Ankit - GST - Project 33333333333333
Ankit - GST - Project 33333333333333
Ankit - GST - Project 33333333333333
PROJECT REPORT
(Submitted for the Degree of B.Com. Honours in
Accounting & Finance under the University of
Calcutta)
SUBMITTED BY
Name of the Candidate : ANKIT SHARMA
Registration Number : 222-1111-0289-20
Name of the College : KHUDIRAM BOSE CENTRAL COLLEGE
College Roll Number : 1109
CU exam Roll Number : 201222-21-0007
SUPERVISED BY
Name of the Supervisor : Prof. ARABINDA MRIDHA
Name of the Colleg : KHUDIRAM BOSE CENTRAL COLLEGE
SUPERVISOR'S CERTIFICATE
Designation:
STUDENT'S DECLARATION
I hereby declare that the Project Work with the title “GOODS &
SERVICE TAX” submitted by me for the partial fulfilment of the
degree of B.Com. Honours in Accounting & Finance under the
University of Calcutta is my original work and has not been submitted
earlier to any course of student .
ACKNOWLEDGEMENT
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CONTENTS
PAGE
S. NO. TITLE NO.
1. COVER PAGE 1
2. SUPERVISOR’S CERTIFICATE 2
3. STUDENT’S DECLARATION 3
4. ACNOWLEDGEMENT 4
5. CHAPTER 1: INTRODUCTION TO 6 - 10
GST
6. CHAPTER 2: IMPACT OF GST ON VARIOUS SECTORS 11 - 14
6. QUESTIONNAIRE 26- 28
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CHAPTER 1:
INTRODUCTION
TO GST
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Dual model GST is applicable in India i.e. two varieties of GST will be charged on same bill i.e.
CGST (Central goods and service tax) and SGST (State goods and service tax). On an Intra State
Supply, both CGST and SGST shall be applicable. Amount of CGST is revenue of the Central
Government and the amount of SGST is revenue of State Government.
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Types of
CGST SGST IGST UGST/UTGST
Differences
Inter-state
Applicable (between two
Intrastate Intrastate Within one
transactions states or one
(Within (Within Union
(Goods & state and one
one state) one state) Territory (UT)
Services) UT) and
imports
Central
Collected by State Govt. Central Govt. UT Govt.
Govt.
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1.14 : SUPPLY
The scope of term supply is given under Section 7(1) of CGST Act which provides the inclusive
definition of term supply. As per the provision of supply, supply includes:
(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange,
licence, rental, lease or disposal made or agreed to be made for a consideration by a person
in the course or furtherance of business;
(b) import of services for a consideration whether or not in the course or furtherance of business
and;
(c) the activities specified in Schedule I, made or agreed to be made without a consideration
and;
(d) the activities to be treated as supply of goods or supply of services as referred toin
Schedule II.
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CHAPTER 2:
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2.1 : INTRODUCTION
Goods and Services Tax (GST) was introduced in the Indian Constitution through the 101st
(Hundred and One) Constitutional Amendment Act, 2016. After the enforcement of Goods and
Services Tax (GST), many sectors faced some positive effects as well as negative effects.
The enforcement of the tax was for the long term benefit. There were very few sectors that received
an immediate benefit from the implementation of Goods and Services Tax (GST). The long term
benefit requires the patience of citizens.
Some of the major sectors that have been affected by the implementation of GST are –
Export-Import sector
Real estate
Entertainment industry
Logistics industry
Banking sector
Gold industry
It industry
Fmcg industry
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GST has reduced indirect taxes, i.e. Ease of doing business in the banking and financial sector
Which leads to increase in business. It will increase demand for funds and digital transactions in
the banking industry.
2.10 : IT INDUSTRY
All IT services and software products, as well as freelancers, are levied 18% GST rate. Overall
positive impact on IT industry of GST. Cascading effect is removed through GST implementation.
IT will make changes in the process of business process. ITC under GST will Bring down the
operating costs and increase the profitability of the IT industry.
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CHAPTER 3:
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Sources: wordpress.com
After the implementation of the GST, we can see both its positive and negative effects on
different industries. Many sectors like manufacturing, electronics, telecom, FMCG, education,
banking, jewellery, tourism, logistics, IT etc. are the important part of the Indian economy. The
positive impact of the GST on such sectors is seen in the form of economic development of the
country.
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Sources: https://holisollogistics.com
Below five factors will significantly change the dynamics of the retail sector in India:
a. Reduced taxes – he main impact of GST on retailers will be a significant reduction of the
tax burden on the retailers.
b. Seamless Input tax credit – GST will make an impact by eliminating the cascading effect
of taxes thereby reducing the total tax burden on the retail sector.
c. Increased Supply chain efficiency – The impact of GST will be evident on supply chains,
as their designs would be efficiency-oriented and not in alignment with the taxation system.
d. Tax on gifts and promotional items – As per the model GST law, any supply without any
consideration will attract tax.
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Finally, India's biggest tax reform - Goods and service Tax (GST) is a reality. Yes, after a lot of
speculation around the timely implementation, GST has been rolled out.
As we have saying, GST is a much-needed economic reform. It should eventually expand India's
narrow tax base and increase government revenues.
That said, every coin has two sides. GST is no exception. It will have its fair share of chaos in the
coming months. There could be protests across the country over tax rates and compliance burdens
and it could affect the smooth functioning of the economy.
While GST will impact businesses and industries in a big way, it won't directly affect the salaried
class and self-employed personnel (Aam Aadmi). Since it is an indirect tax, it does not change the
way they pay their personal taxes. The only impact they will see would be due to the change in
rates of the goods and services they avail.
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Sources:https://startuptalky.com
Analysis –
Average monthly gross collection since the GST introduced up-till month of June 2019 is
INR 96,048 crores, with improving average over the year.
From August 2017 to March 2018, average monthly gross collection was INR 89,705
crores
During 2018-19 average monthly gross collection was recorded at 98,114 crores, which
was 9.37% higher than 2017-18 (From August 2017).
For ongoing fiscal year 2019-20, till month of June average monthly gross collection is
1,04,698 crores, which is 6.71% higher than monthly average of 2018-19 and 16.71%
higher than 2017-18 (From August 2017).
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Sources:https://taxguru.in
Analysis –
The total gross GST revenue collected in the month of July, 2019 is ₹ 1,02,083 crore of which
CGST is ₹17,912 crore, SGST is ₹ 25,008 crore, IGST is ₹ 50,612 crore (including ₹ 24,246
crore collected on imports) and Cess is ₹ 8,551 crore (including ₹797 crore collected on imports).
The total number of GSTR 3B Returns filed for the month of June up to 31st July,2019 is
75.79 lakh.
The revenue in July, 2018 was ₹ 96,483 crore and the revenue during July, 2019 is a growth
of 5.80% over the revenue in the same month last year. During April-July 2019 vis-à-vis 2018, the
domestic component has grown by 9.2% while the GST on imports has come down by
0.2% and the total collection has grown by 6.83%. Rs. 17,789 crore has been released to the states
as GST compensation for the months of April-May, 2019.
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CHAPTER 4:
CONCLUSION &
RECOMMENDATION
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CONCLUSION
Primarily, the concept of GST was introduced and proposed in India a few years back, but
implementation has been done by the current BJP government under the able leadership of Prime
Minister Shri Narendra Modi on July 1, 2017.
The new government was in strong favor for the implementation of GST in India by seeing many
positive implications as discussed above in the paper. All sectors in India - manufacturing, service,
telecom, automobile and small SMEs will bear the impact of GST.
One of the biggest taxation reform- GST will bind the entire nation under a single taxation system
rate.
As forecasted by experts, GST will improvise tax collections and boost up India's economic
development and break all tax barriers between Central and State Governments.
No doubt, GST will give India a clear and transparent taxation system, but it is also surrounded by
various challenges. There is need for more analytical based research for successful
implementation.
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RECOMMENDATIONS
Goods and Service Tax was considered to be an epitome of the ideal tax mechanism at the time
of its implementation. The assumption is somewhere proved right as the GST system has reduced
effective tax rates and boosted supply chain efficiencies of businesses. On the other hand, it is also
prevalent that the system is not at all simple and has burdened the taxpayer even more with tax-
filing complexities.
Now it is invariably needed to introduce a set of amendments contributing towards the certainty
of the GST system.
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BIBLIOGRAPHY
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BIBLIOGRAPHY
OTHER SOURCES :
Central Board of Excise and Customs, Ministry of Finance. (2017).
Goods and Services Tax Council. (2017).
WEBSITES AND HTTPS:
https://wordpress.com
https://holisollogistics.com
https://startuptalky.com
https://taxguru.in
Wikipedia, the free content encyclopedia
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QUESTIONNAIRE
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QUESTIONNAIRE
Dear Sir / Madam,
Thank you for visiting us. By filling out this 5-10 minute survey, you will help us obtain
the very best results.
1. Gender:
Male
Female
2. Age group:
< 20
21-30
31-40
41-50
51-60
60+
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8. Are you facing issues in claiming refund under the GST regime?
☐ Yes
☐ No
☐ Not applicable
9. How can the GSTN portal be made user friendly? Please state
some suggestions below:
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