 graphs GST is a very good tax forms for India

Sales

31%

44% Agree
Disagree
Strongly Agree
StronglyDisagree
Neutral

16%
5% 4%

4.10 Table GST has increased the tax burden on day to day
 Opinion No. of Response Percentage
Strongly Agree 2 3%
Agree 33 44%
Neutral 28 37%
Disagree 10 13%
Strongly disagree 2 3%
Total 75 100

From the above table it was notice that, In the chart we can we observe 44% of respondents
are Agree. 13% of respondents are Disagree. 37% of respondents have a Neutral level. 3% of
respondents in strongly agree. 3% of respondents in strongly disagree.

4.10 Graph GST has increased the tax burden on day to day
 Sales

37%
44% Agree
disagree
Strongly agree
Strongly disagree
neutral

3%
3%
13%

4.11 Table GST will increase the Tax collection of GOVT.

Opinion No. Of response Percentage

 Strongly Agree 4 5%
Agree 35 47%
Neutral 30 40%
Disagree 5 7%
Strongly disagree 1 1%
Total 75 100

From the above table it was notice that in the chart we can we observe 47% of respondents
are Agree. 7% of respondents are Disagree. 40% of respondents have a Neutral level. 5% of
respondents in strongly agree. 1% of respondents in strongly disagree.
4.12 Graph GST will increase the Tax collection of GOVT

Count of GSTwill increase the Tax

collectionofGOVT.
40
AgreeDisagreeNeutralStronglyagree
30 Stronglydisagree

20

10

0
AGREEDISAGREENEUTRALSTRONGLYSTRONGLY
AGREEDISAGREE
4.12 Table Goods and Service Tax (GST) encourage individuals to save part of their
Income

Opnion No. Of responds Percentage

Agree 14 33%
Disagree 10 24%
Strongly agree 1 3%
Strongly disagree 1 2%
Neutral 16 38%
Total 42 100

In the chart we can we observe 33% of respondents are Agree. 24% of respondents are
Disagree. 38% of respondents have a Neutral Level. 3 % of respondents in strongly agree. 2%
of respondents in strongly disagree
4.12 Graph Goods and Service Tax (GST) encourage individuals to save part of their
Income

PERCENTAGEOFRESPONDENTS
20

15

10 Total
5

0
Agree Disagree NeutralStronglyagreeStrongly
disagree
 CHAPTER-5

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.
 In the post GST phase, there is no effect of double taxation, which was unlikely in the
Pre-GST period.
 A cascading effect that raises prices has not yet been observed in the post-GST
period.
 In comparison to the traditional tax system, the effective tax rate has remained steady
and is lower during the post-GST period.
 The overall tax burden on consumers has decreased under the post-GST regime.
 In the GST, help to reduce tax evasion.
 GST becomes easier than earlier taxation.
 In the year of 2021-22 Rs.1.10 lakh more
 In the year of 2022-23 R.sis 1.51 lakh crores of average monthly gross GST
collection.
CONCLUSION
The government has introduced a GST system to smoother tax processes and bring
businesses into the formal economy. Being GST – compliant, business can experience the
merits of having a unified tax system and easy input credits. Stakeholders welcome GST
implementation as a new change as it helps boost the economy. Even though GST service as
a historical tax reform in India, there are a several downsides that make this tax challenging
to implement.
SUGGESTIONS
 Increase the Registration Threshold.
 Composition scheme for service providers.
 Reduce the frequency of Return.
 Do away with Revenue Cycle Management concept.
 Increase Threshold for audit.
 Supplier wise Reconciliation of outward supply.
 Provisions for late fees need to be relaxed.
 Revision Facility for Returns.
 Rationalization of tax rates: 5%, 12%, and 18% should be merged into one.
 Automatic Refund sanctioning authority.
BIBILOGRAPHY

Information from company Boucher and from various invoices of clients.

Reference book :-

Good and service tax, Dr. H.C.Mehta & Prof. V.P. Agarawal

The simplified Indian GST law, CA Prakhar Jain

Weblinks :-

https://gstcouncil.gov.in/

https://ijcrt.org/

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

https://jgateplus.com/home/
QUESTIONNAIREIES

1. NAME:
2. GENDER:
3. AGE:
a) 18-25
b) 25-30
c) 30-40
d) 40 above
4. PROFESSION STATUS:
a) Auditors
b) Business
c) Financial manager
d) Industrialist
5. MONTHLY INCOME:
a) 50000
b) 30000-50000
c) Below 30000
6. Are you effecting from GST day to day life?
a) Yes
b) No
c) May be
7. In which GST is affecting for you?
a) Banking and insurance services
b) Education
c) Glossary
d) Household expenses
8. When you will pay GST?
a) Monthly
b) Quarterly
c) Year
9. GST is to pay difficult before and now:
a) Agree
b) Neutral
c) Strongly agree
d) Strongly disagree
10.GST is a very good tax forms for India
a) Agree
b) Disagree
c) Neutral
d) Strongly agree
e) Strongly disagree
11.GST has increased the tax burden on day to day
a) Agree
b) Disagree
c) Neutral
d) Strongly agree
e) Strongly disagree
12.GST will increase the tax collection of government .
a) Agree
b) Disagree
c) Neutral
d) Strongly agree
e) Strongly disagree
13.Goods and service tax (GST) encourage individuals of income
a) Agree
b) Disagree
c) Neutral
d) Strongly agree
e) Strongly disagree.