AN INTERNSHIP REPORT

ON

“GST (GOODS AND SERVICE TAX)”

SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF DEGREE OF
By
Ajitesh Prasaad
Roll No. 2210012015775

Submitted to
Name of Department/Faculty
LUCKNOW University of Lucknow

i
 DECLARATION

I Ajitesh Prasaad, hereby declare that the internship report on

“GST (GOODS AND SERVICE TAX)” with reference to “CA FIRM
NAME ” prepared by me under the guidance of University of
Lucknow, Lucknow.
This is to certify that this summer internship presentation entitled
GST AND INCOME TAX is the work that has been prepared by me
during the year 2021-2024.
I also declare that this internship report is towards the partial
fulfillment of the university regulations for the award of the
degree of “Master of Business administration".

Signature of the student

.Ajitesh Prasaad
Roll No. 2210012015775
[Link] , 5th Semester

Place: Lucknow
Date:

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 ACKNOWLEDGEMENT
The successful completion of the internship would not have been possible
without the guidance and support of many people. I express my sincere
gratitude to (RIZVI & CO.) for allowing me to do my internship at RIZVI & CO..

I thank the employees, of RIZVI & CO., Lucknow for their support and
guidance in helping me the completion of the internship.
I express my sincere gratitude to the mentor of my department,
whose encouraging suggestions and encouragement helped me in
coordinating my presentation, especially in writing this report.

At last, I would like to express my gratitude to my parents and my friend for

their continuous support during this summer internship report.

Roll No. 2210012015775

[Link] 5 th Semester

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 TABLE OF CONTENT

1. INTRODUCTION ......................................................................................1-3

2. REASON FOR CHOOSING THIS INTERNSHIP .....................................4

3. ABOUT THIS INTERNSHIP .....................................................................5

4. COMPANY‘S PROFILE ........................................................................ 6-7

5. KNOWLEDGE AND SKILLS ACQUIRED ............................................ 15

6. DETAILS OF WORK PROFILE .............................................................. 16-54

7. WORK EXPERIENCE ............................................................................. 55-56

8. KEY LEARNING ........................................................................................ 57

9. CHALLENGES DURING INTERNSHIP ..................................................... 58

10. CONCLUSION ..........................................................................................59

11. FUTURE SCOPE .......................................................................................60

12. BIBLIOGRAPHY ......................................................................................61

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v
 INTRODUCTION

Introduction to Internship

Internship is an on-the-job training programme offered to students to balance the gap between
class room theories and industry expectations. It is an on-field training programme, which
may last from 2 weeks to 3 months period. During the internship period, the candidate may
be paid or not paid with monetary benefits for the services rendered by him, but definitely
compensated with work experience and real-life learning that benefits his career in the long
run. An internship is a training opportunity which is provided to students, such as graduates
or post-graduates, to seek and feel the actual work experience and corporate culture before
they enter any sector as working professionals. Internship programme is one of the types of
on-job training programme, were the student gets a chance to experience the working
environment, gets trained to the practical work exposure, sees implementation of class room
theories in the work field and identifying the difference, coming with an appropriate opinion
to overcome such gaps which indirectly benefits the university or college to know the actual
requirements of industry, and making necessary changes in academics according to the
industry needs so that students benefit with better outcomes.

Internship is a great opportunity even to employers to recognise the talents in the market, as
in the competitive environment and high rate of unemployment, finding a right person for a
right job has become a difficult task. This indirectly makes internship programme effective as
the employer can see a candidate‘s potential and dedication towards his work and his skills,
strengths, weakness, etc.., throughout the internship period. An employer can encourage the
right and eligible candidates with pre-placement offer which will help his organisation to hire
a suitable candidate who can contribute to the organisation well.
Study is made in association with RIZVI & CO... it is a internship project report which is
done for the period of 45 days. Project titled ―GST.

About the project

As we all know that GST is a progressive concept in India after it became a new tax regime.
Even though GST plays such an important role in taxation system and influences the future
economy growth of the country, when it come to the performance and revenues generating
from the GST, the growth is not up to the mark. This is reflected by the decrease in the

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returns filing under GST over a period of time. The project is about finding the reasons,
problems, responses and grievances resulting in the traders, registered under GST, to not file
the returns in time. To know and find the ways and overcome this serious issue, a survey is
conducted to find the reasons for why such decrease in returns filing. The findings and
observations were identified along with necessary suggestions. This survey is conducted in a
region (GSTO-40) and non-filers in that area were asked for reasons for such non-filing of
returns under GST. The data of non-filers of returns is taken from respective GST office with
the permission of the Commissioner of Commercial Taxes.

Objectives of the Project:

 To study the level of GST awareness among Taxpayers

 To study the level of returns filing knowledge of Traders/Taxpayers registered under
GST
 To study in-depth understanding of the new GST Law
 To know the awareness of the process of filing of returns under GST
 To identify the issues, problems, grievances faced by the Traders/Taxpayers
registered under GST
 To identify the reasons for not filing returns
 To know the reasons for not filing returns on time by GST registrants

Limitations of the project:

• Time is the main constraint for the project to do a complete study - the project was
assigned to be completed in two months

• The project survey is restricted to GSTO-40 Region only (i.e. Koramangala)

• Since the targeted respondent were technically and educationally poor in majority of
the cases, there may be a deviation in project result and actual scenario by up to 10 to 20%

• As many of the respondents were depending upon the consultants, auditors and third
parties, the responses given by them may not be accurate in some of the cases

Scope of the project:

• This project helps in knowing the reasons for non-filing of returns by the Traders

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• This project helps is assessing the Traders‘ perception towards GST

• This project helps the department to know where the gap is growing and the reasons
for such gap in filing returns under GST

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 REASON FOR CHOOSING THIS INTERNSHIP

Internship is the part of the post graduate degree in MBA Finance and Accounting of
Lucknow University.

Internship has merged the theoretical and practical knowledge which is important in our
future life. It is an excellent way to prepare students to know about the practical way to deal
with the things, learnt and develop skills.

After the end of 2nd semester, we were entitled to indulge in an internship programme as per
the schedule of MBA (finance and accounting) curriculum. Owing to the pandemic condition,
it was not possible for most of us to involve in an internship programme in an office.

I wanted to do something different, something not just limited to single sector and also that
would go hand in hand with my undergoing degree simultaneously.

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 ABOUT THIS INTERNSHIP

The duration of the internship was one and half month which started from 1st June 2022 to
15th July 2022. The timings of the Internship were consistent with the suitability of the
scholars and it had been from Monday to Saturday. It was conducted virtually via platforms
like Zoom. During this Internship, the precise area of focus was to be a ―knowledgeable
scepticism‖. The Internship Programme has been very fruitful for me and as an intern, I got
an in-depth knowledge of software‘s like Tally Prime, GSTN Portal and GST Portal.

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 COMPANY’S PROFILE

ABOUT INTERNSHIP ORGANIZATION

RIZVI AND CO.

CHARTERED ACCOUNTANTS

RIZVI & Company is a firm of Chartered Accountants. The firm offers a wide range of services to

almost all sectors and industries in India. The firm offer a comprehensive range of services,

including Auditing, Direct/Indirect Taxation, Management Consultancy, Corporate Laws,

Regulatory Services, Accounting Services, GST Consultancy, Corporate Finance, Secretarial

Services, etc.

RIZVI & Company. is a professionally managed firm. The team consists of experienced chartered

accountants, corporate financial advisors and tax consultants. The firm represents a combination of

specialized skills, which are geared to offers sound financial advice and personalized proactive

services. Those associated with the firm have regular interaction with industry and other

professionals which enables the firm to keep pace with contemporary developments and to meet the

needs of its clients.

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OUR SERVICES

 CORPORATE/LLP/OPC SERVICES

 Incorporation of Company / LLP / OPC -

 Consultancy on Company Law matters.

 Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.

 Filing of annual returns and various forms, documents.

 Clause 49 review for compliance with fiscal, corporate and tax laws.

 Secretarial Matters including share transfers.

 Maintenance of Statutory records.

 Consultancy on Public/Rights/Bonus Issue of shares.

 Change of Name, Objects, Registered Office, etc.

AUDIT & ASSURANCE

BROADLY, AUDIT INVOLVES THE FOLLOWING:

 Indepth study of existing systems, procedures and controls for proper understanding.

Suggestions for improvement and strengthening.

 Ensuring compliance with policies, procedures and statutes.

 Comprehensive review to ensure that the accounts are prepared in accordance with

Generally Accepted Accounting Policies and applicable Accounting Standards/IFRS.

 Checking the genuineness of the expenses booked in accounts.

 Reporting inefficiencies at any operational level.

 Detection and prevention of leakages of income and suggesting corrective measures to

prevent recurrence.

 Certification of the books of account being in agreement with the Balance Sheet and Profit

and Loss Account.

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  Issue of Audit Reports under various laws.

TYPES OF AUDITS CONDUCTED:

 Statutory Audit of Companies

 Tax Audit under Section 44AB of the Income Tax Act, 1961.

 Audit under other sections of the Income Tax Act, 1961 such as 80HHC, 80-IA, etc.

 Concurrent Audits.

 Revenue Audit of Banks.

 Branch Audits of Banks.

 Audit of PF Trusts, Charitable Trusts, Schools, etc.

 Audit of Co-operative Socities.

 Information System Audit

 Internal Audits.

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ACCOUNTING & BOOK KEEPING

 Accounting System Design & Implementation

 Financial Accounting

 Budgeting

 Financial Reporting

 MIS Reports

 Financial Analysis

 Asset Accounting Management

 Depreciation and Amortization Schedules

INCOME TAX

 Consultancy on various intricate matters pertaining to Income tax.

 Effective tax management, tax structuring and advisory services.

 Tax Planning for Corporates and others.

 Designing / restructuring salary structure to minimise tax burden.

 Obtaining Advance tax Rulings.

 Obtaining No Objection Certificates from Income tax department.

 Obtaining PAN for assessees, employees etc.

 Advance tax estimation and deposit.

 Assessing the liability towards deferred taxes.

 Providing regular updates on amendments, circulars, notifications & judgments.

 Filing Income Tax and Wealth Tax returns for all kinds of assessees.

 Filing Income tax returns for employees of corporate clients.

 Liaison with Income tax department for rectification, assessment, obtaining refunds etc.

 Expertise in complicated direct tax assessments.

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  Filing and pleading appeals under various provisions of IT Act.

 Special expertise in search, seizure and prosecution litigation.

 Advice on future tax implications in respect of the potential acquisition.

 Opinions on the various Double Tax Avoidance Agreement related issues.

 Settlement of various issues raised under FEMA.

SALES & SERVICE TAX

 Registration under Service tax and Sales Tax.

 Consultancy for maintenance of proper records.

 Consultancy for proper accounting for Service Tax and Sales Tax.

 Consultancy on various issues relating to Service Tax and Sales Tax.

 Compilation of data of Cenvat and Input Credit.

 Assistance in availment of notified Abatements.

 Utilization and availment of service tax credit in accordance with the Service Tax Credit

Rules, 2002.

 Computation of Service Tax payable and Sales Tax payable.

 Preparation and filing Returns.

 Getting assessments done

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OUR TEAM

Our dedicated team comprises of competent people with extensive knowledge and experience. Our

professionalism and expertise helps us to service our clients to their satisfaction.

CA. Saurabh Singh

([Link], FCA, L.L.B, PGDBA, GST(ICAI))

CA. Saurabh Singh is an Associate Member of the Institute of Chartered Accountants of India and

the senior partner of the firm. He is Certified GST Professional (ICAI). He has experience of

practice in the field of Auditing (Internal Audit, Tax Audit, Statutory Audit), Taxation, Corporate

Finance etc. He looks after the entire range of practice relating to planning for corporate & non-

resident Indians and rendering of Consultancy on Accounting, Company Law, RBI, FDI, Taxation

(Including International Taxation) & FEMA matters.

Our top management comprises of enterprising leaders who bring with them a combined experience

in the areas of Internet and information technology and Accounting. We understand that the right

people make all the difference. Our team comprises of highly dedicated professionals from diverse

backgrounds like Chartered Accountants, Company Secretaries and advocates with supporting staff

like Commerce graduates and entry level personnel having hands on experience in Accounts,

Taxation, driven by a common goal to constantly test our abilities and deliver value to our clients.

We encourage teamwork, innovation, knowledge sharing and continuous learning. We take extreme

caution to recruit the best available talent for our services

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LOCATION AND OVERVIEW

Established in the year 1997, RIZVI & Company., Lucknow is a top player in the category

Company Registration Consultants in the Lucknow. This well-known establishment acts as a one-

stop destination servicing customers both local and from other parts of Lucknow. Over the course

of its journey, this business has established a firm foothold in it’s industry. The belief that customer

satisfaction is as important as their products and services, have helped this establishment garner a

vast base of customers, which continues to grow by the day. This business employs individuals that

are dedicated towards their respective roles and put in a lot of effort to achieve the common vision

and larger goals of the company. In the near future, this business aims to expand its line of products

and services and cater to a larger client base. In Lucknow, this establishment occupies a prominent

location in Mahanagar. It is an effortless task in commuting to this establishment as there are

various modes of transport readily available.

AUDIT AND ASSURANCE DEPARTMENT: -

Firm provides audit and assurance services to wide range of clients which include performing

audits of financial statements of limited companies, NGOs and partnerships. Firm also performs

special assignments which include management audits, internal audits and investigations. Audit

focuses on business issues and the matters that can impact on the financial statements, whilst also

retaining the basic audit procedures that test the information contained in the financial statements.

In doing so firm not only identify the non-compliances but also assists clients in its rectification,

designing remedial measures and provides guidance to adhere with the laws and regulations. Firm

always endeavor to meet reporting deadlines as set out by the laws and regulations or as mutually

agreed with clients, without compromising the professional, legal and ethical requirements.

Firm’s emphasis is on delivering high quality services to clients, adding value to their business

through identification of existing and potential control risks and suggesting best possible measures
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in the given circumstances. Firm always places priority to deploying audit teams to clients who are

well equipped with the specific industry knowledge, experience and are professionally sound.

TAX AND CORPORATE DEPARTMENT

Firm delivers taxation services to clients and assists them in obtaining optimal tax benefits

available under the laws. Firm also assist clients to comply with the tax rules and regulations and

always keep them updated with the latest developments and amendments. Tax personnel are

qualified professionals, experienced and knowledgeable. We maintain a comprehensive tax library

which always provides ready references and timely solution in complex situations. Firm provides a

comprehensive range of tax services which includes;

 Preparation and submission of annual tax returns.

 Compliance services. Tax advisory services.

 Representation and litigation with tax authorities.

 Personal income tax services

CORRESPONDENCE DEPARTMENT: -

It handles with all the correspondence of the firm by sending the solicited and unsolicited

information from time to time. Effectively and efficiently manage the day-to-day operations of the

Correspondence. Interact with clients to resolve policy and customer issues. Identify trends and

remove obstacles in Statement production and delivery by properly maintaining record of all

communication for future reference.

HR DEPARTMENT

This department is mainly concerned with the recruitment, hiring/firing of the firm and this

department presents the timely reports on effective utilization of the resources by the firm. A
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purpose of the human resource is to keep the trained employees and recruit new energetic staff to

work. Another purpose of this department is to provide a good working environment for staff and

try to make by facilitating them and arranging some recreational activities for them. HR knows the

real worth of its employees so cares for them and motivate them to work more efficiently and

diligently. The hierarchy adopted by KukilAgrawal & Co.. is in accordance with the legal structure

a CA firm shall have. Although the ICAI rules permit of not having the supervisors and does not

make it mandatory having senior manager and manager, yet this goes as additional benefit for the

firm of having such an extensive hierarchy.

CORPORATE SERVICES

 Incorporation of company

 Consultancy on Company Law matters.

 Advisory Planning for Mergers, Acquisitions, De-mergers, and Corporate re-organizations.

 Filing of annual returns and various forms, documents.

 Clause 49 review for compliance with fiscal, corporate and tax laws

 Secretarial Matters including share transfers

 Maintenance of Statutory records

 Consultancy Services on Public/Rights/Bonus Issue of shares.

Change of Name, Objects, Registered Office, etc.

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 KNOWLEDGE AND SKILLS ACQUIRED

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 I
ready to know the functioning and procedures of Tally Prime, GSTN Portal and GST Portal. I
learned to form company‘s accounts thereon. I hope that I even have enhanced my
communication skills during the discussions.

At that point I prepared and presented all the ultimate accounts and submitted it to Ma‘am.
And at the top she directed us and helped us in removing our difficulties. While I had many
useful experiences at Next Accounting Service. I feel that I still got to develop my skill in
making final accounts on Tally Prime and I got an in-depth knowledge of software‘s like
GSTN Portal and GST Portal.

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 DETAILS OF WORK ACCOMPLISHED
What is GST Act 2017 – Full details, specifications, PDF, rules, forms, and FAQ:

The Central government passed four sets of GST Acts in the Budget session this year. These
were Central GST Act, 2017; Integrated GST Act, 2017; Union Territory GST Act, 2017 and
GST (Compensation to States) Act, 2017. The Acts were approved by the Parliament after
they were introduced as the part of the Money Bill. Following the passage of the GST Acts,
the GST Council decided the rate slabs for the Goods and Services to be taxed under the GST
regime.

Here are some details of the decisions taken by GST Council: The threshold limit for
exemption from levy of GST is Rs 20 lakh for the States except for the Special Category,
where it is Rs 10 Lakh. The Council has adopted a four slab tax rate structure of 5%, 12%,
18% and 28% for GST. A separate CESS would be levied on certain goods such as luxury
cars, aerated drinks, pan masala and tobacco products, over and above the GST rate of 28%
for payment of compensation to the states.

GST is considered to be the biggest tax reform in India since independence. It will help
realize the goal of ―One Nation-One Tax-One Market.‖ GST is expected to benefit all the
stakeholders – industry, government and consumer. Experts believe that GST will lower the

16
cost of goods and services, boost to the economy and make Indian products and services
globally competitive, and even boost initiatives like „Make in India‟.

According to Ministry of Finance, ―GST will make India a common market with common tax
rates and procedures and remove economic barriers.‖ GST is expected to improve ease of
doing business in India. In the

GST regime, exports will be zero-rated in entirety. This is unlike the present system where
refund of some of the taxes does not take place due to fragmented nature of indirect taxes
between the Centre and the States.

GST Rules: All GST-related rules can be read on this like:

[Link] (copy paste in a separate window).

The GST needs to filed via a common portal to be run by GSTN, promoted by the central and
state governments. The link for GST Act 2017 PDF is:

[Link] (Copy
paste the link in a separate window.

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Under GST, a normal taxpayer would have to furnish three returns monthly and one annual
return. There are also separate returns for a taxpayer registered under the composition
scheme, a taxpayer registered as an Input Service Distributor a person liable to deduct or
collect the tax.

Watch: Simple steps for filing under GST

GST Forms: Here are details of different types of forms to be filed under GST:

Form GSTR-1: To file details of outward supplies of taxable goods and/or services effected
by registered taxable supplier on 10th of the next month;

Form GSTR-2: To file details of inward supplies of taxable goods and/or services effected
claiming input tax credit by registered taxable recipient on 15th of the next month;

Form GSTR-3: To file monthly return on the basis of finalization of details of outward
supplies and inward supplies along with the payment of amount of tax by registered taxable
person on 20th of the next month;

Form GSTE-4: To file quarterly return for compounding taxable person by composition
Supplier on 18th of the month succeeding quarter;

Form GSTR-5: To file return for non-resident foreign taxable person by non-resident taxable
person on 20th of the next month;

Form GSTR-6: To file return for input service distributor by input service distributor on 13th
of the next month;

Form GSTR-7: To file return for authorities deducting tax at Source by Tax Deducted on
10th of the next month;

Form GSTR-8 to file details of supplies effected through e-commerce operator and the
amount of tax collected by e-commerce operator/tax collector on 10th of the next month;

Form GSTR-9: To file annual return by registered taxable person on 31st December of next
financial year; Form GSTR-10: To file final return by taxable person whose registration has
been surrendered or cancelled within three months of the date of cancellation or date of
cancellation order, whichever is later;

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Form GSTR-11: To file details of inward supplies to be furnished by a person having UIN by
a person having UIN and claiming refund on 28th of the month following the month for
which statement is filed.

Under GST regime, all transactions and processes required to be done only through electronic
mode. This will help in minimizing the physical interaction of taxpayers with tax officials.
The GST provides for the facility of auto-populated monthly returns and annual return.

GST will also facilitate the taxpayers by prescribing grant of refund within 60 days, and
provisional release of 90% refund to exporters within seven days. Other facilitation measures
under GST include interest payment if refund is not sanctioned in time, and refund to be
directly credited to bank accounts.

The GST Acts provide transitional provisions for ensuring smooth transition of existing
taxpayers to GST regime, credit for available stocks, etc. Some other provisions include a
system of GST Compliance Rating. Anti-profiteering provisions for protection of consumer
rights have also been included in the Acts.

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GST is an indirect tax that is levied on goods as well as services. All the existing state and
central indirect taxes are subsumed under the GST. It is be applicable throughout the country
(except Jammu and Kashmir). It is also referred as ―GST as One Nation One Tax‖.

GST Registration

The Goods and Services Tax (GST) Registration services at Clear Tax helps you to get your
business GST registered and obtain your GSTIN.

Clear Tax GST experts will guide you on the applicability and compliances under GST for
your business and get your business registered under .

Applicability of GST

In the GST Regime, businesses whose turnover exceeds Rs.40 lakhs* (Rs10 lakhs for NE and
hill states) is required to register as a normal taxable person. This process of registration is
called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on
business without registering under GST, it will be an offence under GST and heavy penalties
will apply.

GST registration usually takes between 2-6 working days.

There is no requirement for re-registration or renewal under GST, as it has no expiry.

If you are GST registered then you can avail the benefit of Input Tax Credit wherein you will
have to pay only the difference between GST paid and payable.

*CBIC has notified the increase in threshold turnover from Rs20 lakhs to Rs40 lakhs. The
notification will come into effect from 1st April 2019.

Who Should Register for GST?

 Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)

 Businesses with turnover above the threshold limit of Rs.40 Lakhs* (Rs.10 Lakhs for
North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

20
  Casual taxable person / Non-Resident taxable person
 Agents of a supplier & Input service distributor
 Those paying tax under the reverse charge mechanism 
 Person who supplies via e-commerce aggregator
 Every e-commerce aggregator
 Person supplying online information and database access or retrieval services from a
place outside India to a person in India, other than a registered taxable person

Penalty for not registering under GST

An offender not paying tax or making short payments (genuine errors) has to pay a penalty of
10% of the tax amount due subject to a minimum of Rs.10,000.

The penalty will at 100% of the tax amount due when the offender has deliberately evaded
paying taxes

Procedure to Register Under GST

Step 1: Go to [Link]

Step 2: First, we will have to fill Part A i.e. to select ―New Registration‖ option and fill in the
following details:

 Select your identity as ―Taxpayer‖.

 Select state and district
 Write name of your business (As mentioned on the PAN card)
 PAN card number of your business
 Email address and mobile number (For the purpose of OTP)
 Select ―Proceed for OTP verification

Step 3: OTP will be sent on your mobile number and email address.

On the OTP verification page, fill in the OTPs received on your mobile number and email
address and click ―Continue‖.

Step 4: On successful verification of OTP, you will receive a ―Temporary Reference Number
(TRN)‖ on your mobile number and email address.

21
The screen will display a message which says that you will have to file the Part B of the
application before the specified date as mentioned in the same message.

Step 5: Once again go to the same website to complete the Part B of the GST registration
process.

Step 6: Select ―Temporary Reference Number (TRN)‖ option.

 Enter the TRN and the displayed captcha image.

 Select ―Proceed‖
 Once again you will receive new OTP on your mobile number and email address.
 Fill the OTP and select ―Proceed‖ for OTP verification.

Step 7: On the website a dashboard will display the status of your application as ―Draft‖ and
an icon to edit will be displayed. Select the icon.

Now the form will have 10 section for various categories of information.

Fill in the appropriate details and upload the required documents.

Step 8: Once all information is filled go to the ―Verification‖ page.

Tick on the declaration and submit the application using either a DSC (DSC is compulsory
for Companies and LLLPs) or E-signature or Electronic Verification Code which is sent to
the registered mobile number.

Step 9: After following all the above steps your application will be submitted successfully
and you will receive an ―Application Reference Number (ARN)‖.

You can check the status of your application by entering the ARN on the GST Portal.

22
HISTORY OF GST

23
Documents Required for GST Registration

Photograph

ID Proof (Any two)

 PAN CARD (Compulsory)

 Aadhar Card
 Election Card
 Passport

Constitution document:

 Proprietor: Shop Act Registration

 Partnership Firm: Partnership Deed, Certificate of Incorporation in case of LLP
 Company (Pvt Ltd/OPC): Certificate of Incorporation

Proof of Principal Place of Business

Owned : Property Tax paid receipt, Light Bill

Rented : Rent Agreement, Light bill

Bank Account of Business

 Cancelled Cheque
 Copy of Bank Statement 
 First page of Pass Book

Address Proof of Residence (Any one)

Light Bill

Telephone Bill

Property Tax paid receipt

Authority letter in the name of the Authorized Person, if any

Turn Around Time (TAT):

24
Depends upon the time taken by the department to acknowledge and verify the form.

Types of GST

1. Central Goods & Service Tax (CGST)

As per the Central Goods & Services Tax Act 2016, CGST is the centralized part of GST that
subsumes the present central taxations and levies- Central Sales Tax, Central Excise Duty,
Services Tax, Excise Duty under Medical & Toiletries Preparation Act, Additional Excise
Duties Countervailing Duty (CVD), Additional Custom Duty and other centralized taxations.

CGST is applicable on the supply of goods and services of standard services and
commodities which can be amended periodically by a specialized body under the central
government. The revenue collected under CGST belongs to the central government. The
input tax is given to the state governments which they can utilize only against the payment of
CGST.

2. State Goods & Services Tax (SGST)

SGST is an important part of GST. It stands for State Goods & Services Tax as per the 2016
GST bill. Various taxations and levies under the state authority are subsumed by SGST as
one uniform taxation. It includes the amalgamation of State Sales Tax, Luxury Tax,
Entertainment Tax, Levies on Lottery, Entry Tax, Octroi and other taxations related to the
movement of commodities and services under state authority through one uniform taxation-
SGST.

Revenue collected under SGST belongs to the State Government. However, the mainstream
framework of the state governing body will be supervised by the central government. Each
state will be having their own State Authority to collect SGST.

3. Integrated Goods & Services Tax (IGST)

GST focuses on the concept of one tax, one nation. IGST stands for Integrated Goods and
Services Tax which is charged on the supply of commodities and services from one state to
another state. For example, if the supply of goods and services occurs between Gujarat and
Maharashtra, IGST will be applicable.
25
Under Article 269A of the Indian Constitution, the inter-state trade and commerce activities
that involve the movement of commodities and services shall be levied with an integrated tax
(IGST) under the GST regime. The Government of India will collect the revenue under IGST.
Further changes can be made by the Goods and Services Tax Council of India.

4. Union Territory Goods & Services Tax (UTGST)

As we have already learned about CGST and SGST which are intra-state taxations and IGST
which is inter-state, the union territories in India are accounted under a specialized taxation
called Union Territory Goods and Services Tax as per the GST regime 2016. It will subsume
the various taxations, levies and duties with one uniform taxation in Union Territories as
well.

Delhi (India‘s Capital Territory), Chandigarh, Dadra & Nagar Haveli, Andaman & Nicobar
Islands, Daman & Diu, Lakshadweep and Puducherry are the prominent union territories in
India. UTGST will account for all the taxations under these union territories in India. The
parliament is looking forward to implement a separate act to impose and supervise GST in
Union Territories under the name of UTGST act. The bill will be presented in respective
union territories for further changes in the implementation of GST.

Cancellation of Registration

Cancellation of GST registration simply means that the taxpayer will not be a GST registered
person any more. He will not have to pay or collect GST.

Consequences of Cancellation

 The taxpayer will not pay GST anymore

 For certain businesses, registration under GST is mandatory. If the GST registration
is cancelled and business is still continued, it will mean an offence under GST and heavy
penalties will apply.

26
Who can cancel the GST registration?

Cancellation of GST registration can be done by-

*** Application for cancellation, in case of voluntary registrations made under GST, can be
made only after one year from the date of registration.

Cancellation when Turnover is less than 20 lakhs

Every person who was registered under old laws had to mandatorily migrate to GST. Many
such persons are not liable to be registered under GST.

For example, the threshold under VAT in most states was 5 lakhs whereas it is 20 lakhs under
GST. However, do make sure you are not making inter-state supplies since registration is
mandatory for inter-state suppliers except for service providers.

Such a taxpayer can submit an application electronically in FORM GST REG-29 at the
common portal.

The proper officer shall, after conducting an enquiry as required will cancel the registration.

27
 OBJECTIVE OF THE INTERNSHIP
1. The target to try to this internship is to realize knowledge, experience, and to
develop professional skills.
2. To urge knowledge about the way to file GST return and every one about its
working.
3. I wanted to try to tally course to reinforce my skills and to understand the way to
make accounts on Tally Prime 2.1.
4. I wanted to possess general idea on accounting, tally and their aspects in present
scenario.
5. To understand the impact of accounting and finance aspects in various parts of the
economy.
6. To develop problem solving skills, organizational skills and computer application
skills.

28
 GST Registeration
Goods and Services Tax (GST), the new taxation structure, was implemented on July 1st,
2017. It has changed the whole scenario of how manufacturers, distributors and end-
customers pay taxes to both central and state governments. Every individual, business or
company that provides services or manufactures or sells products, would have to go for GST
registration if their financial transactions fall under the taxation slab. As all 17 state and
central taxes have been clubbed into one tax form — the GST — every entity will have to get
registered if it wants to collect tax from customers and claim tax credits of the tax paid by
them.

GST practitioners are growing in number as days pass by. It has become an additional degree
like professional course for many auditors right from the date of its implementation. So is our
trainer Mr. Narendran. He was the accountant under whom I was trained on the registration
of corporate bodies that are covered under the GST Law. The training period initially began
with a theoretical session were Miss. Nirmala who is an employee in the firm run by him. She
guided me in the theory aspects of how GST works and thetheoretical aspects of how
registration is done by a company and a GST practitioner. She also stated that the both the
registrations can be done by an individual who has basic computer knowledge and the ability
to read and write in English, as every step in the process of registration is very easily
understandable due to the presence of guidance notes before stepping into each and every
step in the process of registration.

GST Registration as a GST Practitioner

Many businesses who are unaware of the processes and the procedures required for filing the
GST returns and uploading invoices would look for a professional through whom they can
get this done. Section 48 of the CGST Act provides for the eligibility, conditions and the
procedure for a person to be a registered GST practitioner. A registered business can
authorize the GST practitioner to file returns on his behalf.

Basic Conditions for Becoming a GST Practitioner

These are the conditions required for becoming a GST practitioner.

 They should be a Citizen of India.

29
  They should be of sound mind.
 They should be not be adjudged as an insolvent.
 They should not be convicted of an offense with imprisonment of 2 years or more.

Qualifications for Becoming a GST Practitioner

The following people can become GST practitioners:

 A retired officer of the Commercial Tax Department of any State Government or

of the CBEC who has worked in a post of Group-B (or higher) gazetted officer for
a minimum period of two years.
 A Tax Return Preparer or a Sales Tax Practitioner registered for a period of not
less than 5 years.
 A graduate or postgraduate in Commerce, Law, Banking including Higher
Auditing, or Business Administration or Business Management from any Indian
University or a recognized Foreign University.
 A Chartered Accountant, Cost Accountant or a Company Secretary.

Duties of a GST Practitioner

A GST practitioner will fulfil the following duties on behalf of their clients:

 File GSTR 1 and GSTR 2.

 Furnish GSTR 3 and GSTR 9.
 Make deposit for credit into the electronic cash ledger
 File a claim for refund (after confirmation from registered person)
 File an application for amendment or cancellation of registration (after confirmation
from registered person)
 Appear as an authorised representative

30
Process of Registering as a GST Practitioner

Step 1 – Go to [Link]

Step 2 – Go to Services – Registration. Click on ‗New Registration‘

Step 3 – This will take you to the ‗New Registration‘ page

 Click on New Registration

 In the ‗I am a‘ dropdown, select GST Practitioner

 Select the State and District from the dropdown

 Enter Name, PAN, Email Address and Mobile Number

 Enter the captcha code

 Click on ‗Proceed‘

31
After validation, you will be redirected to OTP verification page

32
Step 4 – Enter the 2 different OTPs received on e-mail and mobile number. Click on
‗Proceed‘

Step 5 – This will generate a TRN. Click on ‗Proceed‘ (Temporary Registration Number).

33
Step 6 – Enter TRN and Captcha. Click on ‗Proceed‘

Step 7 – Enter the OTP received on the registered mobile number and click on ‗Proceed‘

34
Step 8 – Enter all the details required by this part and upload documents in .pdf and .jpeg
format. Click on ‗Submit‘ in the Verification page

There are 2 ways the application can be submitted:

 DSC – Submit the application using the DSC token. Make sure emSigner (from
eMudra) is installed on your laptop and the DSC is registered on the website

 EVC and E-signature – You will receive 2 OTPs, one on the Aadhaar-linked mobile
number and the other on the e-mail ID. Enter the OPTs and submit the application

Once the application is submitted a success message will be displayed. You will receive an
acknowledgment on your registered e-mail id within 15 days. This will complete the process
to register as a GST Practitioner.

35
GST Registration for companies

Entities having the annual turnover of Rs. 40 lakh and above will have to register under GST.
This limit is Rs. 20 lakh in case of businesses operating in north-eastern states.

GST registration can be done in different forms. It can be for a person who does not have a
business address as well as for an entity that has operations in different parts of the country.

Types of Entities under GST

Casual Entity

An entity that does not have a fixed place of business and supplies goods or provides services
in territories where GST is applicable is known as a casual entity. For example, a person
having his place of business in New Delhi but also providing services in Mumbai would be
considered as a casual taxable entity.

Composition Dealers

Taxpayers and small businesses having an annual turnover of up to ₹ 50 lakhs can register
under composition scheme where they will have to maintain very less records. These entities
will have to file returns every quarter instead of filing 3 returns every month and 1 annual
return. These entities can neither issue taxable invoices to their customers nor claim input tax
credits. They will have to pay tax from their own coffers.

Why is GST registration important?

 After 1st July, only GST is being charged.

 Taxpayers registered under state VAT or Central Board of Excise and Customs
(CBEC) have to switch to the GST platform to file all taxes and share information
with taxation authorities.

 Once a person registers at the GST portal, he gets a Goods and Services Taxpayer
Identification Number (GSTIN) which would be used to store his details and taxation
history.

 This number would be used for all administrative and compliance purposes.

36
  It is expected that 8 million taxpayers would be migrating from different platforms to
GST.

Registration for companies online

In order to register for GST online, you have to follow these simple steps:

 Go to the GST Login Portal at [Link]

 Fill up the Part-A form and provide your PAN, mobile number and email
address.
 The portal would verify the mobile number and email id by sending OTP and
verification mail.
 Once verified, you will get the Temporary Reference Number (TRN) on both e-
mail and mobile.
 Now fill Part-B of the GST registration form using the received TRN

After which the GST officer would verify the application and approve it within three working
days. Once approved, you will get the GST registration certificate.

In case the GST officer does not approve the application and asks for more documents in
support of claims made in the application, you have to provide the required documents within
seven working days.

If the application is approved, you would get the GST registration certificate within seven
working days.

Documents required for GST Registration

Different entities may be required to furnish documents for GST Registration which they
have to upload on the GST Portal. One can find the list of required documents on the GST
Portal itself.

Step 1- From the HELP section on the bottom of the page, click on ‗Documents Required for
Registration‘ and you will be redirected to the page.

Step 2- You have to select the type of your business. The options include-

37
  Partnership

 Local Authority

 Limited Liability Partnership

 Public Limited Company

 Public Sector Undertaking

 Private Limited Company

 Hindu Undivided Family

 Sole Proprietorship 

 Unlimited Company

 Statutory Body

 Government Department

 Foreign Company

 Foreign Limited Liability Partnership

 Society/Club/Trust/AOP

 Others

Step 3- You will also have to select the Nature of Possession of Premises. The options
include-

 Consent
 Leased
 Owned
 Rented
 Shared
 Others

38
Once you select these two, a complete table will be available that shows the documents that
you can upload as different proofs.

How to Check the GST Registration Status?

You can easily check your GST registration status by visiting the official GST website.
Follow the steps given below-

Step 1- Go to the GST Portal- [Link]

Step 2- Click on the ‗Services‘ tab.

Step 3- Hover on the ‗Registration‘ option from the dropdown. Click on ‗Track Application
Status‘ option.

Step 4- Enter the ARN (Application Reference Number) received at the time of registration.

You can now see the status of your application on the screen.

GSTIN

GSTIN is a unique 15-digit alphanumeric code that is allotted to all taxpayers who have
undergone the GST registration process. The government has ensured that everything under
GST is digital so that there is maximum transparency and minimum corruption. GST is aimed
to eventually reduce tax evasion.

 The first two digits of the GST registration number represent the state code which is
given as per the 2011 census.
 Next 10 digits are the PAN number of the entity.
 The thirteenth digit assigned signifies the entity number of the same PAN holder in
the state.
 The fourteenth digit would be Z by default.
 The last digit is for check sum digit.

Migrating to the GST Platform

Existing service tax payers and dealers paying VAT have to migrate to the GST platform. In
order to migrate from these platforms, CBEC and state VAT authorities issue provisional IDs

39
and passwords to registered users. However, these IDs are issued only to those users who
have their PAN registered with authorities concerned.

Provisional ID is not provided to businesses having an invalid PAN registered with Central
Excise/State Tax authorities. If the taxation authority has already issued the provisional ID
and the person requests for another ID, he would not be provided one.

In case there are multiple registrations under the same PAN in a state, the authority would
issue only one provisional ID and that too for only the first registration in the alphabetical
order.

The person has to login to the GST portal at [Link] using the provisional ID
and password provided by the tax authority. He has to duly fill and submit Form 20 along
with required documents.

Penalties for GST Registration Failure

For all those who fail to register under GST will have to pay a penalty of 10% of the tax
amount or ₹ 10,000, whichever is more. This will be applicable to defaulters not paying tax
partially or completely.

In case of deliberate fraud, the penalty can be as high as 100% of the tax due.

Multiple Registrations under GST

Entities having multiple businesses in a state can register for each business separately. PAN
would be mandatory in each case.

In case of non-residents, GST registration can be done on the basis of other documents.

Registrations rejected under CGST Act would not be approved under SGST Act and vice
versa.

How to Get GST Certificate?

Users can download their GST Certificate from GST Portal. No physical certificate is issued
by the government and it can only be downloaded from the portal. The steps are given below-

Step 1- Login to the GST Portal

40
Step 2- Click on the ‗Services‘ tab.

Step 3- From the dropdown, hover above the ‗User Services‘ tab and you will be able to see
the option ‗View/Download Certificates‘. Click it.

Step 4- You will be able to see your GST Registrations.

Step 5- Download the same by clicking on the download sign.

The GST certificate includes all details related to the business. On the first page, basic details
like name, address, and date of registration of the business are displayed. The second page
would show the details of any additional places of business that you have mentioned. The
third page shows details of the person in charge of the business.

41
 BACKGROUND ON GST RETURNS FILING
GST E-Filing system in India:
GST has been introduced in India completely in digital form registering for GST and
filing of returns, paying tax liability etc., everything has been completely introduced in online
digital platform which has become the big task for Traders to automate themselves to use the
digital form of filing returns and paying tax. As it is compulsory that GST returns filing has to
be done online, many of the Traders depend upon consultants, auditors and third parties for
such filing services. This is again badly affecting on Traders‘ perception as it results in high
expenses. The government of India has designed the GST portal in such a way that even a
layman, with minimum computer knowledge, can file the returns on his own. These are the
following steps which makes the filing of returns simple. The below shown steps were
explained in detail along with the screen prints of respective GST portal pages for better
understanding of GST e-filing of returns system:-

42
 STEP-1:-LOGIN AND NAVIGATE TO GSTR-1

STEP-2:- OPT FOR QUARTERLY OR

STEP-3:-GENERATE GSTR-1 SUMMARY

STEP-4:-ENTER DETAILS FOR CURRENT TAX

STEP-5:-PREVIEW GSTR-1

STEP-6:- ACKNOWLEDGE AND SUBMIT

GSTR-1 TO FREEZE DATA

STEP-7:- FILE GSTR-1 WITH DSC/ EVC

STEP-1:-LOGIN AND NAVIGATE TO GSTR-1 PAGE;

1. Access the [Link] URL. The GST Home page is displayed.

2. Login to the GST Portal with valid credentials i.e. your USERID and PASSWORD
3. Click the Services > Returns > Returns Dashboard command.

43
4. The File Returns page is displayed. Select the Financial Year & Return Filing Period
(Month) forwhich you want to file the return from the drop-down list.

5. Click the SEARCH button.

5.1.1 STEP-2:- OPT FOR QUARTERLY OR MONTHLY RETURNS:

The "Option Form for Quarterly Return filing by Normal Taxpayer" page is displayed.
(A) Select Yes or No for "Whether your aggregate turnover during the Previous Financial
Year was upto Rs.1.5 Crores or Do you expect your aggregate turnover during the Current
Financial Year to be up to Rs. 1.5 Crores?‖

44
1. Select Yes or No for would you like to opt for quarterly filing of tax return:

2. Click the SUBMIT button

3. In case you want to change the preference for Return filing:

Click the EDIT button.

Edit the preference and click the SUBMIT button and a success message is displayed.
Click the CLOSE button.

In the GSTR-1 tile, click the PREPARE ONLINE button if you want to prepare thereturn by
making entries on the GST Portal.

(B) he GSTR-1 – Details of outward supplies of goods or services page is

displayed. In firstmonth, Turnover of ‗Aggregate Turnover - April to June, 2017‘ will be
there for Taxpayer to fill
along with ‗Aggregate Turnover in the preceding financial year‘ and then click on the
SAVE button. This field is mandatory. You can proceed to furnish other details only after
furnishing this information. From the next month, ‗Aggregate Turnover in the preceding
financial year‘ will be auto-populated based on previous tax period return.

5.1.2 STEP-3:-GENERATE GSTR-1 SUMMARY

1. Scroll down to the bottom of the GSTR-1 – Details of outward supplies of goods or
services page and click the GENERATE GSTR1 SUMMARY button to include the auto
drafted details pending for action from recipients. The invoices that were missed to be
included by you may havebeen added in the Uploaded by Receiver while filing his GSTR-2.

45
2. After the summary generation is initiated, you will notice the message to check after
one minute.

3. After the summary is generated, you will notice a success message on top of the page.

4. The summary is generated by the GST Portal automatically at an interval of every

<30 minutes>.

46
5. In case you want to see the summary instantly, after you have added the invoices,
you can also generate the summary by clicking the GENERATE GSTR1 SUMMARY button.
However, summary can be generated only at an interval of 10 minutes.

6. In case you attempt to generate summary, earlier than 10 minutes, you will notice an
error message on top of the page.

5.1.3 STEP-4:-ENTER DETAILS FOR CURRENT TAX PERIOD, INCLUDING

AMENDMENTS OFPREVIOUS
1. There are a number of tiles representing Tables to enter relevant details. Click on the
tile namesto know and enter related details:

2. GSTR-1 – Invoice Details

i. 4A, 4B, 4C, 6B, 6C - B2B Invoices:

 To add an invoice for taxable outwards supplies to a registered person

ii. 5A, 5B - B2C (Large) Invoices:

 To add an invoice for taxable outwards supplies to a consumer, where

place of supply is other than the State where supplier is located (Inter-state supplies) and
invoice value is more than Rs. 2.5 lakhs.
iii. 9B –Credit / Debit Notes (Registered):

 To add details of credit or debit notes issued to the registered recipients

 To add details of credit, debit notes or refund voucher issued to the

unregistered recipients
iv. 6A –Exports Invoices:

 To add an invoice for supplies exported

v. 9A – Amended Invoice:

 Amended B2B Invoice: To make amendments to details of outward

supplies to aregistered person of earlier tax periods
 Amended B2C (Large) Invoice: To make amendments to taxable
outward suppliesto an unregistered person of earlier tax periods
 Amended Exports Invoices: To make amendments to supplies exported

47
 vi. 9C – Amended Credit/ Debit Notes:

 Registered: To make amendments to details of credit or debit notes

issued to theregistered recipients of earlier tax periods
 Unregistered: To make amendments to details of credit or debit notes
issued to theunregistered recipients of earlier tax periods

3. GSTR-1 – Other Details

i. 7- B2C Others:

 To add consolidated details of taxable outwards supplies to a customer where invoice

value is less than Rs. 2.5 lakh and all intra-state supplies to unregisteredcustomers
ii. 8A, 8B, 8C, 8D - Nil Rated Supplies:

 Nil Rated Supplies: To add consolidated details of nil rated, exempted and non-GST
Outward supplies
iii. 11A (1), 11A (2) - Tax Liability (Advances Received):

 Tax Liability (Advances Received): To add details of transactions attracting tax

liability arising on account of Time of Supply (like receipt of advances)
iv. 11B (1), 11B (2) - Adjustment of Advances:

 To add the advance amount received in earlier tax period and adjusted against the
supplies being shown in this tax period
v. 12 - HSN-wise-summary of outward supplies:

 To furnish the summarised details of all outward supplies HSN and rate-wise along
48
with quantitative details.
vi. 13 - Documents Issued:

 To add the details of documents issued during the tax period

vii. 11A - Amended Tax Liability (Advance Received):

 Consolidated statement for amendments of information furnished in earlier taxperiod

viii. 11B - Amended of Adjustment of Advances:

 Consolidated statement for amendments of information furnished in earlier taxperiod

ix. 10 - Amended B2C (Others):

 To make amendments to details of B2C of earlier tax periods

4. Select the respective portal, whichever is applicable, to you and you will be directed
to the pagewere the entry of invoices has to be made as shown below.

49
5. After entering all the invoices in respective portals according to the tax rate
applicable to it asshown above CLICK the SAVE option in the bottom.

5.1.4 STEP-5:-PREVIEW GSTR-1

1. Once you have generated the GSTR-1 Summary to added invoices, click the PREVIEW
button. This button will download the draft Summary page of your GSTR-1 for your review.
It is recommended that you download this Summary page and review the summary of entries
made in different sections with patience before submitting the GSTR-1. The PDF file

50
generated would bear watermark of draft as the details are yet to be submitted.

5.1.5 STEP-6:- ACKNOWLEDGE AND SUBMIT GSTR-1 TO FREEZE DATA

1. Select the acknowledgement checkbox stating that you have reviewed the details of
preview and the information furnished is correct and are aware that no changes can be made
after submission. Once you click the acknowledgement, the SUBMIT button will be enabled.

2. Click the SUBMIT button in the landing page to submit GSTR-1.

4. Refresh the page and the status of GSTR-1 changes to Submitted after the submission
of GSTR-1.

5. Click the PREVIEW button again at the bottom of the page, to download the
submitted GSTR-1 in PDF format. The PDF file generated would now bear watermark of
final.

51
5.1.6 STEP-7:- FILE GSTR-1 WITH DSC/ EVC:
1. Click the FILE RETURN button.

2. The Returns Filing for GSTR1 page is displayed. Select the Declaration checkbox.

3. In the Authorised Signatory drop-down list, select the authorised signatory. This will
enable thetwo buttons – FILE WITH DSC or FILE WITH EVC.

4. Click the FILE WITH DSC or FILE WITH EVC button to file GSTR-1.

FILE WITH DSC:

a. Click the PROCEED button.
b. Select the certificate and click the SIGN button.

FILE WITH EVC:

a. Enter the OTP sent on email and mobile number of the Authorised Signatoryregistered at
the GST Portal and click the VERIFY button.

52
5. The success message is shown and ARN is displayed...

6. Click the BACK button.

53
7. Status of the GSTR-1 return changes to "Filed".

54
 WORK EXPERIENCE

1. GST Compliance:

 Assisted in the preparation and filing of Goods and Services Tax (GST)

returns for clients.

 Conducted thorough reviews of financial records to ensure accurate

calculation of GST liabilities.

 Collaborated with the team to address GST-related queries and discrepancies

promptly.

2. Income Tax Return (ITR) Preparation:

 Played a crucial role in the preparation of Income Tax Returns for

individuals and businesses.

 Conducted research on the latest tax regulations to ensure compliance and

optimize clients' tax positions.

 Assisted in the compilation of supporting documentation for ITR

submissions.

3. Client Communication:

 Engaged with clients to gather necessary information for GST and ITR

filings.

 Responded to client inquiries and concerns, providing clear and concise

explanations of tax-related matters.

 Built and maintained positive relationships with clients through effective

communication.

4. Record Keeping and Documentation:

 Maintained organized and accurate records of financial transactions and tax-

related documents.

55
 Assisted in the development of efficient record-keeping systems to enhance

the firm's workflow.

56
 KEY LEARNING:

Developed a comprehensive understanding of the Goods and Services Tax

(GST) framework and Income Tax Return (ITR) procedures, gaining hands-on

experience in the preparation and filing of tax returns.

Client Interaction and Relationship Building:

Enhanced communication skills through regular interaction with clients,

addressing their queries, and providing clear explanations of complex tax

concepts. Developed the ability to build and maintain positive client

relationships.

Application of Tax Regulations:

Applied theoretical knowledge of tax regulations to real-world scenarios,

ensuring accurate and compliant GST and ITR filings. Stayed updated on

changes in tax laws to provide relevant and timely advice.

Team Collaboration and Professionalism:

Acquired the ability to work effectively within a professional team, contributing

to discussions, sharing insights, and learning from experienced professionals in

the field. Developed a professional and collaborative approach to working on

complex tax issues.

Record-Keeping and Organizational Skills:

Strengthened organizational skills through the meticulous maintenance of

financial records and documentation. Contributed to the development of

efficient record-keeping systems to streamline workflow processes.

 

57
 CHALLENGES FACED DURING INTERNSHIP

Complexity of Tax Regulations:

Dealing with the intricate and frequently changing nature of tax regulations posed a challenge.
Understanding and applying complex tax laws required continuous learning and adaptation.
Client Communication and Expectations:

Balancing effective communication with clients, especially in explaining technical tax concepts,
and managing client expectations regarding timelines and outcomes presented a constant
challenge.

Software Proficiency:

Getting acquainted with and mastering GST and ITR filing software tools was a learning curve.
Efficiently navigating these platforms for accurate and timely submissions required hands-on
experience.

Handling Multiple Clients and Deadlines:

Managing multiple client files concurrently and adhering to deadlines for GST and ITR filings
demanded effective time management and organizational skills. Juggling various tasks while
maintaining quality was challenging.

Addressing Discrepancies and Problem-Solving:

Identifying and rectifying discrepancies in financial records and resolving issues that emerged
during the GST and ITR preparation processes required analytical skills and attention to detail.

58
 CONCLUSION

Implementation of GST is one of the best decision taken by the Indian government. For the
same reason, July 1 was celebrated as Financial Independence day in India when all the
Members of Parliament attended the function in Parliament House. The transition to the GST
regime which is accepted by 159 countries would not be easy. Confusions and complexities
were expected and will happen. India, at some point, had to comply with such regime.
Though the structure might not be a perfect one but once in place, such a tax structure will
make India a better economy favorable for foreign investments. Until now India was a union
of 29 small tax economies and 7 union territories with different levies unique to each state. It
is a much accepted and appreciated regime because it does away with multiple tax rates by
Centre and States. And if you are doing any kind of business then you should register for
GST as it is not only going to help Indian government but will help you also to track your
business weekly as in GST you have to make your business activity statement each week.

59
 FUTURE SCOPE

1. Specialization in Evolving Taxation Trends:

 Given the dynamic nature of taxation laws, there is a tremendous
opportunity to specialize in emerging areas such as digital taxation, e-
commerce taxation, and other evolving trends. Staying abreast of these
developments will be crucial for providing valuable insights to clients.
2. Implementation of Technology:
 Embracing technology and incorporating advanced tax management
software will be essential for improving efficiency in GST and ITR
processes. Learning and mastering the use of cutting-edge tools can
significantly enhance productivity and accuracy.
3. Diversification of Services:
 As a professional in the taxation domain, there is potential for
diversification into related services such as financial planning, advisory
services, or forensic accounting. Expanding the skill set beyond GST and
ITR can open doors to a broader range of client needs.
4. Consultancy and Advisory Services:
 Moving beyond routine compliance work, there is a growing demand for
tax consultants and advisors. Providing strategic advice to clients on tax
planning, risk management, and optimizing their financial positions can
be a lucrative avenue for professional growth.
5. Global Taxation Expertise:
 With businesses operating on a global scale, gaining expertise in
international taxation can be a valuable asset. Understanding cross-border
tax implications and regulations can open up opportunities to work with
multinational corporations and expand the scope of clientele.

60
 BIBLIOGRAPHY

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tur n_in_GSTR-[Link].

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filed- for-july-dec-matched-with-final-returns/articleshow/

[Link] [Link]
software-pos-software-blog/gst-compliance/

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