Sr. No. CONTENT Page no. 1 DECLARATION iv 2 ACKNOWLEGEMENT v 3 COMPANY PROFILE I 4 INTRODUCTION TO INDUSTRY PROFIE 2 5 INCOME TAX TOPIC 1 (INTRODUCTION) 4 1.1 | What is tax , Type of Tax 4 1.2 income Tax a 1.3 | Objectives of Income Tax 5 1.4 | Features of income Tax 5 1.5 | Brief History of Income Tax in India 6 1.6 | Income Tax basis , Five Head of Income 7 1.7| Income Tax Slabs 7 1.8 | Income Tax Return (ITR) 8 1.9 | Different Types of ITR Forms 9 1.10 | E- Filling of Income Tax Returns a 1.11 | New E- Filling Portal of Income Tax 2.0 15 1.12 | Benefits of Income Tax New E-filing Portal 16 1.13 | Features of New Income Tax E-filing Portal 16 1.14 | Advantages of E-filing 18 1.15 | Tax Related Important Terminology 19 1.16 | Deduction from income under Chapter VI A of the Income Tax Act, 1961. 20 6 GOODS AND SERVICE TAX ( GST) Topic2 _|(inTRopuCTION) 2 2.1 | The Journey of GST in India, Objectives of GST 282.2 | Main Features of GST 26 2.3 | Advantages of GST 27 2.4 GSTIN 30 2.5 | HSN Code 32 2.6 | Structure of HSN code in India 3 2.7 | input Credit in GST 3 2.8 | Reverse Charge Mechanism 35 2.9 | Taxable Person under GST 36 2.10 | Who is Non — Resident Taxable person under GSTWho. is an Input Service Providers Who is Composition taxpayer 38 What is a QRMP Taxpayer 2.11 | Type Of GST Return 39 2.12 | Late Filing of GST Return 47 7 ACCOUNTS, TOPIC3 (INTRODUCTION) 48 3.1 Financial accounting 49 3.2|/Management accouting 49 3.3 Auditing a9 3.4] Information systems 30 3.5 |Tax accounting 30 3.6 | Forensic accounting 30 3.7 [Political campaign accounting 30 3.8 Professional bodies 31 3.9| Firm 51 3.10|Standard-setters SL 8 WORK EXPERIENCE 53 9 RESEARCH METHADOLOGY 54 10 DATA ANALYSIS 56 1 LIMITATIONS. 66 12 SUGGESTIONS 67 3 FUTURE SCOPE 68 14 QUESTIONNAIRE 70 15 CONCLUSION 2B 16 REFERENCES 74COMPANY PROFILE Computer education is the process of learning about or teaching about the computers. It includes the basic knowledge of computer system, skills, ideas, and the basic terminologies related to the computer system, One Tech Computer Institute, I can help you move from being a non-tech person to an expert. T offer computer training in Lucknow, and I can provide top-notch training in a variety of computer fields. For more information, or if you would like to book a place in one of my courses, please contact me below. Importance of Computer Education in Our Life Computers help the students to learn about the world and know what is happening in it. It helps them to aim for excellent jobs in the future and succeed in it. The computer has become a standard of education throughout the world, This makes computer education important. Computers have occupied a very important place in our lives. We cannot imagine our life without computers. They are being used in each and every field to make work easier. Services always get a tiny bit nervous when reading any new reviews that I receive as I know that bad reviews will mean fewer people enrolling on my courses. Thankfully, I am happy to be able to say that I often receive positive feedback from my former students. They often mention how professional the courses are as well as how much they learn over the course of their study. So, if you want to leam more about computers, you know who to get in contact with. One Tech Computer Institute established its presence in March 2017. The firm specializes in providing be study spoke Tax Advisory, Litigation and compliance management solutions to its clients with a sharp focus on quality of its service offering. A CMA firms who performs services involving costing, pricing of goods and services, verification or certification of Cost Records and Taxation, especially in Indirect Taxation. Unlike NEP accounting professionals, the demand for CMA cuts across functions in all organizationsINTRODUCTION TO INDUSRETY PROFILE. Job Profile and A ies Performed: I was inducted as a team member in various audit and consulting assignment where my job and responsibility included vouching, preparation of working papers, preparation of preliminary trial balance and financial statement, filing of e-returns for taxation purpose and gratuity fund calculation. All these activities that I have performed during my internship programmer the parts of the different services offered by the organization to its customers. Thus, these activities are the components/part of the organizational activities which aided in providing services to its clients/customers Preparation of Audit Working Papers: I prepared audit working papers simultaneously while doing vouching. The doubtful matters/transactions/entries were noted on the working papers. The entries without supporting documents and evident were noted down. Similarly, transactions/entries that require thorough checking of its supporting documents such as memorandum of understanding (MoU), agreement papers, insurance policies ete. were noted for the purpose of reminder for checking of these supporting in detail later. It was necessary to prepare working papers while doing vouching. However, I could not learn the way of coding and indexing of working papers for the purpose of filing and referencing and cross referencing during report writing limited duration of my internship programmed. ing of e-returns for tax purpose: ‘Taxpayers who derive or expect to derive any assessable income from a business or investment shall pay tax for the year by three installments. Therefore, they are called installment payers. Tax payers with income solely from employment arenot obliged to pay Tax.installments because their tax from employment income is collected by withholding Similarly, presumptive taxpayers are also not obliged to pay tax in installments Payment of tax by installments is fundamentally different from payment of tax by withholding Withholding requires person's tax to be paid by a third party, whereas under an installment system the person pays his or her own tax, Every installment payer has to submit for the income year ahead an estimate of his tax payable. For that the estimated tax returns are to be utilized. The submission is due to be made by the date for payment of the first installment, i.e. it shall be filed together with the first installment. Since the first estimate has to be submitted after the income. year is half, the estimate should include the actual taxpayer's facts of the first half of the income year so that there is some thorough basis for the estimation of the possible profit of the second half of the income year. In this estimate the following amounts are to be specified: ‘+ the assessable income to be derived for the income year fromemployment, ‘+ business, and investment ‘+ the source of this income ‘© the taxable income to be derived for the income year ‘+ the tax to become payable calculated without reduction for anymedical tax credit.TOPIC1 Introduction (INCOME TAX) The most important source of revenue of the government is taxes . The act of levying taxes is called taxation. A tax is compulsory charge or fees imposed by the Government on individuals or corporation. The person who are taxed have to pay the tax irrespective of any corresponding retum form the good and service by the Government. The taxes may be imposed on income and wealth of persons or corpore ns and the rate may very (1.1) What is Tax? Compulsory monetary contribution on the states revenue, assessed and imposed by a Government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc. Of individuals and organizations. Tax is imposition of financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state . Taylor: ' Tax means a compulsory donation by public without any direct benefit for such. donation * ‘Types of Taxes : (a) DIRECT TAX ~ A direct tax is really a tax whi legally imposed and the burden of which cannot be shifted to any other person is h is paid by a person on whom it is called a direct tax for example — income tax , Wealth tax ete, (b) INDIRECT TAX ~The taxes in which the burden is passed on to a third party are calles 1 tax example ~ Service tax VAT, Excise duty , custom duty,cte (1.2) INCOME TAX Income tax is tax on income . Income tax is a central subject according to the Constitution of Indian . Income tax is a very important direct tax . It an important and most significant source ofrevenue of the Government. The government needs money to maintain law and order of thecountry. Safeguard the security of the country form foreign powers and promote the welfare if the people. It's the foremost duty of the government to bring out such welfare and development programmers which will bridge the gap between the rich and the poor . For this, purpose, mobilization of funds from various sources is required. These sources may be direct orindirect. Income tax is one of the most important tools to archive balanced socio — economic growth, (1.3) Objectives of Income Tax : The objective of income tax may be — To reduce inequalities in the distribution of income and wealth. To bring out equity between classes of tax payers To accelerate the economic growth and development of country To make available of funds for economic development To encourage investment in new capitals good To channelize investment into those sector which contributes the most economiegrowth Who is liable to pay income tax? Every person whose taxable income for the previous financial year exceeds the minimum, taxable limit, is liable to pay income tax to the central Government during the current financialyear on the income of the previous financial year at the rates in force during the current financial year. (1.4) Features of ineome tax: 1. Income tax is charged on the income of previous year, at a rate which is prescribed bythe finance act for the relevant Assessment year 2. The finance Act is passed every year by the parliament in the form of Budget. 3. Income tax payers liability is determined with reference to his residential status in theprevious year or accounting year.4, Income tax is levied on a person in relation to his income of the previous year. 5. Itis compulsory to deduct the tax at source and to pay it to the Government 6. The rates of income tax are progressive and incidence of tax increase with the rise ofincome, Indi (1.5) Brief History Of Income Tax 1. In India, Sir James Wilson, who became first British Indian‘s First Finance Minister, introduced income tax for the first time in 1860 in order to meet the expense and losses suffered by the rules on account of Military Mutiny ( Freedom Movement) of 1857 . It was introduced as a temporary revenue measure only for five years. 2. The separate Income Tax Act was passed in the year 1886 , which was remained inforce up to 1946 with various amendment form time to time. 3. In 1918 a new Income Tax Act was passed. 4, The Income Tax Act 1918 was replaced by another new act which was passed in the year 1922. The 1922 act was remained in force up to the Assessment year 1961-62 with numerous amendment. 5. The income Tax act 1922 had become very complicated on account of, innumerable amendment. The Government of India referred it to law commission submitted its report in September 1958, 6. Meantime the Government of India had appointed the Direct Taxes Administration Enquiry Committee to suggest measures to minimize inconveniences to assess and prevent evasion of Tax. This Committee submitted its report in 1959. 7. Finally, the income tax act has been brought into force with effect form O1*April, 1962. It applies to the whole of India and Sikkim. 8, Income Tax Act 1961 contains 298 section and XIV (14) schedules.(1.6) Income Tax Basis Everyone who eams or gets an income in India is subject to income tax. (Ves, be it a resident ora non-resident of India). Also read our article on Income Tax for NRIs. Your income could be salary, pension or could be from a savings account that's quietly accumulating a 4% interest. Even, winners of Kaun Banega Crorepati* have to pay tax on their prize money. For simplerclassification, the Income Tax Department breaks down income into five head. Five Head Of Income > 1. Income form Salaries 2. Income form House Property 3. Profit of Business and Profession 4. Capital gains 5. Income form other sources INCOME FROM SALARY Faber Fa my yar ‘CAPITAL GAINS ‘poe yond sled bet Tish constl pd ener Ape 209 Hat 00. en acpey cary andes entitle Fee Ie your euny mate odo cartes Popeye revo ergo de dibs densa ne ass. ieonploed hea shop TOTAL OF INCOME FROM THE ABOVE (1.7)Taxpayer and Income Tax Slabs ‘Taxpayer in India, for the purpose of income tax include : Individuals Hindu Undivided Family (HUF) , Association of Persons (AOP) and body ofindividuals (BOI)Firms Companies Each of these taxpayer is taxed differently under the Indian income tax laws . While firms and Indian companies have a fixed rate of tax 30% of profit, the individual, HUF ,AOP and BOi taxpayer are taxed based on the income slab they fall under. People's income are ground intoblocks called tax bracket or tax slabs . And each tax slab has a different tax rate, In India we have four tax bracket each with an increasing tax rate, Taxable Existing Tax Rates New Tax Rates Income Slab (Rs) Takh Exempt Exempt 2.5-5 Lakh 5% 5% 5-7.5 Lakh 20% 10% 75-10 Lakh 20% 15% 10-12.5 Lakh 30% 20% 12.5-15 Lakh 30% 25% Above 15 Lakh 30% 30% ‘Surcharge and cess shall be continued to be levied af the existing rates. (1.8) Income Tax Return (ITR) A tax retum is defined as a form or different types of forms filed with a taxing authority which reports income, expense, and other pertinent tax information, Tax return make it simple for taxpayer to calculate their tax liability, schedule tax payment and request refund for the overpayment for taxes. All taxpayer who are filing their income tax return are required to determine the type of income tax return (ITR) form they need to fill before actually filing their return, The form to be filled is solely dependent on the income that the taxpayer eams or in certain cases if the taxpayer hold assets in a country other than Indian or cams any form of income form a country other than India.(1.9) Different types of ITR forms : People tend to use ITR and ITR as interchangeable terms but they are not really so . ITR forms are the forms in which the income tax return is filed . Once your form is submitted suocessfullywith the tax return, and not at any stage before that. Every year new updated ITR forms are released by CBDT ( Central Board of Direct Taxes ) forduly furnishings your ITR of the relevant Financial Year with the tax department Let's discuss as to which form you need to file. vm Ell) rma-2icome ron Only for Residents Income «50 Laks from: > Saley > One house property > other sources More tha one hoe proper (ther house Sle of lovestent Foren sources Everything in TRL Asrcuture eed Rs, 5000 1TR-3 INCOME FORMS Teaincme exceeding $0 Lakh. Apical aan ta aa {Ef 1rm-« come roma Seaeaghne Y > Presumptive income INCOME FORMS FOR > Everything nT ORGANIZATIONS > resins neato roel > paces ea > (eater > ator espe annraamaaapaapRS > de et pen ‘reac ITR-7 INCOME FORMS FOR PERSONS FALLING UNDER SECTION > Sections 139148) Sections 13948) Sections 13H{4C) > Setons 13140) > Sections 13914) Seetons 13914)Who can file ITR 1? The form is for a resident individual whose total income includes the following; Income eamed form salary or pension . Income form other sources excluding Income form winning a lottery or income form owning and maintaining race horses, income taxable under section 11SBBDA or section! 15. Income form one house property, however in this form loss brought forward formprevious years or carry forward of losses are not eligible, Income form agriculture activities up to rs 5000. Total income of the individual should not exceed 50 lakjs. Who cannot file ITR 1 (SAHAJ) Non resident Not ordinarily residents Person having business or profession Anyone having income exceeding Rs 50 lakhs If you own more than one house property Income arising form Winning form Lottery or Race horses, Gambling or speculationincome ‘An assesses having Capital Gain income Loss under income form other sources An individual who is holding the position of a Director in a company An individual who has held any unlisted equity shares at any time during the previousyear Agriculture income exceeding rs 5000/- Any claim of credit of TDS in The hands of any other person ‘Who can file ITR 2 10This Form for individual or aHUF (Hindu undivided family ) whose income includes: Income form salary or pension Income form house property (one or more) Income form other sources including income form winning a lottery or income formowning and maintaining a race or income taxable at special rates. (Total income can exceed 50 lakhs in this ITR form ) Person who had investments in unlisted equity shares at any time during the entirefinancial years. Individuals who is a Director in a company Individuals who is a Resident (ROR/RNOR) or non resident. Income eared from Capital gains Income form foreign assets/ other foreign income Agriculture income more than Rs $000/- Income where clubbing provision are applicable. Who cannot file ITR 2 Individuals or HUF accruing income form business or profession Partner of a partnership firm having income form partnership Who can file 1TR 3 This form is to be used by either an individual or a Hindu Undivided Family who are carrying on profession ora business, The following person are eligible to fill this form : The residential status can be either Non ~ resident or Resident (ROR /RNOR) If person is the director of the company Person who had investments is unlisted equity shares at any time during the entirefinancial year Income form other sources, income of a person who is a partner in a firm Income form salary or pension auIncome form house property Total income can exceed 50 lakhs in this case Income earned form capital gains or foreign assists/ foreign income. Who cannot file ITR 3 ‘Companies Trusts Co-operative Society Local authority Antificial Juridical person Firms including LLP ‘Who can file ITR 4 (Sugam) This form is applicable to both the residents individual and HUF Other than LLP all partnership firms which are resident and have an income which iseither professional or form business Those person who have opted for a presumption income schemes according to section44D Section 4AE and section 44ADA of the Income Tax act The total income for ITR 4 should not exceed 50 lakhs If the person business turnover exceed Rs.2er , than he is required to file ITR 3 withAudit report and not ITR 4 Income form salary or pension Who cannot file ITR 4 (sugam) Income eared through capital gains © Ifyou own more than one house property whether let out or self occupied ‘A person having agriculture income in excess of rs 5000 Person who is a Director ina company Person has held any unlisted equity shares at any time during the previous year 2Loss under income form other sources (One who desires to onward or brought forward loss under income from house property Any claim of credit of TDS in the hands of any other person ‘Who can file ITR 5 The following should choose ITR — 5 form: Investment fund Business trust Estate of insolvent Artificial Juridical person Body of individuals LLP Associations of persons AOP and firm Who cannot file ITR 5 Individuals, HUF Company Person require to file form ITR 7 trust ete. claiming the exemption of Section 11 Who ean file ITR ‘This Form can be used by companies which are not claiming any exemption under Section and by a company other than a company which is required to file return in form ITR 7 ‘Who cannot file ITR 6 Section 11 companies being companies formed with charitable or religious purpose Companies on which Form ITR-7 is applicable. ‘Who can file ITR 7 13Person including companies that are required to file return under section 139(4A), section 139(4B) , section 139(4e) section 139(4D) should choose ITR -7 form. The details against eachsection is briefed for you below. Section 139(4A)- the return to be field in respect of income from a property of which the true owner is a trust or such property is held under any other legal obligation in this case the income generate should be used only for charitable or religious purposes Section 139(4B)- the Return to be filed in respect of total income derived by a political party L. Seetion 139(4C)- The below mentioned entities should file return under this section scientific research association, educational institutions hospital and other medical institute, association and institutions covered under section 10(23a) and section 10(23b). L. Seetion 139(4D)- the return by colleges universities are any other institution which are not required to furnish returns of income or losses under any other sections need tobe filed under this section Who cannot file ITR 7 Any other person form those specified above cannot report using ITR 7 form. E - Filling of Income Tax Returns: (1.10) What is E - Filing : As per section 139(1) of the income Tax Act, 1961 in the country, individual whose total income during the previous year exceeds the maximum amount not chargeable to tax . Should file their income tax retum ( ITR) . The process of electronically filing income tax return is, known as e- filing. The filing of return can we done in two ways — one is the conventional offline route whichrequires you to visit the office of the income tax department and doing it ‘manually, and the other Is to file the return s on the internet. E-filing has been gaining a lot of popularity in recent year thanks to advancement in technology. E-filing is also relatively easier in comparison with 4(1.11) Income Tax New e-filing Portal The Income Tax Department has launched its new e-filing portal on 7th June 2021 to make the routine income tax return (ITR) filing process easier and hassle-free. This is another initiative bythe Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders. This new e-filing Portal has various advantages that aim to make income tax return (ITR) filing easy and seamless. The current article briefs the feature and benefits of the Income Tax New e-filing Portal ‘The objective of new Income Tax E- filing 2.0 Tax New e-filing 2.0 Portal is the official portal of the Income Tax Department, Ministry of Finance, and Government of India. The portal has been developed as a Mission Mode Project under the National E-Governance Plan. The key objective of this portal is to provide single window access to income tax-related services for taxpayers and other stakeholders Services Offered ‘The new e-filing portal offers the following services to taxpayers and other stakeholders €-Verify Return — Verify ITRs without login to the portal Link Aadhaar ~ Link Aadhaar with PAN to e-file return and know details about AadhaarDetails Pay Tax ~ Pay your pending taxes online TTR Status ~ Track status of e sd Income Tax Returns, Verify PAN — Ensure your PAN Details are correct Know TAN — Know about Tax Deductor across India ‘Tax Information & Services ~ Know more about the Tax Services Authenticate order notice by ITD — Know if notice/order received is authentic Know Your AO — Know about your Jurisdictional Assessing Officer Instant E-PAN — Apply for New PAN/Update PAN details/Check PAN Status TDS on Cash Withdrawal — TDS on Cash Withdrawal under section 194N 15Verify Service Request ~ verify pending service request initiated by ERI on your behalf (1.12) Benefits of Income Tax New e-filing Portal ‘As mentioned above, the new e+ ing Portal will provide several benefits to the taxpayers and. itwill make the return filing process easy and convenient for them, The new income tax filing portal comes with advantages like free Income Tax Returns(ITR) preparation software for forms ITR-1,4 (online and offline) and ITR- 2 (offline). ‘The New e-filing Portal is merged with the processing of ITs which will enable the taxpayers to get a quick refund. The new software will be taxpayer-friendly and easy touse. ‘The new portal will also assist the taxpayers to file Income Tax forms, submit responsesto various scrutiny and appeals and also add tax professionals. A single dashboard will be present for the taxpayers on the new online tax portal to assist them with multiple interactions and uploads. One can also follow all their pendingrequests easily now on the new e-filing portal Inan attempt to help the taxpayers and make the process of taxpaying hassle-free, anew call center will be set up by the income tax department. On this portal, the taxpayers can update all the professional details and other relevantinformation related to their business which will be used at the time of filing ITRs. Note: The new tax payment system will be launched on 18" June 2021 after the advance taxinstaliment date to avoid any inconvenience. (1.13) Features of the New Income Tax e-Filing Portal ITR Processing: The new user-friendly portal will immediately process the income taxretum filed by a taxpayer. The fast processing of the income tax returns will enable quick refunds to the taxpayers 16Free ITR Preparation Software: The taxpayers will benefit from the free ITR preparation software. Currently, ITR-1 and ITR-4 software are available online and offline, and ITR-2 is available online, Other ITR preparation software for ITR-3, TTR- 5, ITR-6, ITR-7 will be available soon. The interactive questions available in the software will make the e-filing process simpler. Call Centre Services: The new web portal is integrated with a _new call Centre* forimmediate response to queries. Additionally, detailed fags, tutorials, videos and chatbotlive agents address the taxpayers issues. Single Dashboard Interaction: pending actions in a single dashboard along with the follow-up action. taxpayer can see all the interactions, uploads, and Multiple Payment Options: The new portal will come with multiple payment options for a taxpayer. These options include RTGS/ NEFT, credit card, UPI and net banking via any account of a taxpayer in any bank, It will enable easy payment of taxes.The income tax department will enable such facility after 18" June 2021 to avoid any difficulty to the taxpayers to pay I" instalment of advance tax. Mobile Application: A mobile application with all the essential funetions of the newportal will be launched subsequently. The taxpayer can access the app via a mobile network at any point in time. Pre-filled ITRs: The new portal allows pre-filling of some details related to certain incomes. It can be related to Salary, house property, business/profession, ete. In addition to that, it enables the detailed pre-filling of details of Salary income, interest,dividend and capital gains. The pre-filling will happen when the concemed entities upload the TDS and SFT statements. The Income tax department uses the portal to access the uploaded income tax returns and other forms for further processing, issue notices, receive a response from the taxpayers and. communicate the final orders such as assessment, appeals, exemption and penalties. Re- register their Digital Signature Certificate (DSC) as the old registered DSCs are not migrated dueto security issues. 7offline filing as it doesn't involve tedious paperwork and can be done form the comfort of your home. (1.14 )Advantage of e-filing: Saving of time — the taxpayer don not need to visit a tax inspectorate, All information at almost any time of day can be sent form a taxpayer office © No dupl electronically does not require the duplication in hard copy. ion — Submitted of tax return and accounting documentation Errors Avoiding ~c-filing software greatly reduced the number of error. The softwareallows checking tax and accounting reporting automatically, processing data more accurately and reporting in compliance with of e-filing, Improving Data Processing - the reporting filed electronically gets through input check and enters in separate accounts. Due to e-filing system there is increasing efficiency of data processing and excepting of technical errors. Electronic banking — convenience of Direct deposit for refund and direct debit for taxpayment. You have the option to file now ..pay later — decide what day to debit your bank account for tax payment, among other convenience features. Proof of receipt -you get prompt confirmation of filing, both at time of filing andsubsequently, via email on your registered email ID E ~ filing deadline~ the due date for filing return with the income Tax Department of India is 31 July every year .You Can e-file your tax return any time before then, but it is always better to e-file carly to avoid the rush and heavy website traffic in the last months Penalty for Late Filing Income Tax Returns: Taxpayer who do not file their income tax return on time are subject to penalty and changed oninterest on the late payment of income taxstar the penalty for late filing income tax return oon time has been increased recently. The penalty for late filing income tax return is now as follows. 18Late filing between 1" august and 31 December —Rs . 5000/- Late Filing After 31% December ~ Rs- 10,000/- Penalty if taxable income is less than Rs 5 lakhs — Rs— 1000 /~ (1.15) Tax — Related Important terminology Here are few terms which you should know as they help in tax calculation — ¥ Financial year — Financial Year is the year in which you eam an income. Its starts form April and ends on March of the next year . For instance, the current financial year is 2020-21 . Its started form 1" April 2022 and would end on 31" March 2021 . Income that is the next financial years which is called the assessment year Y Assessment year — assessment year is the year in which your tax liability Is calculated. It follows the finar ial year and calculated the liability on the income generated in that financial year 2020-21 . So for the financial year 2021-22 which wouldstart form 1"April 2021 and end on 31"March 2022 . Income eared up to 31° March 2020 would be taxed in the financial year 2021-22 which would be called the assessment year. ¥ Pan ( Permanent Account Number) ~ Pan is an abbreviation for the permanent account number. The income tax Department issue each Indian taxpayer with unique 10- digit alphanumeric digit . A person unique permanent account number is used to track all of their tax- related transaction and information. When a person has to pay advance tax or self — assessment tax , the PAN number must be mentioned. Also , whena person present his PAN to institutions such as bank , mutual fund firms, and so on . The income tax agency receives financial information from such organisation via PAN . ¥ TAN - TAN is an abbreviation for tax Deduction and collection Account Number. The income Tax Department of India has assigned it a unique 10 digit alpha numeric digit. Everyone who is in charge of tax deduction (TDS) or collection (TCS) is responsible for acquiring a TAN . TDS/ TCS return, TDS/TCS payment challans , and TDS/ TCS certificatemust all include the TAN 19¥ TDS (Tax Deduction at Source) — when making payment to the recipient of ineome ; the payer The deducts tax at source of certain amounts by reconciling the TDS amount with the ultimate tax liability the income receiver can claim theTDS amount as acredit (1.16) Deduction from income under chapter VI A of the income Tax Act , 1961 ‘As mentioned earlier, there are some tax-free deductions and exemptions which are allowed under the Income Tax Act, 1961 these deductions reduce the gross taxable income and help inthe calculation of the next taxable income the more the deductions that you claim, the lower would be your tax liability and vice-versa the available. Deductions under Section 80- of the income Tax Act are as follow — Income Tax Deduetion under Section 80C. Deduction is available on eligible investments done and expense incurred. The maximum deduction allowed under the section is INR 1.5 lakh its include the followingeligible investment and expenses 1+ Life insurance premium 2 Investment in five years fixed3- Investment in EPF, PPF 4- Investment in mutual fund ELSS 5- Tuition fee paid for up to two dependent children6- Principal repayment of home loan 7- Principal repayment of home loan 8 Investment in senior citizen saving scheme 9- Investment in national saving certificate ete, Deduction under Section 80 CCD: This section allows an additional deduction of INR 50,000 if you invest in the National Pension ‘Scheme offered by the Government of India 20Deductions under Section 80 D: Premiums py available limit of deduction is INR 25,000 which increases to INR 50,000 for senior citizens. for health insurance plans are allowed as a deduction under this section. The Adgitionally, if premiums are paid for health insurance for parents, another INR 25,000 can be claimed as deduction which also increases to INR 50,000 if parents are senior citizens Deductions under Section 80 DD: Section 80 DD Deduction for maintenance of a disabled family member. The amount of the deduction is fixed at INR 75,000 if disability is 40% to 80% and INR 1.25 lakhs if disability is morethan 80% Deductions under Section 80 DDB: Deduction for treatment of named illnesses. The amount of deduction ranges from INR 40,000to INR 80,000 depending on the age of the assesse. Deductions under Section 80 E: Deduction for interest paid on an education loan. The entire amount of interest is allowed as a deduction Deductions under Section 80 EEA: Deduction for interest paid on home loan if you are a first time home buyer. To claim the deduction, the house should be up to INR 45 lakhs and the loan should be taken within 31" March 2020 Deductions under Section 80G: Deduction for donations made to charitable institutions. 50% or 100% of the donation can be claimed as deduction depending on the charity donated to Deductions under Section 80 TTA: aDeduction for interest earned from savings accounts. The maximum limit is INR 10,000 Deductions under Section 80 TTB Deduction for interest earned from savings accounts, fixed deposits, post-office deposits ete. by senior citizens. The maximum limit of deduction is INR 50,000 . Deductions under Section 80 U : If the tax-payer is disabled, this deduction can be claimed. The deduction would be INR. 75,000if disability is between 40% and 80%. For severe disabilities, the deduction would be INR 1.25 lakhs Other Exemy Besides the above-mentioned popular deductions given in Section 80, there are other commonexemptions which you can claim. These are as follows — Exemption under Section 24- Section 24 of the Income Tax Act allows you an exemption on the home loan interest paid by you on a home loan that you have availed. The maximum exemption which you can claim under Section 24 is INR 2 lakhs. Standard deduetion - Salaried employees can claim a standard deduction of INRS0,000 from their salary income. Section 10 (10D) - If you receive any benefit from a life insurance policy, such benefits would be tax-free under this section. There is no maximum limit of exemption. The entire benefit that you receive would be considered tax-free in your hands. TOPIC -2 Goods & Services Tax (GST) Introduction: GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, ete, The Goodsand Service ‘Tax Act was passed in the Parliament on 29th March 2017 and came into effect on!st July 2017. In other words, goods are levied on the supply of goods and services. Goods and. Services Tax Law in India is a comprehensive 2» multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country. Before the Goods and Services Tax could be introduced, the structure of indirect tax levy inIndia was as follows’ Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged, All the inter-state sales are chargeable to the IntegratedGST. Multi-Stage: An item goes through multiple change-of-hands along its supply chain: Startingfrom manufacture until the final sale to the consumer. Let us consider the following stages: and Services Tax is levied on each of these stages making it a multi- stage tax. Value Addition : A Manufacturer who makes biscuits buys flour, sugar and other material. The value of the inputs increases when the sugar and flour are mixed and baked into biscuits. The manufacturer then sells these biscuits to the warehousing agent who packs large quantities, of biscuits in eartons and labels it, This is another addition of value to the biscuits. After this, the warehousing agent sells it tothe retailer. The retailer packages the biscuits in smaller quantities and invests in the marketing of the biscuits, thus inereasing its value. GST is levied on these value additions, i.c., the monetary value added at each stage to achieve the final sale to the end customer. + Purchase of raw materials + Production or manufacture. + / Warehousing of finished goods. + Selling to wholesalers. + /Sale of the product to the retailers + Selling to the end consumers. 23Destination-Based: Consider goods manufactured in Maharashtra and sold to the final consumer in Kamataka, Since the Goods and Service Tax is levied at the point of consumption, the entire tax revenue will go to Karnataka and not Maharashtra. GST RISE OF GST IN INDIA 3 2004 S| 2006 Te on | d 202 Bam WwW a0 a ea 2008 Ba ao & 205 Gv 2016 @ vuy200 & 0 @® 3rugust200 © 25 August 2077 AB 25 Apri208 £25 tonovember207 24(2.1) The Journey of GST in India: The GST journey began in the year 2000 when a committee was set up to draft law. It took 17 years from then for the Law to evolve. In 2017, the GST Bill was passed in the Lok Sabha and Rajya Sabha. On 1* July 2017, the GSTLaw came into force. Objectives Of GST: 1. 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 aparticular product or service. Tax administration is easier with the Central Government deciding the rates and policies. 2, 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,ete., 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 centralized tax on both goods and services. 3. Toe ate 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, taxpayers 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 4, To curb tax evasion: GST laws in India are far more stringent compared to any ofthe 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 eredits on fake invoices are minimal, The introduction of e- invoicing has further reinforced this objective. 5. To inerease 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 2sbased on tumover. As GST is a consolidated tax levied on both goods and servicesboth, it has increased tax-registered businesses. 6. Online procedures for ease of doing business: Previously, taxpayers faced alot 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 7. An improved logistics and distribution system: A single indirect tax system reduces the need for multiple documentation for the supply of goods. GST minimizes transportation cycle times, improves supply chain and turnaround time, and leads to warehouse consolidation, among other benefits. 8. To promote competitive pi ing 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. (2.2) Main Features of GST: Applicable On supply side: GST is applicable on _supply* of goods or services as, against the old concept on the manufacture of goods or on sale of goods or on provisionof services. Destination based Taxation: GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation, Dual GST: It is a dual GST with the Centre and the States simultaneously levying tax on a common base. GST to be levied by the Centre is called Central GST (CGST) and that to be levied by the States is called State GST (SGST). Import of goods or services would be 26treated as inter-state supplies and would be subject to Integrated Goods & Services Tax (IGST) in addition to the applicable customs duties, GST rates to be mutually decided: CGST, SGST & IGST are levied at rates to bemutually agreed upon by the Centre and the States. The rates are notified on the recommendation of the GST Council Multiple Rates: Initially GST was levied at four rates viz. 5%, 12%, 16% and 28%, The schedule or list of items that would fall under these multiple slabs are worked out by theGST council. (2.3) Advantages of GST: 1-For the Government > Create a unified common market: Will help to create a unified common national marketfor India. It will also give a boost to foreign investment and -Make in Indiall campaign. > Streamline Taxation: Through harmonization of laws, procedures and rates of taxbetween Centre and States and across States. > Increase tax Compliance: Improved environment for compliance as all returns are to befiled online, input credits to be verified online, encouraging more paper trail of transactions at each level of supply chain. > Discourage Tax evasion: Uniform SGST and IGST rates will reduce the incentive for evasion by eliminating rate arbitrage between neighbouring States and that betweenintra and inter-state sales. 2. For Overall Economy: > Bring about certainty: Common procedures for registration of taxpayers, refund of taxes, uniform formats of tax return, common tax base, common system of classificationof goods and services will lend greater certainty to taxation system: > Reduce corruption: Greater use of IT will reduce human interface between the taxpayerand the tax administration, which will go a long way in reducing corruption; Pu> Boost secondary sector: It will boost export and manufacturing activity, generate moreemployment and thus increase GDP with gainful employment leading to substantive economic growth. 3-For the Trade and Industry: > Simpler tax regime with fewer exemptions. v Increased ease of doing business. Reduction in multiplicity of taxes. Elimination of double taxation on certain sectors. vvy More efficient neutralization of taxes especially for exports, v Making our products more competitive in the international market. Simplified andautomated procedures for registration, returns, refunds and tax payments. > Decrease in average tax burden on supply of goods or services. 4 For Consumers: > Transparent prices: Final price of goods is expected to be transparent due to seamlessflow of input tax credit between the manufacturer, retailer and service supplier. > Price reduction: Reduction in prices of commodities and goods in long run due toreduction in cascading impact of taxation Poverty eradication: By generating more employment and more financial resources, 4- For the States: > Expansion of the tax base: As states will be able to tax the entire supply chain frommanufacturing to retail. > More economical empowerment: Power to tax services, which was hitherto with theCentral Government only, will boost revenue and give States access to the fastest growing sector of the economy. > Enhancing Investments: GST being destination-based consumption tax will favourconsuming States.> Improve the overall investment climate in the country which will naturally benefit thedevelopment in the States. Components of GST: there are three taxes applicable under this system: CGST, SGST & lest. > CGST: Its the tax collected by the Central Government on an intra- state sale (e.g. atransaction happening within Maharashtra). SGST: It is the tax collected by the state government on an intra-state sale v (e.g,, atransaction happening within Maharashtra), IGST: It isa tax collected by the Central Government for an inter- state sale v (e.g. Maharashtra to Tamil Nadu). In most cases, the tax structure under the new regime will be as follows: Transaction New Old Regime Revenue Distribution Regime Sale within = CGST+ VAT + Central Revenue will be shared equally the State. SGST — Excise/Service _ between the Centre and the tax State. Sale to IGST —CentralSales There will only be one type of another Tax + tax (central) in case of inter- State. Excise/Service __ state sales. The Centre will Tax then share the IGST revenue based on the destination of goods. Mlustrati > Let us assume that a dealer in Gujarat had sold the goods to a dealer in Punjab worth Rs.50,000: The tax rate is 18% comprising of only IGST. In such a case, the dealer has to charge IGST of Rs.9,000. This revenue will go to Central Government. 29> The same dealer sells goods to a consumer in Gujarat worth Rs, 50,000, The GST rate ongoods is 12%: This rate comprises CGST at 6% and SGST at 6%, The dealer has to collect Rs.6,000 as Goods and Service Tax, Rs.3,000 will go to the Central Government and Rs.3,000 will go to the Gujarat government since the sale is within, the state, GST Helped in Price Reduction: During the pre-GST regime, every purchaser, including the final consumer paid tax on tax.This condition of tax on tax is known as the cascading effect of taxes. GST has removed the cascading effect. Tax is calculated only on the value- addition at eachstage of the transfer of ownership. The indirect tax system under GST will integrate the country with a uniform tax rate. It will improve the collection of taxes as well as boost the development of the Indian ‘economy by removing the indirect tax barriers between states, (2.4) GSTIN GSTIN, known as GST Identification Number, is assigned to every GST registered person. Under the GST regime, all registered taxpayers are consolidated into one single platform forcompliance and administration purposes and are assigned registration under a single authority Every business operating in a state or Union territory will be assigned a unique Goods and Services Tax Identification Number, popularly known as GSTIN. Bach taxpayer is assigned a state-wise PAN-based 15-digit Goods and Services ‘Taxpayerldentification Number (GSTIN). Format of GSTIN : Every taxpayer under the GST regime is provided with a state + PAN — based 15- digit, Good and Services. Taxpayer Identification Number (GSTIN) . Here is the breakdown of the GSTIN format. 30+ The first 2 digit of the 15- digit GSTIN represent the state code. + The next 10 digit are the PAN number of the person or the business entity ‘+ The thirteenth digit is based on the number of registration done by the firmswithin a state under the same PAN, Format of GSTIN 22 AAAAAO000A1Z5 StateCode Permanent Account Number EntityNumberof Alphabet Check sum (PAN) thesame PAN “by digit holderinastate default Here is a format break-down of the GSTIN: The first two digits represent the state code as per Indian Census 2011. Every state has aunique code State code of Kamataka is 29. + State code of Delhi is 07. Y- The next ten digits will be the PAN number of the taxpayer. Y The thirteenth digit will be assigned based on the number of registrations withina state ¥- The fourteenth digit will be ~ZI by default. ¥ The last digit will be for check code. It may be an alphabet or a number. 31(2.5) HSN CODE, HSN code stands for “Harmonized System of Nomenclature. This system has been introducedfor the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide. It was developed by the World Customs Organization (WCO) and it came into effect from 1988. India is a member of World Customs Organization (WCO) since 1971. It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise. Later Customs and Central Excise added two more digits to make the codes more precise, resulting lassification, Understanding the HSN Code The HSN structure contains 21 sections, with 99 Chapters, about 1,244 headings, and 5,224subheadings. Each Seetion is divided into Chapters. Each Chapter is divided into Headings. Each Heading is divided into Sub Headings. Section and Chapter titles describe broad categoriesof goods, while headings and subheadings describe products in detail. For example: Y Handkerchiefs made of Textile matters 62.13.90. ¥ First two digits (62) represent the chapter number for Articles of apparel and clothingaccessories, not knitted or crocheted. Next two digits (13) represent the heading number for handkerchiefs. Y Finally, last two digits (90) is the product code for handkerchiefs made of other textilematerials. Y India has 2 more digits for a deeper classification, If the handkerchiefs are made from aman-made fiber, then the HSN code is 62.13.90.10. 32(2.6) Structure of HSN Code in Indi @ Tax2win Example: Nylon Moulding Powder (HSN Code: 39 08 90 10) The fist two digits ry ee Corny Coen indicates the in’ CT Te td Ra Peete et} Cory on digits HSN code i er) cee ee Cents Services Accounting Code (SAC) in GST: Like goods, services are also classified uniformly for recognition, measurement and taxation. Codes for services are called Services Accounting Code or SAC For example © legal documentation and certi otherintellectual property rights—998213. tion services concerning patents, copyrights and © the first two digits are same for all services i.e. 99. © The next two digits (82) represent the major nature of service, in this case, legalservices (© The last two digits (13) represent detailed nature of service, i.e, legal documentationfor patents ete. (2.7) Input Credit in GST 33Input credit means at the time of paying tax on output, you ean reduce the tax you havealready paid on inputs. Say, you are a manufacturer — tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes. See Understanding Input Credit INPUT(A Bando Tegan oureur eee J Tax palson Taxon ouput Rs 450 Purchase BR as 5 Tax paid on purchase ot - ‘CRS 80 Texto be pa by manufacturer = Rs 450 less tx pad cn puts (Rs 100+ Rs 120 + Rs 80) = Rs 150 Input Crea Scleartax cst here: Input Credit Mechanism is available to you when you are covered under the GST Act. Which means if you are a manufacturer, supplier, agent, e-c commerce operator, aggregator or any of the persons mentioned here, registered under GST, you are eligibleto claim INPUT CREDIT for tax paid by you on your PURCHASES. How to claim input credit under GST? To claim input credit under GST: 1. You must have a tax invoice (of purchase) or debit note issued by registereddealer, 2. You should have received the goods/services. Note: Where goods are received in lots/instalments, credit will be available against the tax invoice upon receipt of last lot or instalment. Note: Where recipient does notpay the value of service or tax thereon within 3 months of issue of invoice and hchas already availed input credit based on the Invoice, the said credit will be added to his output tax liability along with interest. The tax charged on your purchases has been deposited/paid to the government by thesupplier in cash or via claiming input credit. Supplier has filed GST returns. Supplier has uploaded the invoice in their GSTR-1 and it appears in GSTR-2B of therecipient or buyer. Possibly the most path-breaking reform of GST is that input credit is ONLY allowed if yoursupplier has deposited the tax, he collected from you, So, every input credit you are claiming shall be matched and validated before you can claim it. Therefore, to allow you to claim input credit on Purchases all your suppliers must be GSTeompliant as well (2.8) Reverse Charge Mechanism (RCM) under GST: Reverse charge is a mechanism where the recipient of the goods or services is liable to pay Goods and Services Tax (GST) instead of the supplier. Typically, the supplier of goods or servicespays the tax on supply. Under the reverse charge mechanism, the recipient of goods or services becomes liable to paythe tax, ice., the chargeability gets reversed. The objective of shifting the burden of GST payments to the recipient is to widen the scope oflevy of tax on various unorganized sectors, to exempt specific classes of suppliers, and to tax the import of services (since the supplier is based outside India) ‘When is Reverse Charge Applicable? Section 9(3), 9(4) and 9(5) of Central GST and State GST Acts gover the reverse charge scenarios for intrastate transactions. Also, sections 5(3), 5(4) and 5(5) of the Integrated GST. Act 35govern the reverse charge scenarios for inter-state transactions. Let's have a detailed discussion, regarding these scenarios: 1 Supply of certain goods and services specified by the CBI conferred in section 9(3) of CGST Acts, the CBIC has issued a list of goods and services on which reverse charge is applicable. As per the powers Supply from an unregistered dealer to a registered dealer: Section 9(4) of the CGST Act states that if'a vendor is not registered under GST supplies goods to a person registered under GST, then reverse charge would apply. This means that the GST will have to be paid directly by the receiver instead of the supplier. The registeredbuyer who has to pay GST under reverse charge has to do self-invoicing for the purchases made. Supply of services through an e-commerce operator: All types of businesses can use e-commerce operators as an aggregator to sell products or provide services. Section 9(5) of the CGST Act states that if a service provider uses an e-commerce operator to provide specified services, the reverse charge will apply to the e~ commerceoperator and he will be liable to pay GST. (2.9) Taxable person under GST ‘A taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person who engages in economic activity including trade and commerce is treated as a taxable person. _Person* here includes individuals, HUF, company, firm, LLP, an AOP/ BOI, any corporation orGovernment company, body corporate incorporated under laws of foreign country, co- operative society, local authority, government, trust, artificial juridical person. Who is Liable to get Registered under GST? GST registration is mandatory for 36:Any business involved in the supply of goods whose turnover in a financial year exceedsRs.40 lakhs for Normal Category states (Rs.20 lakhs for Special Category states) * Any business involved in the supply of services whose turnover in a financial year exceeds Rs.20 lakhs for Normal Category states (Rs. 10 lakhs for Special Category states). Every person who is registered under an earlier law (ie., Excise, VAT, Service Tax etc. needs to register under GST, too, ‘When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer, ‘A person making inter-state supplies 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 who supplies via e-commerce aggregator. Person supplying online information and database access or retrieval (OIDAR) servicesfrom a place outside India to a person in India, other than a registered taxable person. Note: If your turnover is supply of only exempted goods/services which are exempt under GST, this clause does not apply. Who is a Casual Taxable Person under GST? ‘A person who occasionally supplies goods andlor services in a tertitory where GST is applicable but he does not have a fixed place of business. Such a person will be treated as casual taxable person as per GST. Example: A person who has a place of business in Bangalore supplies taxable consulting services in Pune where he has no place of business would be treated as a casual taxable personin Pune. 37(2.10) Who is a Non-Resident Taxable person under GST? When a non-resident occasionally supplies goods/services in a te ry where GST applies, buthe does not have a fixed place of business in India. As per GST, he will be treated as a non- resident taxable person. It is similar to above except the non-resident has no place of | business in India, Who is Input Service Distributor? Input Service Distributor’ means an office of the supplier of goods/services which receives tax invoices on receipt of input services and issues tax invoices for the purpose of distributing the credit of CGST/SGST/IGST paid on the said services to your branch with the same PAN. (It must be a supplier of taxable goods /services having the same PAN as that of the office referred to above). Thus, only credit on _input services* can be distributed and not on input goods or capitalgoods. This will be a new concept for assesses who are currently not registered as input service distributors. However, this facility is optional in nature. Who is a composition taxpayer? A composition taxpayer refers to those registered under the composition scheme who need not collect GST from his customers at normal rates. Instead, he can pay tax at a nominal rate or lower rates to the government on the basis of turnover or receipts on a quarterly basis, while filing CMP- 08. There are certain conditions defined for such taxpayers. At the inception of GST, only suppliers of goods could opt into the composition scheme governed by Section 10 of the CGST Act with annual tumover up to Rs.1.5 crore. From 1" April 2019, service providers are alsogiven an option to join a similar scheme. The annual aggregate tumover limit must be up to Rs.50 lakh. Who is a QRMP taxpayer? ‘A registered person who is required to furnish a return in GSTR-3B, and who has an aggregatetumover of up to Rs.5 crore rupees in the preceding financial year, is eligible for the QRMP Scheme. Under the scheme, one can file GSTR-1 and GSTR-3B once ina quarter whereas maketax payment every month in form PMT-06. Further, if B2B sales invoices need to be uploadedon the GST portal monthly, then Invoice Furnishing Facility (IFF) can be used. GST Registration by Type of Taxable Persor Every person has to apply for registration in every State in which he is liable, withinthirty days from the date on which he becomes liable to registration. Casual / non-resident taxable persons should apply at least five days before theircommencement of business. Registration number in GST will be PAN based and hence, having PAN would be prerequisite for obtaining registration. ‘The assesses must obtain separate registration for each State, as registration under GSTwill be State-wise ‘The assesses has an option to obtain a separate registration for each of the _businessverticals* in the same State. Special provisions of GST Registration for casual taxable person and non-resident taxable person: ‘A casual taxable person or a non-resident taxable person shall apply for registration at least five days prior to the commencement of business. Section 24 provides for special provisions relating to casual taxable persons and non-resident taxable persons under GST. Casual/non-resident taxable person may obtain a temporary registration for a period of 90 days(extendable for additional 90 days). A person who obtains registration w/s 24, will be required to make an advance deposit of GST (based on his estimated tax liability), (2.11) Types of GST Returns: GST return is a form that a taxpayer registered under the Goods and Services Tax (GST) law must file for every GSTIN that he is registered also. He status of GSTIN should be active if thetaxpayer regularly files the returns. 39Out of them, only 11 GST retums are active, 3 suspended, and 8 view-only in nature. In short, the number and types of GST return that a business/professional must file is based on the typeof taxpayer registered. ‘These types include regular taxpayer, composition taxable persons, e-commerce operators, TDS deducted, non-resident taxpayer, Input Service Distributor(ISD), casual taxable persons, ete. Further, the frequeney of filing some GST retums may differ among the GSTR-1 and GSTR-3B filers, if they opt into the Quarterly Return filing and Monthly Payment of taxes (QRMP) scheme. GSTR-1 GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods andservices made. In other words, it contains the invoices and debit-credit notes raised on the sales transactions for a tax period. GSTR-1 is to be filed by all normal taxpayers who are registered under GST, including casualtaxable persons. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-I return by all the suppliers or sellers. The filing frequency of GSTR-1 is currently as follows: (a) Monthly, by 11th* of every month: If the business either has an annual aggregate tumover of more than Rs.5 crore or has not opted into the QRMP scheme. (b) Quarterly, by 13th** of the month following every quarter: Ifthe business hasopted into the QRMP scheme. *Till September 2018, the due date was the 10th of every month. GSTR2A,GSTR-2A is a view-only dynamic GST return relevant for the recipient or buyer of goods and services. It contains the details of all inward supplies of goods and services ic., purchases madefrom GST registered suppliers during a tax period. ‘The data is auto-populated based on data filed by the corresponding suppliers in their GSTR-Iretums, Further, data filed in the Invoice Furnishing Facility (IFF) by the QRMP taxpayer, also get auto-filled. Since GSTR-2A is a read-only return, no action can be taken in it. However, itis referred by the buyers to claim an accurate Input Tax Credit (ITC) for every financial year, across multiple tax periods. In case any invoice is missing, the buyer can communicate with the seller to upload it in their GSTR-1 on a timely basis. It was used frequently for claiming ITC for every tax period until August 2020. Thereafter, the buyers must mostly refer to GSTR-2B, static return, to claimthe input tax eredit for every tax period. GSTR-2B GSTR-2B is again a view-only static GST return important for the recipient or buyer of goods andservices. It is available every month, starting in August 2020 and contains constant ITC data for a period whenever checked back. ITC details will be covered from the date of filing GSTR-1 for the preceding month (M-1) up to the date of filing GSTR-1 for the current month (M). The return is made available on the 12 of every month, giving sufficient time before filing GSTR-3B, where the ITC is declared GSTR-2B provides a reversed, ineligible, subject to reverse charge, references to the table numbers in GSTR- 3B. mn to be taken against every invoice reported, such as to be GSTR-2 GSTR-2 is currently a suspended GST return, that applied to registered buyers to report the inward supplies of goods and services, ie. the purchases made during a tax period. onThe details in the GSTR-2 retum had to be auto-populated from the GSTR- 2A. Unlike GSTR-2A, the GSTR-2 retum can be edited. GSTR-2 is to be filed by all normal taxpayers registered under GST. However, the filing of the same has been suspended ever since September 2017, GSTR-2 GSTR°3 is again currently a suspended GST return, It was a monthly summary return for furnishing summarized details of all outward supplies made, inward supplies received and inputtax credit claimed, along with details of the tax liability and taxes paid. This return would have got auto-generated on the basis of the GSTR-1 and GSTR-2 returns filed. GSTR-3 is to be filed by all normal taxpayers registered under GST, however, the filing of the same has been suspended ever since September 2017. GSTR3B GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. GSTR-3B is to be filed by all normal taxpayers registered under GST. The sales and input tax credit details must be reconciled with GSTR-I and GSTR-2B every tax period before filing GSTR-3B, GST reconciliation is crucial to identify mismatches in data, that may lead to GST notices in future or suspension of GST registration as well. ‘The filing frequency of GSTR-3B is currently as follows: (a)Monthly, 20™ of every month: For taxpayers with an aggregate tumover in the previous financial year of more than Rs.5 crore orhave been otherwise eligible but still opted out of the QRMP scheme. Quarterly, 22" of the month following the quarter for ,X"** category of States and 24" of the month following the quarter for ,Y"** category of States: For the taxpayers with aggregate turnover equal to or below Rs 5 crore, eligible and remainopted into the QRMP scheme. 2“Effective from January 2021 tax period onwards. Previously, was as follows: (A)Was staggeredas 20" (tumover of previous FY was more than Rs.5 crore), 22" 24" (tumover of previous FY was up to Rs.5 crore, for _X* and _Y* category of States) of every month, from January 2020 till December 2020. (8) Was 20" of every month till December 2019. ** .X" category States/UT : Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories ofDaman and Dit and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep. »Y" category States/UT: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union Territories of Jammu and Kashmir, Ladakh, Chandigarh and New Delhi. GSTR-4 GSTR- is the annual return that was to be filed by the composition taxable persons under GST.by 30" April of the year following the relevant financial year. It has replaced the erstwhile GSTR-9A (annual return) from FY 2019-20 onwards. Prior to FY 2019-20, this return had to be filed on a quarterly basis. ‘Thereafter, a simple challans in form CMP-08 filed by 18" of the month succeeding every quarter replaced it. The composition scheme is a system In which taxpayers dealing with goodsand having a turnover up to Rs.1.5 crores can opt into and pay taxes at a fixed rate on the turnover declared. Further, the service providers can avail A similar scheme CGST (Rate) Notification 2/2019 dated 7” March 2019 if tumover is up toRs.50 lakh. aGSTR-S GSTR-S is the return to be filed by non-resident foreign taxpayers, who are registered underGST and carry out business transactions in India, The return contains details of all outward supplies made, inward supplies received, creditidebit notes, tax liability and taxes paid. ‘The GSTR-5 return is to be filed monthly by the 20" of each month under GSTIN that the taxpayer Is registered in India. GSTR-5SA GSTR-SA refers to a summary return for reporting the outward taxable supplies and tax payable by Online Information and Database Access or Retrieval Services (OIDAR) providerunder GST. ‘The due date to file GSTR-SA is the 20" of every month, GSTR6 GSTR-6 is a monthly return to be filed by an Input Service Distributor (ISD). It will containdetails of input tax credit received and distributed by the ISD. It will further contain details of all documents issued for the distribution of input credit and the manner of distribution. The due date to file GSTR-6 is the 13" of every month. GSTR7 GSTR-7 is a monthly return to be filed by persons required to deduct TDS (Tax deducted atsource) under GST. This return will contain details of TDS deducted, the TDS liability payable and paid and ‘TDSrefuund claimed if any. The due date to file GSTR-7 is the 10 of every month. GSTR-8 GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST who are required to collect tax at source (TCS). It contains details of all supplies made through the e-commerce platform, and the TCS collected on the same. The GSTR-8 return is to be filed ‘on amonthly basis by the 10" of every month GSTR9 GSTR-9 is the annual return to be filed by taxpayers registered under GST. It is due by 31"December of the year following the relevant financial year, as per the GST law. It contains the details of all outward supplies made, inward supplies received during the relevant financial year under different tax heads i.e, CGST, SGST & IGST and a summary value ofsupplies reported under every HSN code, along with details of taxes payable and paid, It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR- 2A, GSTR-3B) filed during that financial year. GSTR-9 is required to be filed by all taxpayers registered under GST. However, there are few exceptions such as taxpayers who have opted for the composition scheme, casual taxable persons, input service distributors, non-resident taxable persons andpersons paying TDS under section 51 of the CGST Act. Note: As per the CGST notification no. 47/2019, later amended, the annual return under GST for taxpayers having an aggregate tumover that does not exceed Rs.2 crore has been made optional for FY 2017-18, FY 2018-19 and FY 2019-20. GSTR-9A GSTR-9A is currently a suspended annual return earlier required to be filed by composition taxpayers. It had a consolidation of all the quarterly returns filed during that financial year. Eversince GSTR-4 (annual return) was introduced from FY 2019-20, this return stands scrapped. Prior to that, GSTR-9A filing for composition taxpayers had been waived off for FY 2017- 18 andFY 2018-19. GSTR-9C GSTR-9C is the reconciliation statement to be filed by all taxpayers registered under GST whose tumover exceeds Rs.2 crore in a financial year, as per the GST law. It must be certified by a 4sChartered Accountant/Cost & Management Accountant after conducting a thorough GST audit of the books of accounts and comparing the figures with the GSTR-9.. The deadline to file this statement is the same as the due date prescribed for GSTR-9, i.e., 31"December of the year following the relevant financial year. GSTR-9C is to be filed for every GSTIN, hence, one PAN can have multiple GSTR-9C forms being filed As per the Union Budget 2021 outcome, the GST audit requirement by professionals such. asCAs and CMAs has been removed from the GST law. Sections 35 and 44 were amended for this but yet to be notified by CBIC. Accordingly, GSTR-9needs to be filed on the GST portal by taxpayers on a self-certfication basis, completely removing the requirement for GSTR-9C. However, the financial year and date of applicability of this removal are yet to be clarified bythe government. Note: As per the CBIC notification 16/2020, which was further amended, GSTR-9C is waived offfor the taxpayers financial year 2018-19 and 2019-20. aan aggregate turnover of more than Rs.5 crore for the GSTR-10 GSTR-10 is to be filed by a taxable person whose registration has been cancelled or surrendered, This return is also called a final return and has to be filed within three months from the date of cancellation or cancellation order, whichever is earlier. GSTR-11 GSTR-11 is the return to be filed by persons who have been issued a Unique Identity Number (UIN) in order to get a refund under GST for the goods and services purchased by them in India. UIN is a classification made for foreign diplomatic missions and embassies not liable to tax inlndia, for the purpose of getting a refund of taxes. GSTR-11 will contain details of inward supplies received and refund claimed.(2.12) Late filing of GST Returns: Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return, ‘There are few points to note: ‘You cannot file a retum if you do not file the previous month/quarter‘s return, Hence, late filing of GST retum will have a cascading effect leading to heavy fines andpenalty. The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR- 3B filedimmediately after such delay. Interest and Late fee to be paid: Interest is 18% per annum. It has to be calculated by the taxpayer on the amount of outstanding tax to be paid. It shall be calculated on the net tax liability identified in theledger at the time of payment. The time period will be from the next day of filing due date till the actual date ofpayment, As per the CGST Act, the late fee is Rs.100 per day per Act. So, it is Rs.100 under CGST & Rs.100 under SGST. The total shall be Rs.200/day. However, there is a maximum levy of Rs. 5,000. arTOPIC -3 Accounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting, Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the extemal users of the information, such as investors, regulators and suppliers. Management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system. Accounting information systems are designed to support accounting functions and related activities. Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli, Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in ac dance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, “all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems.Financial accounting Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the extemal users in accordance with generally accepted accounting principles (GAAP). GAAP, in tum, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers, Financial accounting produces past-oriented reports-for example financial statements are often published six to ten months after the end of the accounting period-on an annual or quarterly basis, generally about the organization as a whole. Management accounting Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization, In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP). In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline. Management accounting produces past-oriented reports with time spans that vary widely, but it also encompasses furture-oriented reports such as budgets. Management accounting reports often include financial and non financial information, and may, for example, focus on specific products and departments. Auditing 1 of the financial statements of an organization". Audit is a professional service that is systematic and conventional. An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the faimess with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally accepted accounting principles (GAAP) and “in all material respects". An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) have not been consistently observed. 49Information systems An accounting information system is a part of an organization's information system used for processing accounting data, Many corporations use artificial intelligence-based information systems, The banking and finance industry uses AI in fraud detection. The retail industry uses AI for customer services. AI is also used in the cyber security industry. It involves computer hardware and software systems using statistics and modeling Many ac wunting practices have been simplified with the help of accounting computer-based software. An enterprise resource planning (ERP) system is commonly used for a large organisation and it provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. These systems can be cloud based and available on demand via application or browser, or available as software installed on specific computers or local servers, often referred to as on-premise. ‘Tax accounting Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting. U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income). Forensic accounting Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation, "Forensic" means "suitable for use in a court of, law", and it is to that standard and potential outcome that forensic accountants generally have to work. Political campaign accounting Political campaign accounting deals with the development and implementation of financial systems and the account 1g of financial transactions in compliance with laws governing political campaign operations. This branch of accounting was first formally introduced in the March 1976 issue of The Journal of Accountancy.Professional bodies Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179 members of the Intemational Federation of Accountants (IFAC), including Institute of Chartered Accountants of Scotland (ICAS),CPA Australia, Institute of Chartered Accountants of India, Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants in England and Wales (ICAEW). Some countries have a single professional accounting body and, in some other countries, professional bodies for subfields of the accounting professions also exist, for example the Chartered Institute of Management Accountants (CIMA) in the UK and Institute of management accountants in the United States. Many of these professional bodies offer education and training including qualification and administration for various accounting designations, such as certified public accountant (AICPA) and chartered accountant. Firms Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms, Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid- twentieth century. Further large mergers in the late twentieth century led to the dominance of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four. Standard-setters Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the Intemational Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries." Standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) sets the intemationally appropriate principles-based Code of Ethics for Professional Accountants; the International Accounting Education Standards Board (IAESB) sets professional accounting education standard 51and Intemational Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards. Organizations in individual countries may issue accounting standards unique to the countries. For example, in Australia, the Australian Accounting Standards Board manages the issuance of the accounting standards in line with IFRS. In the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP, and in the United Kingdom the Financial Reporting Council (FRC) sets accounting, standards. However, as of 2012 "all major economies” have plans to converge towards or adopt the TERS. 82Work Experience During the internship, I even have learned a practical approach to find out new things which is significant in business field. All the sessions are very interesting and created enthusiasm to understand more. Here I need to realize some new things in GST and therefore the most amazing thing is that Iready to know the functioning and procedures of Tally Prime, GSTN Portal and Income tax return filling Portal. I learned to form company's accounts thereon, Thope that Leven have enhanced my communication skills during the discussions. At that point I prepared and presented all the ultimate accounts and submitted it to - While I had Ma‘am.Andat the top she directed us and helped us in removing our difficulti many useful experiences at a One Tech Computer Isntitute .I feel that I still got to develop my skill in makingfinal accounts on Tally Prime and I got an in-depth knowledge of software's like GSTN Portaland Income tax return Filing portal. 33RESEARCH METHODOLOGY Research methodology’ is a way to systematically solve the research problem. It isa science of studying how research is done scientifically, In it, we study the various steps tha are generally adopted by a researcher in studying his/her research problem along with the logic behind them. Ttincludes: © Research Design * Data Collection © Data Analysis a) RESEARCH DESIGN: Analyticale Research has been used. b) SOURCES OF DATA COLLECTION: In this research, Thave used two types of data, % Primary Souree. % Secondary Source. Primary source includes:- Discussion with experts 4 Discussion with tax payers. Secondary source includes:- % Various books related to GST. % Web sites were used as the vital information source©) TYPE OF DATA COLLECTION i. PRIMARY DATA: Questionnaire method was chosen for fulfillment of basic objective. The primary sources were GST Taxpayers in Lucknow city i. SECONDARY Data: a. Imemet b. Magazine and Newspapers cc. Notifications related to GST. 55DATA ANALYSIS Information about Gender Information about Gender of respondent is collected & classified information of classification is presented in the following table. RowLabel Count of Gender Female According To Table there are 25 respondents Out of this 14 respondent are Male, & 11 respondents are Female. Information is presented using pie diagram as shown below Gender 56Information about Age Information about Age of respondent is collected & classified informat classification is presented in the following table. 26-50 UL AboveSO Grand Tota} 8S According To Table there are 25 respondents Out of this 11 respondent having age between 13-25, 11 Respondents having age between 26-50 & 3 respondents having age above 50. Information is presented using pie diagram as shown below 37Information about Occupation Information about Occupation of respondent is collected & classified information of classification is presented in the following table. Row Label ‘Count. of Vecpation eos 8 Grand Total 25 ‘According To Table there are 25 respondents Out of this 14 respondent are Students,8, Respondents are Employee & 3 respondents are in Other (Business Or Retire) category. Information is presented using pie diagram as shown below Occupation Student Employee = otherAre You aware about GST? “RowLabl ——SCountof Answer SSE Graton According To Table there are 25 respondents Out of this 24 respondent are Aware about GST. & only | Respondent doesn’t aware about GST. Information is presented using pie diagram as shown below Are you aware about GST yes NoHow Do You get know about GST From? a Label ‘Count of Answer eee Online Source According To Table there are 25 respondents Out of this 3 respondents know about GST from Friends, 5 respondents know about GST from Family, 9 respondents know about GST from Mass Media, 8 respondents know about GST from Online Source, Information is presented using pie diagram as shown below How do you get know about GST from Friends = Family = Mass Media ‘= Online SourceDo you agree the implementation of GST? Row Label Count of Answer Ws No 7 Grand Total According To Table there are 25 respondents Out of this 18 respondents Agree with Implementation of GST & 7 Respondents didn’t agree with Implementation of GST. Information is presented using pie diagram as shown below Do you agree the implementation of GST? mys No 61people? Row Label Sales Tax & Service Tax According To Table there are 25 respondents Out ofthis 10 respondents think GST is beneficial for government and people & 15 respondents think Service Tax & Sales Tax is beneficial for government and people. Information is presented using pie diagram as shown below Which System do you think is more beneficial to both govt. & people? Wales Tax Service TaxDo you think GST will Burden on Consumer? ‘Row Label ‘Count of Answer No 12 According To Table there are 25 respondents Out of this 13 respondents think GST Will burden on consumer and 12 respondents think GST don’t have burden on consumer. Information is presented using pie diagram as shown below Do you think GST will Burden on Consumer Yes No 63Do you think implementing GST cause higher price of Goods & Services ? Row Labs 4 ‘of Answer, No 16 According To Table there are 25 respondents Out of this 9 Respondents think. implementing GST causes higher price of Goods & Services, & 16 Respondents implementing GST didn’t causes higher price of Goods & Services, Information is presented using pie diagram as shown below Do you think implementing GST cause higher price of Goods & Services ? Yes No“RowLabel Count of Answer Grand Total 25 According To Table there are 25 respondents Out of this 6 Respondents Completely aware about GST & 14 Respondents have an overview about it, & 5 Respondents not aware about GST. Information is presented using pie diagram as shown below Are you aware about Rules & Regulation To GST Completely aware ' Have an Overview About Not Aware 65LIMITATIONS Although all efforts have been taken to make the results of survey as accurate as possible but the survey suffers from following limitations ~: 1), The possibility of respondent’ responses being biased cannot be ruled out, 2) Limited access to secondary data pertaining to Income Filling i sclected region only. 3). Most of the times people don’t give appropriate information. 4), Mostly respondents don’t want to give accurate information and act rudely. 65SUGGESTIONS & RECOMMENDATIONS ‘ax payers, need to be educated more about the GST. Standardization of systems and procedures Well defined procedures in case of Job works Uniform dispute settlement machinery ‘Adequate training for both tax payers and tax enforcers. Re-organization of administrative machinery for GST implementation Building information technology backbone ~ the single most important initiative for GST implementation, Uniform Implementation of GST should be ensured across all states (unlike the staggered ‘implementation of VAT) as many issues might arise in case of transactions between states ‘who comply with GST and states who are not complying with GST. 67FUTURE SCOPE ‘As you wish your college education and embark on your chosen career path, consider how an internship may help you narrow your focus and help train you for future jobs. Here are some advantages of intemships for students: Job experience-Job listings often describe requirements such as education and minimum job experience. If you are entering the workforce for the rest time after college or a vocational training program, you likely do not yet have the required experience. An internship is a perfect way to that gap. You can gain valuable exposure to how a business in your chosen field runs, take part in meetings and perform assigned tasks in a real-world setting. Create a professional- network The most successful job searching usually comes from meeting others in your eld who can recommend you for open positions. Internships are a practical way to expand your job network. The professionals you will meet might be the most valuable connection to your future jobs, so showing, curiosity, enthusiasm and willingness can help professional contacts see your potential. Build a Strong Resume - This valuable job experience enables you to all out your resume with honesty and Spasticity. Not only will you be able to add the duties and projects from your internship to the experience section of your resume, but you will also be able to more clearly describe your objective for a permanent position. Help guide career goals -During your edue: yn, you may study a variety of subjectsto determine your interests. For some, a college degree helps you determine cexactlywhat kind of career you want to have. For others, studying a diverse set of experiences that presents multiple career options. An internship can give you job experience by introducing you to daily rigors and tasks without a firms commitment to that precise career track. It can help you decide if certain jobs t your personality and your talents and allow you to meet people who can give you career advice and guidance.Research experience- In scientific field, for example, an internship might consist ofassi 1g with research in a lab. You can test the research skills you learned in your college courses in a practical setting and meaningfully contribute to the importantresearch the lab does. Some permanent research jobs require this kind of post- education training. Internship opportunities can help you decide what kind of lab work you would like to do. Build Confidence- The transition from college to full-time employment can you withexcitement, am ty, hope and ambition all at once. An internship is a good way to some transition time with the work you hope to do long-term. It can eliminate somepressure of quickly ending a permanent job and help you apply the skills and knowledge you have acquired to a practical situation.2) 3) 4) 3) 6) D Name: Gender: © Male © Female Age © 13.25 © 26-50 © Above 50 Occupation © Student * Business + Employer © Retire ‘Are you aware about GST? * YES * NO How do you get know about GST From? © Friends © Family © Mass Media © Online Source Do you agree the implementation of GST ? * YES * No 08) Which System Do you Think is More beneficial To Both Govt. & People? * Goods & Service Tax © Sales Tax & service Tax 9) Do you think GST will burden on consumer? YES * No 10) Do you think implementing GST Will Cause Higher Price Of Goods & Services? YES * No 11) Do you think all business need to be Registered under GST? * YES + No 12) Are you Aware About Rules & regulations related To GST? © Completely Aware © Have an Overview About It © Not Aware 13) Are you satisfied by the tax brackets decided by the govt. forthe product? © Fully Satisfied * Satisfied to some Extent © Only on few of them Not Satisfied 14) If not satisfied, what isthe reason? Tax is very high for our products © This GST will affect the common people & might lead to corruption © tis complicated to understand 15) Was GST implemented on correct time? © Govt. should have given some more time © There was no need of implementing GST ‘Should have been implemented earlier © twas implemented on right time n16) Impact of GST on profit margins? * No impact on margins © Margins are reduced * Margins are higher 17) Impact of GST on Sales? * Reduced for some time but is back to normal + Nocchange in sale * Sales increased * Sales reduced 18) Impact of GST on Purchase from Producers? © Price of purchase Increased * Price of purchase Decrease * No change 19) Biggest Benefit Due to GST implementation? ‘© Increase in opportunity due to one tax system * Financial system is more transparent © Reduction in black market money nCONCLUSION In conclusion my experience with One Tech Computer Institute was crucial in my development as a future accountant I will be able to take the teachings and skills acquired and apply them in future career opportunities. I even have spent great time with Next Accounting Service andgained invaluable experience and knowledge. Each and each session were worth attendingand created enthusiasm to understand more, Internship is that the part of my post graduate degree in Department of Commerce ( NEPJof Lal Bahadur Shashtri Girls College of Management of Lucknow University. This Internship has provided the theoretical and practical knowledge which is important in future career opportunities. It's superb thanks to make students aware of the sensible thanks to affect the items and develop skills, One Tech Computer Institute has provided me the simplest environment through online platform tofind out about the financial and accounting application in current scenario, I, as an intern, got an honest platform to broader my knowledge regarding Goods and Services Tax (G.S.T.Jand GSTN Portal and Income Tax Returns Portal (ITR) . Bv v v v REFERENCES https://cleartax.in/s/ineome-tax-slabs https://economictimes.indiatimes.com https://www.avalara.com https:/évww.business-standard.com https://www.google.co.in/imghp?hl=en&tab-widogbl httpy/www.gstcouncil.gov. in! https://www.myloaneare.in/tax/income-tax-slabs-rates! https://www.wikipedia.org/ www.google.com %SUMMER TRAINING REPORT ON “ACCOUNTS, TAXATION & GST AT ONE TECH COMPUTER INSTITUTE” Submitted in partial fulfillment of B.COM PROGRAMME Conducted by LUCKNOW UNIVERSITY, LUCKNOW Under the guidance of Under the guidance of . . Mr. Sandeep Dr. Shiva Manoj Chaudhary Assistant Professor Manager Submitted By Nidhi B.Com. v semester (2023-2024) LAL BAHADUR SHASTRI GIRLS COLLEGE OF MANAGEMENT LUCKNOWLAL BAHADUR SHASTRI GIRLS COLLEGE OF MANAGEMENT CERTIFICATE This is certify that Ms. Nidhi Kumari scent of 8.com sth Semester has done her summer training under my guidance as a part of B.com programme of Lucknow University . She did a good job. Date: SignatureDECLARATION | Ms. NidhiKumari _ hereby declare that the presented Summer Training Project Report titled “ACCOUNTS, TAXATION & GST AT ONE TECH COMPUTER I TITUTE” is uniquely prepared by me after the completion of 6 weeks work at Feeding Trends. This has been under taken for the purpose of partial fulfillment of B.Com. Program at Department of Commerce, LAL BAHADUR SHASTRI GIRLS COLLEGE OF MANAGEMENT LUCKNOW. | also confirm that the report is only prepared for my academic requirement, not for any other purpose. It might not be used with the interest of the opposite party of the corporation. Signature of the CandidateACKNOWLEDGEMENT Preparing a project report, I am fortune enough to get support from a number of people to whom I shall always remain grateful for helping me in completing this project within the stipulated time limit. I take the opportunity to express my deep sense of gratitude towards my research guide Dr. Shiva Manoj (HOD) LAL BAHADUR SHASTRI GIRLS COLLEGE OF MANAGEMENT LUCKNOW. for giving me due freedom of decision making and at the same time strictly adhering to high quality of my work. I would also wish to acknowledge my friends and family for their moral support, encouragement and patience throughout the course of this project. I would like to express my gratitude to all these persons and to all the respondents for their patience throughout the numerous discussions T have had with them during the course of this project. Finally I thank to God almighty for showering his blessings at each stage of this project work. Nidhi B.Com (Sem - 5)