GST in INDIA

S.N.B.P College of Art’s Commerce Science & Management

Studies Pimpri, Pune-18
SAVITRIBAI PHULE PUNE UNIVERSITY

2022-2023

A PROJECT REPORT

ON

“GST IN INDIA”
SUBMITTED

IN

PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF

DEGREE OF

BACHELOR OF BUSINESS ADMINISTRATIOPN

SUBMITTED BY:-
Mr. ROHAN ANIL KASHID

UNDER GUIDANCE OF:-

Miss. Prerana Tulve

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GST in INDIA

CERTIFICATE
This is to certify that Miss. Shruti Dayasagr Gupta of the class TY BBA Roll

No.BB212013 has statisfactorly completed project in Semister 5th. In the subject Legal of

Financial Statements as faid down by the Savitribai Phule Pune University, Pune for the

academic year 2022-23.

Project Guide Lab In-charge Program Co-ordinator

Academic Head Principal

Seal

Verified By
Seat No: Date:

Internal Examiner External Examiner

(Sign & Name) (Sign & Name)

S.N.B.P College of ACS & MS

Pimpri, Pune-18

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“When we start a journey towards something worthwhile

which is never a simple trail nor an easy mile, but we often
move on without looking back. At all the people who helped put
us on track, so today we have reached the end of our journey,
we’d like to thank of all those who walked with us”
"ALONE WE CAN DO LITTLE”
"BUT TOGETHER WE CAN DO SO
MUCH"
Before going into intricacies of the project, we would like to
thank our all staff members of S.N.B.P college of A.C.S Pimpri
pune-18
We express our special thanks to Miss. Prerana Tulve (project
guide), and All BBA staff for their inspiring guidance and
constant encouragement throughout endeavour, which enable us
to successfully complete this project work, we are grateful for
their invaluable assistance and support at all stage.

Sincerely,
Rohan A. Kashid
T.Y. BBA

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It is hereby declared the all the facts and

figures included in the project is results of my own
research and investigation including formal analysis of
the entire research work and the same has not been
previously submitted to any examination of the University
or any other University.
This declaration will hold a good and in my
wise behalf with the full consciousness.

Date:
Place: Morwadi

Name & Signature of the Students

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Index
SR NO. Chapter Name & Contents Page No.
1 RESEARCH DESIGN 6-26
 Introduction
 Statement of Problem
 Objectives of study
 Methodology of the study
 Scope of study
 Limitations of study
 Chapter scheme

2 PROFIE OF THE ORGANIZATION 27-37

 Introduction of GST ACT 2017
 History of GST in India
 Achievements of GST ACT
 Organizational structure
3 THEROTICAL BACKGROUND OF THE STUDY 38-45
 Management of GST
 Design of Indial GST ACT 2017
 Consumer Behaviour on GST ACT 2017
4 DATA ANALYSIS & INTERPRETATION 46-50
5 FINDINGS AND CONCLUSION 51
6 BIBLIOGRAHY 53

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RESEARCH DESIGN

INTRODUCTION OF GST

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used

in India on the supply of goods and services. It is a comprehensive, multistage,
destination-based tax: comprehensive because it has subsumed almost all the
indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at
every step in the production process, but is meant to be refunded to all parties in
the various stages of production other than the final consumer and as a destination-
based tax, it is collected from point of consumption and not point of origin like
previous taxes.

Goods and services are divided into five different tax slabs for collection of tax:
0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks,
and electricity are not taxed under GST and instead are taxed separately by the
individual state governments, as per the previous tax system.[citation needed] There is a
special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
[1]
 In addition a cess of 22% or other rates on top of 28% GST applies on few items
like aerated drinks, luxury cars and tobacco products.[2] Pre-GST, the statutory tax
rate for most goods was about 26.5%, Post-GST, most goods are expected to be in
the 18% tax range.

The tax came into effect from 1 July 2017 through the implementation of the One
Hundred and First Amendment of the Constitution of India by the Indian

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government. The GST replaced existing multiple taxes levied by

the central and state governments.

The tax rates, rules and regulations are governed by the GST Council which
consists of the finance ministers of the central government and all the states. The
GST is meant to replace a slew of indirect taxes with a federated tax and is
therefore expected to reshape the country's $2.4 trillion economy, but its
implementation has received criticism.[3] Positive outcomes of the GST includes
the travel time in interstate movement, which dropped by 20%, because of
disbanding of interstate check posts.

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STATEMENT OF PROBLEM

Taxes subsumed

The single GST subsumed several taxes and levies, which included central excise
duty, services tax, additional customs duty, surcharges, state-level value added
tax and Octroi.[22][23] Other levies which were applicable on inter-state
transportation of goods have also been done away with in GST regime.[24][25] GST is
levied on all transactions such as sale, transfer, purchase, barter, lease, or import of
goods and/or services.

India adopted a dual GST model, meaning that taxation is administered by both the
Union and state governments. Transactions made within a single state are levied
with Central GST (CGST) by the Central Government and State GST (SGST) by
the State governments. For inter-state transactions and imported goods or services,
an Integrated GST (IGST) is levied by the Central Government. GST is a
consumption-based tax/destination-based tax, therefore, taxes are paid to the state
where the goods or services are consumed not the state in which they were
produced. IGST complicates tax collection for State Governments by disabling
them from collecting the tax owed to them directly from the Central Government.
Under the previous system, a state would only have to deal with a single
government in order to collect tax revenue.[26]

HSN code

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

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Central Excise. Later Customs and Central Excise added two more digits to make
the codes more precise, resulting in an 8 digit classification. The purpose of HSN
codes is to make GST systematic and globally accepted.

HSN codes will remove the need to upload the detailed description of the goods.
This will save time and make filing easier since GST returns are automated.

If a company has turnover up to ₹15 million (US$190,000) in the preceding

financial year then they did not mention the HSN code while supplying goods on
invoices. If a company has turnover more than ₹15 million (US$190,000) but up
to ₹50 million (US$630,000), then they need to mention the first two digits of
HSN code while supplying goods on invoices. If turnover crosses ₹50
million (US$630,000) then they shall mention the first 4 digits of HSN code on
invoices.

Rate

The GST is imposed at variable rates on variable items. The rate of GST is 18% for
soaps and 28% on washing detergents. GST on movie tickets is based on slabs,
with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing
more than ₹100 and 28% on commercial vehicle and private and 5% on
readymade clothes.[27] The rate on under-construction property booking is 12%.
[28]
 Some industries and products were exempted by the government and remain
untaxed under GST, such as dairy products, products of milling industries, fresh
vegetables & fruits, meat products, and other groceries and necessities.[29]

Checkposts across the country were abolished ensuring free and fast movement of
goods.[30] Such efficient transportation of goods was further ensured by
subsuming octroi within the ambit of GST.

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The Central Government had proposed to insulate the revenues of the States from
the impact of GST, with the expectation that in due course, GST will be levied on
petroleum and petroleum products. The central government had assured states of
compensation for any revenue loss incurred by them from the date of GST for a
period of five years. However, no concrete laws have yet been made to support
such action.[31] GST council adopted concept paper discouraging tinkering with
rates.[32]

e-Way Bill

An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It

was made compulsory for inter-state transport of goods from 1 June 2018. It is
required to be generated for every inter-state movement of goods beyond 10
kilometres (6.2 mi) and the threshold limit of ₹50,000 (US$630).[33]

It is a paperless, technology solution and critical anti-evasion tool to check tax

leakages and clamping down on trade that currently happens on a cash basis. The
pilot started on 1 February 2018 but was withdrawn after glitches in the GST
Network. The states are divided into four zones for rolling out in phases by end of
April 2018.

A unique e-Way Bill Number (EBN) is generated either by the supplier, recipient
or the transporter. The EBN can be a printout, SMS or written on invoice is valid.
The GST/Tax Officers tally the e-Way Bill listed goods with goods carried with it.
The mechanism is aimed at plugging loopholes like overloading, understating etc.
Each e-way bill has to be matched with a GST invoice.

Transporter ID and PIN Code now compulsory from 01-Oct-2018.

It is a critical compliance-related GSTN project under the GST, with a capacity to

process 75 lakh e-way bills per day.

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Intra-State e-Way Bill The five states piloting this project are Andhra Pradesh,
Gujarat, Kerala, Telangana and Uttar Pradesh, which account for 61.8% of the
inter-state e-way bills, started mandatory intrastate e-way bill from 15 April 2018
to further reduce tax evasion.[34] It was successfully introduced in Karnataka from 1
April 2018.[35] The intrastate e-way bill will pave the way for a seamless,
nationwide single e-way bill system. Six more states Jharkhand, Bihar, Tripura,
Madhya Pradesh, Uttarakhand and Haryana will roll it out from 20 April 18. All
states are mandated to introduce it by 30 May 2018.

Reverse Charge Mechanism

Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays the
tax on behalf of unregistered, smaller material and service suppliers. The receiver
of the goods is eligible for Input Tax Credit, while the unregistered dealer is not.

The central Government released Rs 35,298 crore to the state under GST

compensation. For the implementation, this amount was given to the state to
compensate the revenue. Central government has to face many criticisms for delay
in compensation.

Goods kept outside the GST

 Alcohol for human consumption (i.e., not for commercial use).
 Petrol and petroleum products (GST will apply at a later date), i.e., petroleum
crude, high-speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel.
[36]

QRMP Scheme

This is a recent amendment in GST Taxation System. If a taxpayer opts for this
scheme he will have to file GST Returns on Quarterly basis instead of regular

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monthly basis, but Tax payment will have to be done monthly. QRMP means
quarterly return monthly payment.

Revenue distribution

Revenue earned from GST (intra state transaction - seller and buyer both are
located in same state) is shared equally on 50-50 basis between central and
respective state governments.[37][38] Example: if state of Goa has collected a total
GST revenue (intra state transaction - seller and buyer both are located in same
state) of 100 crores in month of January then share of central government (CGST)
will be 50 crores and remaining 50 crores will be share of Goa state
government (SGST) for month of January.[39]

For distribution of IGST (inter state transaction - seller and buyer both are located
in different states) collection, revenue is collected by central government and
shared with state where good is imported.[39][40] Example: 'A' is a seller located in
state of Goa selling a product to 'B' a buyer of that product located in state
of Punjab, then IGST collected from this transaction will be shared equally on 50-
50 basis between central and Punjab state governments only.

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OBJECTIVES OF GST

GST is vital for the functioning of the Indian economy. The government
aims to simplify the entire taxation procedure and bring more businesses under the
taxation system. It will help them generate significant revenue from these taxes,
which they can use for the developmental activities within the country.

The main objectives of GST are as follows:

 It helps create a common market in India with a uniform taxation system and
curb tax evasion in the country. The laws for GST are far more stringent
compared to the erstwhile indirect tax laws. The aim is to have a nationwide
surveillance system under GST, making it easier to catch defaulters and tax
evaders.
 It removes the cascading effect of the indirect taxes on a single transaction.
It also allows the setting off for prior taxes that are related to the same
transactions in the form of the input tax credit. Under GST, the tax is
applicable only on the net value added during each stage of the supply chain.
 The government aims to reduce the need for multiple documentation under
the previous taxation system by introducing a consolidated tax like GST.
The idea is to help companies with an uncomplicated tax filing procedure
that will improve their efficiency and cut down the overall costs associated
with business processes.
 It helps to subsume most indirect taxes into a single taxation system that
reduces the burden of compliance for taxpayers and eases the government’s
tax administration process. The main aim of this taxation system is to

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simplify the entire process of paying taxes and simplify compliance.

Compared to the erstwhile indirect taxes, almost the whole GST process,
including registration, returns filing, refunds and e-way bill generation, has
shifted to the online mode.
 One of the primary objectives of GST is to widen the tax base in India. Most
of the erstwhile indirect taxes had their threshold limits for registration based
on the turnover of a business. Under GST, there is greater scope for an
increase in the number of firms coming under the tax registration net
because it includes all transactions related to goods and services in the
country.
 To Eliminate the Cascading Effect: Cascading effect means when is the
tax on tax levied on a product at every step of the sale until it is sold to the
final consumer. GST would be levied only to the net value added on the
product, not to the whole value of the product.
 Uniform Tax Structure: ONE NATION ONE TAX Before the GST the tax
rate is different for the different parts of the Country on different goods and
services. Before GST People come to Delhi and used to buy electronics from
Delhi because the tax rate on electronics in Delhi is less than in other states
in India. Now, tax is the same in every state.
 Ease Of Doing Business: After GST, the problems in indirect tax have been
reduced. Earlier firms faced many problems for registration of excise
customs, VAT, dealing with tax authorities, etc. The benefits of GST has
helped companies to carry out their business with ease.
 Regulation Of Unorganized Sector: In India, there is a lot of Sector which
still Unorganized. The government tries to put those firms into the main
streamline. This business can be a bakery in your locality or maybe a small

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factory. Now, these firms/factories/business also paying GST which

increases the revenue of the Indian Government.
 Increase In Revenue: GST increases the revenues of the central
government and state governments. Tax Evasion is very hard so every firm
needs to pay taxes(GST). The false claim is very less due to it as this
requires matching of invoices between the recipient and the suppliers.
 Online Procedure: The entire process under the GST regime starting from
registration to return filling is online. Filling the GST is easier than the old
Tax because we fill only one return under GST and before GST we need to
fill return to every tax to tax departments.
 Product Competitiveness: GST is meeting the India Tax system with
international tax standards. After GST the production cost will decrease as
there is no more Cascading effect in the tax system. So, Indian product costs
will be low and products can more competitive in the global market.

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METHODOLOGY OF THE GST

GST refers the Goods & Service tax and it going to comprise the various
VAT acts presently in force at state and central levels. Hence the proposed GST
has the different kind of taxes whish as follows: CGST – Central Goods & Service
tax which levied by Centre SGST – State Goods & Service tax which levied by
State IGST – Integrated Goods & Service tax .This is tax which will be attracting
on inter-state supply of goods & services. This will be levied and collected by the
Central Government. This would be CGST plus SGST.

There are four different types of GST levied on the goods and services in India that
are as follows:

 Central Goods and Services Tax (CGST) – The Central Government of India
charges the CGST on transactions related to goods and services within a
state.
 State Goods and Service Tax (SGST) – The State Governments in India
charge the SGST on transactions related to goods and services within a state.
It gets charged along with the CGST.
 Union Territory Goods and Service Tax (UGST) – The Union Territories in
India charge the UGST on transactions related to goods and services within
their boundaries. It gets charged along with the CGST.
 Integrated Goods and Service Tax (IGST) – If the transaction related to
goods and services is between two states, the government will impose the
Integrated GST. It is also applicable to imports and exports. The Taxes
charged under IGST are shared both by the centre and state.

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This research is exploratory in nature. It is based on secondary data taken

from journals, articles, newspapers, internet, research papers and feedback from
manufacturers and businessmen. Keeping in view the objectives of the study the
research design is descriptive and analytical in nature.

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SCOPE OF STUDY

1. Easy compliance: GST makes it easy for taxpayers to compliance with

required rules and regulations timely. They can avail all services relating to
GST via online portal such as registration, tax payment, return filling,
response to notices, etc. It has accelerated the whole process.

2. Removes cascading effect: GST has eliminated the cascading effect of

taxation on goods that existed in the previous tax system. Cascading effect
means implying tax on tax which raises the cost of the product. Here the tax
is not levied on the full value of the product but only on the net value added
to it. Removal of cascading effect will make goods cheaper for consumers.

3. Simplification of taxation: This tax has simplified the whole taxation

procedure by eliminating around 17 indirect taxes. GST has minimized the
compliance cost for business and saved them from facing various problems
that arise in indirect tax previously.

4. Provides transparency: The introduction of GST has provided better

transparency in the collection of taxes to the government. Due to its robust
IT structure, it is difficult to evade tax and make false claims by taxpayers. It
has also reduced the collection cost of taxes by the government which
ultimately raises its revenue.

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5. Bring uniformity in tax structure: GST has unified the whole tax structure
of the nation. It has introduced the same tax rates for products and services
across the country.

6. Improve profitability: GST has reduced the transaction costs for business

which facilitates them in doing operations efficiently. It has also brought
down production cost by eliminating the cascading effect of tax which
improves overall competitiveness for industry and trade.

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LIMITATIONS OF STUDY

1. Some Economist says that GST in India would impact negatively on the real
estate market. It would add up to 8 percent to the cost of new homes and
reduce demand by about 12 percent.
2. Some Experts says that CGST(Central GST), SGST(State GST) are nothing
but new names for Central Excise/Service Tax, VAT and CST. Hence, there
is no major reduction in the number of tax layers.
3. Some retail products currently have only a four percent tax on them. After
GST, garments, and clothes could become more expensive.
4. The aviation industry would be affected. Service taxes on airfares currently
range from six to nine percent. With GST, this rate will surpass fifteen
percent and effectively double the tax rate.
5. Adoption and migration to the new GST system would involve teething
troubles and learning for the entire ecosystem.
6. Increased Costs: It is seen that GST compels businesses to convert their
present accounting software to ERP or GST-compliant software with a view
to keeping their operations running. But one also has to remember that the
businesses may incur substantial expenses for buying, installing, and then
training employees to use GST-compliant software.
In addition to this, the costs of doing business have increased
considerably not only for big businesses but also for small ones since they
have to hire tax professionals in order to become GST-compliant.

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demerits &limitation of GST

 Some Economist says that GST in India would impact negatively on the real
estate market. It would add up to 8 percent to the cost of new homes and
reduce demand by about 12 percent.
 Some Experts says that CGST(Central GST), SGST(State GST) are nothing
but new names for Central Excise/Service Tax, VAT and CST. Hence, there
is no major reduction in the number of tax layers.
 Some retail products currently have only a four percent tax on them. After
GST, garments, and clothes could become more expensive.
 The aviation industry would be affected. Service taxes on airfares currently
range from six to nine percent. With GST, this rate will surpass fifteen
percent and effectively double the tax rate.
 Adoption and migration to the new GST system would involve teething
troubles and learning for the entire ecosystem.

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Increases costs due to software purchase:

Businesses are required to update their existing accounting software to GST
software to continue business operations & be GST compliant. This leads to
increased cost of software purchase and training company personnel to
efficiently utilize the new billing software.
Higher Tax Burden of SMEs:
Earlier Small and Medium Enterprises were required to pay excise duty only
on a turnover exceeding INR 1.5 Crore every financial year. At present,
businesses with a turnover exceeding INR 40 Lacs are liable to pay GST
under the GST administration.
Increase Burden of Compliance:
The new GST regime states that companies have to mandatorily get GST
registered in all the states they operate their businesses in. This leads to an
unnecessary burden on businesses for tedious paperwork processes and
compliance.
No GST charged on petroleum products:
The GST Council excludes petrol and petroleum products under its
administration. These products attract other taxes such as central excise duty
and value added tax (VAT) levied by states.
GST is an online taxation system:
From GST Registration to filing GST returns, the Government has made
online provision for GST. While businesses are gradually accelerating digital
solutions, small companies are not well-versed with evolving and advanced
technologies and solutions. It can be challenging for many businesses to
adopt a GST structure.

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For the Common Man – Items Expected to Get Cheaper 

The following things/items might become cheaper under GST for the common
man:
 Prices of movie tickets may become cheaper in most states
 Dining in restaurants
 Two-wheelers
 Entry-level sedan (except small cars)
 SUVs and luxury or premium cars
 Televisions
 Washing machines
 Stoves
For the Common Man – Items Expected to Get Costlier

The following things/items might become costlier under GST for the common
man:
 Mobile bills
 Renewal premium for life insurance policies
 Banking and investment management services
 Basic luxuries for a common man like WIFI and DTH services, online
booking of tickets may become costlier.
 Residential rent
 Health care
 School fees
 Courier services
 Commuting by metro or rail may become expensive.
 Aerated  drinks

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CHAPTER SCHEME

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small
taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of
turnover. This scheme can be opted by any taxpayer whose turnover is less than
Rs. 1.5 crore*

You can know whether a taxpayer opted for a composition scheme or not using
the GST search tool. Enter any GSTIN and check the ‘Taxpayer Type’ column in
the results to know whether the taxpayer is a regular taxpayer or opted for the
composition scheme.

*CBIC has notified the increase to the threshold limit from Rs 1.0 Crore to Rs. 1.5
Crores.
5th July 2022
(a) The due date of GSTR-4 for FY 2021-22 is further extended by a late fee
waiver up to 28th July 2022 vide Notification 12/2022 dated 5th July 2022.
(b) The due date of CMP-08 for April-June 2022 is extended up to 31st July 2022
vide Notification 12/2022 dated 5th July 2022.

26th May 2022

As per the CGST Notification no.7/2022 dated 26th May 2022, the late fee has
been waived for the delay in filing GSTR-4 for FY 2021-22, if it is filed between
1st May and 30th June 2022.

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24th February 2022.

Composition taxable persons and those interested to opt into the scheme for FY
2022-23 must submit a declaration on the GST portal in Form CMP-02 by 31st
March 2022.

28th May 2021

As per the outcome of the 43rd GST Council meeting and CBIC notification,
(1) Interest relief has been provided for filing of CMP-08 for Jan-March 2021
quarter as per which, for any delay, interest is not charged until 3rd May, whereas
9% of reduced interest will be charged if filing is done thereafter until 17th June,
and 18% later on.

(2) The due date to file GSTR-4 for FY 2020-21 is extended up to 31st July 2021.
(3) The maximum late fee for GSTR-4 that can be charged will be restricted to
Rs.500 per return for nil filing and Rs. 2000 for other than nil filing.

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PROFILE OF THE ORGANIZATION

Introduction
SAG Infotech Pvt. Ltd. is a Jaipur based company providing web
development solutions for the clients and altogether it is one of the leading
companies providing CA Taxation software to the CA, CS professional clients and
customers across the country. It has its registered office in Jaipur, Rajasthan and
dealers in all the major cities, including metro cities in India.

SAG Infotech provides various tax software for CA and

CS professionals in its catalogue with some highly demanding solution like Genius
and following it the Gen GST, Gen Payroll, Gen CompLaw & Gen XBRL. We are

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certified by Confederation of Indian Industry (CII), ISO 27001:2013 and members

of NASSCOM, ASSOCHAM India, FORTI and Confederation of All India
Traders (CAIT). Moreover, we are also a member of the Federation of Indian
Chambers of Commerce and Industry (FICCI). . In the era of CA software coming
across all the industry, it is valid for every businessman to keep a wide variety of
automation and software for taxation.

We have software for all the professions including Chartered Accountants,

Company Secretaries and Human Resource Managers. Our Chartered Accountant
Software such as Gen Income tax, Gen TDS, Gen XBRL, Complaw and Gen GST
are on par with all the finest details and compliance. There are 50,000 plus clients
using our Gen Genius and Gen Income tax software right now.

In today's dynamic and ever evolving CA software business universe,

SAG Infotech is committed to bringing more and more updations and smoothness
in our already patented software like Gen IT, Gen TDS, Gen Payroll and Gen GST.
We believe in excellence and our every product with a badge of 'GEN' is designed
so as to fulfil our tagline 'Gen Soft Solution for those who can't afford errors.' In
SAG culture, we strongly believe that our success is "Completely tied with success
of our clients".

At SAG Infotech, we offer cutting-edge solutions and provide

quality, cost-effective IT products and services. Our philosophy is driven by, be
excellent in our pursuits and achieving mutually fulfilling goals that are perfectly
expounded in our CA Software for tax industry. The cornerstone of our success is

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our belief in the global culture of respectability to ideas, innovation, trust and
innate respect for the value of our customers, which enables our people to create
world-class products and services. We are also providing services in web and
android application development realm.

Thanks to considering our expanding sales and marketing efforts, on which SAG is
enjoying a growing reputation for innovation, technology leadership, quality
assurance and above all outstanding products and services delivery. Despite our
success, we remain on a journey to create better products based on accounting
professionals such as Tax software like Gen Complaw, Gen IT and Gen GST to
help our customers win more in the marketplace. Whether you're a prospective
employee, company, partner or a customer,

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History of SAG infotech

1. History: – SAG Infotech was established by Amit Gupta, the Founder and
Director of the company, in the year 1999 as a proprietor firm. Surbhi Gupta is the
CEO of the company since its establishment. In May 2010, SAG Infotech was
incorporated as SAG Infotech Pvt. Ltd.

2. Operations: – Till today SAG Infotech has more than 15,000 clients across the
country. The company has its registered office in the pink city of Rajasthan, Jaipur.
SAG Infotech is one of the leading CA software manufacturing company across
the country.

The company has their dealers all over the country, including some of the major
cities like Ahmedabad, Indore, Bhopal, Bangalore, Chandigarh, Pune, Kanpur and
in many other places. The dealers are located in all metro cities as well.

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ACHIEVEMENTS

5 years of GST in India

In 2022, GST has successfully completed its 5 years. Like any other things, GST
also had its ups and downs or say pros and cons. Here I have tried to summarise in
10 achievements and opportunities that became possible because of GST and 10
risks and challenges arising due to GST. Achievements and Opportunities during 5
years of GST

1. Seamless Transportation:- After introduction of GST, the goods movement is

tracked by the use of eway bill system and with the help of RFID mechanism only
selected vehicles are intercepted, which are selected on the basis of certain risk
factors. Further if the vehicle is inspected once in one journey, it can’t be
intercepted again anywhere on the route even in any other state. Further even at the
first time, if the vehicles are inspected, they can’t be stopped for more than half
hour unless some non compliance is found. These reasons have led to substantial
saving of time and cost in goods transportation.

2. Substantially reduced compliance due to replacement of multiple laws by one

law:- Pre GST regime required simultaneous compliance of multiple laws like
Central excise, VAT, Entry Tax, Central Sales tax and many other. But Post GST,
only one law has to be taken care of and to the much extent, a business unit has to
deal either with the state department or central department, unlike pre GST regime
where they had to deal with multiple department simultaneously.

3. Seamless flow of credit among states: Earlier there was restriction in ITC flow
of State levies for inter-state trade. Now you can obtain goods and services from

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PAN India and get ITC unhindered. This has reduced the cost of tax burden
substantially.

4. Avoidance of Tax-On-Tax:- In Pre-GST regime, taxes like central exise, etc,

were considered as part of cost for arriving at taxable value for State levies like
sales tax. Which lead to taxing of taxes. But now, seamless ITC of GST is
available from the first stage till last stage. Thus the Taxing of taxes has been
reduced to substantial extent.

5. Ease of compliance:- Earlier, a taxpayer had to comply multiple tax laws and
follow the procedures of all of them, but now all laws have been merged in one and
single procedure has to be followed. Consequently compliance has become easier
especially for corporate manufacturers who had to earlier comply a plethora of
laws and now all replaced by one.

6. Transparency:- Earlier, majority system was offline, which led to lack of

transparency, responsibility and accountability fixing. But now since efforts are
made to bring everything online, it has become more transparent and easier to fix
responsibility on all stakeholders.

7. Concurrent approach instead of postmortem approach:- Now efforts are made to

communicate and highlight any kind of discrepancies, be it from the side of GST
department or buyer or supplier on real time or close to real time basis instead of
finding out at the time of audits i.e. after years.

8. Reduced corruption:- Since the process have been made more objective, and
with decrease in discretion power of the authorities and with increased
transparency and accountability, the scope of corruption have reduced
substantially. Further the routine operations like processing of various types of

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applications like registrations, refund etc. have become more time bound and
quick.

9. Faceless process:- The efforts are being made to convert the process into
faceless mechanism. This will make the system robust, as the tax evaders will not
be able to escape, and the genuine taxpayers will get justice.

10. Opportunity for rural business units to serve at national platform due to legal
uniformity and technological integration. The standardization of tax process all
over India makes it easier for MSME to make supplies all over India because now
they can accurately assess the tax impact due to sales in other states of the country
and majority of the compliances can also be taken care of from their state itself. No
statewise compliance is required. This homogeneous tax system makes it possible
for the MSME to conduct trade at national level. This is further supported by the
development of e-commerce website, which would have been very difficult in case
of pre-GST regime.

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Product and sevices in SAG infotech

The company provides multiple software to professional clients like Chartered

Accountants, Company Secretaries, Human Resources managers and many more.
Its XBRL software and income tax software are one of the leading software and
most popular among all.

It also provides web development services in various fields like Android, Java and
ASP.NET developments.

Employees: – SAG Infotech Pvt. Ltd. has around 150-170 employees in the
company. These include the number of trainees also. The company has its own
Academy also where they can provide training to their trainees in various fields.
The training center is also located in Jaipur.

Recognitions: – SAG Infotech Pvt. Ltd. Has become a member of the National
Association of Software and Services Companies (NASSCOM) in November, 2012.
SAG Infotech Pvt. Ltd. has also achieved the ISO 27001:2013 certificate in the
month of April, 2014 for its services and developments. It is certified by Capability
Maturity Model Integration (CMMI) Maturity Level 3 in the month of May, 2014.

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ORGANIZATIONAL STRUCTURE OF GST

Company network

Central Board of Indirect taxes and Customs (CBIC) is a part of the Department of
Revenue under the Ministry of Finance, Government of India. It deals with the
tasks of formulation of policy concerning levy and collection of GST , Customs &
Central Excise duties and Service Tax, prevention of smuggling and administration
of matters relating to Customs, Central Excise, GST and Narcotics to the extent
under CBIC's purview. The Board is the administrative authority for its
subordinate organizations, including Custom Houses, GST, Central Excise and
Service Tax Commissionerates and the Central Revenues Control Laboratory.

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In terms of Notification No. 2/2017-Central Tax dated 19th June 2017

issued by the Government of India, Ministry of Finance, Department of Revenue,
Central Board of Excise and Customs, vide F. No. 349/52/2017- GST, the areas
falling under the Jurisdiction of Principal Chief Commissioner of Central Tax,
Delhi has been organized into 4 (Four) Central Tax Commissionerates, 2 (Two)
Central Tax (Audit) Commissionerates and 2(Two) Central Tax (Appeals)
Commissionerates in the Union Territory of Delhi. Accordingly, the jurisdiction of
the Divisions and Ranges under each of the Central Tax Commissionerate, Circles
under each of the Central Tax (Audit) Commissionerate.

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THEROTICAL BACKGROUND OF THE STUDY

MANAGEMENT OF GST IN INDIA

Taxes subsumed

The single GST subsumed several taxes and levies, which included central excise
duty, services tax, additional customs duty, surcharges, state-level value added
tax and Octroi.[22][23] Other levies which were applicable on inter-state
transportation of goods have also been done away with in GST regime.[24][25] GST is
levied on all transactions such as sale, transfer, purchase, barter, lease, or import of
goods and/or services.

India adopted a dual GST model, meaning that taxation is administered by both the
Union and state governments. Transactions made within a single state are levied
with Central GST (CGST) by the Central Government and State GST (SGST) by
the State governments. For inter-state transactions and imported goods or services,
an Integrated GST (IGST) is levied by the Central Government. GST is a
consumption-based tax/destination-based tax, therefore, taxes are paid to the state
where the goods or services are consumed not the state in which they were
produced. IGST complicates tax collection for State Governments by disabling
them from collecting the tax owed to them directly from the Central Government.
Under the previous system, a state would only have to deal with a single
government in order to collect tax revenue.

HSN code

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

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Central Excise. Later Customs and Central Excise added two more digits to make
the codes more precise, resulting in an 8 digit classification. The purpose of HSN
codes is to make GST systematic and globally accepted.

HSN codes will remove the need to upload the detailed description of the goods.
This will save time and make filing easier since GST returns are automated.

If a company has turnover up to ₹15 million (US$190,000) in the preceding

financial year then they did not mention the HSN code while supplying goods on
invoices. If a company has turnover more than ₹15 million (US$190,000) but up
to ₹50 million (US$630,000), then they need to mention the first two digits of
HSN code while supplying goods on invoices. If turnover crosses ₹50
million (US$630,000) then they shall mention the first 4 digits of HSN code on
invoices.

Rate

The GST is imposed at variable rates on variable items. The rate of GST is 18% for
soaps and 28% on washing detergents. GST on movie tickets is based on slabs,
with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing
more than ₹100 and 28% on commercial vehicle and private and 5% on
readymade clothes. The rate on under-construction property booking is 12%.Some
industries and products were exempted by the government and remain untaxed
under GST, such as dairy products, products of milling industries, fresh vegetables
& fruits, meat products, and other groceries and necessities.

Checkposts across the country were abolished ensuring free and fast movement of
goods. Such efficient transportation of goods was further ensured by
subsuming octroi within the ambit of GST.

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The Central Government had proposed to insulate the revenues of the States from
the impact of GST, with the expectation that in due course, GST will be levied on
petroleum and petroleum products. The central government had assured states of
compensation for any revenue loss incurred by them from the date of GST for a
period of five years. However, no concrete laws have yet been made to support
such action. GST council adopted concept paper discouraging tinkering with rates.

e-Way Bill

An e-Way Bill is an electronic permit for shipping goods similar to a waybill. It

was made compulsory for inter-state transport of goods from 1 June 2018. It is
required to be generated for every inter-state movement of goods beyond 10
kilometres (6.2 mi) and the threshold limit of ₹50,000 (US$630).

It is a paperless, technology solution and critical anti-evasion tool to check tax

leakages and clamping down on trade that currently happens on a cash basis. The
pilot started on 1 February 2018 but was withdrawn after glitches in the GST
Network. The states are divided into four zones for rolling out in phases by end of
April 2018.

A unique e-Way Bill Number (EBN) is generated either by the supplier, recipient
or the transporter. The EBN can be a printout, SMS or written on invoice is valid.
The GST/Tax Officers tally the e-Way Bill listed goods with goods carried with it.
The mechanism is aimed at plugging loopholes like overloading, understating etc.
Each e-way bill has to be matched with a GST invoice.

Transporter ID and PIN Code now compulsory from 01-Oct-2018.

It is a critical compliance-related GSTN project under the GST, with a capacity to

process 75 lakh e-way bills per day.

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Intra-State e-Way Bill The five states piloting this project are Andhra Pradesh,
Gujarat, Kerala, Telangana and Uttar Pradesh, which account for 61.8% of the
inter-state e-way bills, started mandatory intrastate e-way bill from 15 April 2018
to further reduce tax evasion. It was successfully introduced in Karnataka from 1
April 2018. The intrastate e-way bill will pave the way for a seamless, nationwide
single e-way bill system. Six more states Jharkhand, Bihar, Tripura, Madhya
Pradesh, Uttarakhand and Haryana will roll it out from 20 April 18. All states are
mandated to introduce it by 30 May 2018.

Reverse Charge Mechanism

Reverse Charge Mechanism (RCM) is a system in GST where the receiver pays
the tax on behalf of unregistered, smaller material and service suppliers. The
receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer
is not.

The central Government released Rs 35,298 crore to the state under GST

compensation. For the implementation, this amount was given to the state to
compensate the revenue. Central government has to face many criticisms for delay
in compensation.

Goods kept outside the GST

 Alcohol for human consumption (i.e., not for commercial use).
 Petrol and petroleum products (GST will apply at a later date), i.e., petroleum
crude, high-speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel.

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THE DESIGN OF INDIAN GST

GST was introduced with the aim of minimizing the tax burden and inflation rates.
An amalgamation of various taxes, GST is a comprehensive, uniform, multi-stage,
destination-based tax system that is applied to every value addition. Although the
new tax regime has brought some tax relief, a fact that is undeniable is that the
significant increase in compliance cost.

The GST tax structure comprises of Central Goods and Services Tax (CGST),
State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST)
and Union Territory Goods and Services Tax (UTGST). There are four slab tiers
ranging from 5 percent to 28 percent wherein the lowest are for essential items and
the highest for luxury goods.

Calculate the GST Amount Online using GST calculator.

 Central taxes that are subsumed by GST are:
 Central excise duty
 Additional excise duties
 Excise duties levied under the Medicinal and Toilet Preparations
 Service tax
 Additional customs duty or Countervailing duty
 Special additional duty of customs
 Central surcharges and cesses in the nature of taxes on goods/services
State taxes absorbed under GST are:
 State VAT
 Luxury tax
 Entertainment tax that is levied by the local body

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 Taxes on advertisement
 Taxes on lottery, betting and gambling
 State charge and cesses
 Central sales tax
 Goods and Services are divided into five slabs - 0%, 5%, 12%, 18%
and 28%

GST Tax Rates in India for Common Items

Tax
slab Products

NI All live animals other than horses, meat, certain dairy products like fresh
milk, pasteurised milk, curd, buttermilk, cream; eggs, natural honey, fresh
vegetables and fruits, coconuts, cereals like rice, maize, barley, flour,
sweets, etc.

5% Other household necessities such as frozen meat and vegetables, edible oil,
butter, milk powder, skimmed milk, coffee, tea, groundnuts, soya beans,
bread, drugs, etc.

12% This includes computers and processed food like cheese, refined sugar,
spices, instant foods, packaged fruit juices, nuts, spices, etc.

18% Certain packaged foods like condensed milk, cornflakes, pastries; toiletries
like hair oil, toothpaste and soaps; and capital goods and industrial
intermediaries are covered here.

28% Aerated waters containing sugar; luxury items such as premium cars, and

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Tax
slab Products

small cars, consumer electronics like AC and refrigerators, cigarettes,

high-end motorcycles are included in this slab.

Types of Exemptions:

Under the GST Act, the exemption should be in public interest by way of issue of
notification, on the recommendation from the Council or by way of special orders
mentioning the reasons

1. Absolute exemption: The supply of the specific good is exempted,

irrespective of who the supplier is or whether it is intra- or inter-state.

Ex: Transmission or distribution of electricity by an electricity transmission or

distribution utility, Services by Reserve Bank of India, services by veterinary
clinics

2. Conditional Exemption: The exemption is subject to certain terms and

conditions under the GST Act. For example, the services by a hotel, inn or
guest house with a tariff of a unit of accommodation less than Rs. 1000/- per
day
3. Conditional or partial exemption: Intra-state supplies of goods or services
offered by a registered person to an unregistered person are exempted from
tax under the reverse charge mechanism. This is applicable only if the
aggregate value of the goods or services received by a registered person
from all or any of the suppliers does not exceed Rs. 5000/- in a day.

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CONSUMER’S BEHAVIOUR ON GST ACT 2017

Impact of GST on consumer’s behavior

Goods and Service Tax [GST] is an indirect tax levied on the supply of
goods and services. This law has replaced many indirect tax laws that previously
existed in India. GST is implemented to bring “ONE NATION ONE MARKET
ONE TAX” system across 29 states of the country. It has been brought in to cut
down the VAT which was been included in the chain of supply. It is a mandatory
fee imposed by the government on individuals and firms or organisation and
concern, where the money will be reused or spent by the government on the
activities and project that provide mutual benefit to the community. GST will be
beneficial for the Indian economy as a whole and it is expected that the gross
domestic product [GDP] of the country will increase by 1-2% over the years.
Interestingly the study covers the buying behaviour of the consumers and has
found that a majority of the respondents are aware of the new tax system which
was brought into existence on July 1st 2017.

Positive Impacts of GST on common man :

GST was introduced as an integrated tax system, which extracts a bundle of

indirect taxes such as CST, VAT, service tax, SAD, CAD, excise, etc. Introduction
of Goods and Services tax eliminated the cascading effect of taxes i.e. tax on tax.
GST reduced the burden of taxes from the manufacturing area, thus manufacturing
costs will be reduced. Therefore, the prices of consumer goods are also likely to
decrease. Because of the lower manufacturing cost some products like cars,

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FMCG, etc. will be a bit cheaper. This will help reduce the burden on the common
man, who will have to spend less money to buy the same goods/ services which
were more expensive earlier. Low prices will directly or indirectly increase
demand/consumption of goods. Increased demand will ultimately enhance supply.
Therefore, this will eventually increase the production of goods. Boost in
production, in the long run, will increase job opportunities. However, this can only
happen when consumers actually get goods at cheaper costs. This will curb the
circulation of black money. It will only be possible when the kaccha  or Invalid
Bill system, normally followed by traders and shopkeepers will be checked.

Negative Impacts of GST on common man :

  For better compliance, proper invoicing and accounting are necessary. However,
there are various companies that are developing GST accounting software. If the
actual benefits are not passed on to the consumer and the seller increases his profit
margin, then the prices of the goods may also increase. The rise in inflation can be
observed initially, however, it may also come down gradually. The activities of
profiteering will have to be strictly checked so that the end consumer can enjoy the
real benefits of GST. Compliance burden  businessmen have to submit GST and
file the return on time. Filing GST returns is not as easy as it sounds. businessmen
must appoint a tax professional to manage it. The government is taking steps to
make return filing easier and to keep it simple. But, even then, it will take time to
actually smoothen the entire process from start to end. Large businesses with
enough employees can handle the entire process easily But for small
traders/merchants/service providers or individuals who have just started their
business or service, it is still complex.

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DATA ANALYSIS

GST has brought in ‘one nation one tax’ system, but its effect on various
industries is slightly different. The first level of differentiation will come in
depending on whether the industry deals with manufacturing, distributing and
retailing or is providing a service.

Impact of GST on Manufacturers, Distributor, and Retailers

GST is a boost competitiveness and performance in India’s manufacturing sector.

Declining exports and high infrastructure spending are just some of the concerns of
this sector. Multiple indirect taxes had also increased the administrative costs for
manufacturers and distributors and with GST in place, the compliance burden has
eased and this sector will grow more strongly.

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But due to GST business which was not under the tax bracket previously will now
have to register. This will lead to lesser tax evasion.

Impact of GST on Service Providers

As of March 2014, there were 12, 76,861 service tax assessees in the country out
of which only the top 50 paid more than 50% of the tax collected nationwide. Most
of the tax burden is borne by domains such as IT services, telecommunication
services, the Insurance industry, business support services, Banking and Financial
services, etc. These pan-India businesses already work in a unified market and will
see compliance burden becoming lesser. But they will have to separately register
every place of business in each state.

Sector-wise Impact Analysis

Logistics

In a vast country like India, the logistics sector forms the backbone of the

economy. We can fairly assume that a well organized and mature logistics
industry has the potential to leapfrog the “Make In India” initiative of the
Government of India to its desired position.

E-commerce

The e-commerce sector in India has been growing by leaps and bounds. In

many ways, GST will help the e-com sector’s continued growth but the long-
term effects will be particularly interesting because the GST law specifically
proposes a Tax Collection at Source (TCS) mechanism, which e-com
companies are not too happy with. The current rate of TCS is at 1%.

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Telecommunications

In the telecom sector, prices will come down after GST. Manufacturers will
save on costs through efficient management of inventory and by consolidating
their warehouses. Handset manufacturers will find it easier to sell their
equipment as GST has negated the need to set up state-specific entities, and
transfer stocks. The will also save up on logistics costs.

Textile

The Indian textile industry provides employment to a large number of skilled

and unskilled workers in the country. It contributes about 10% of the total
annual export, and this value is likely to increase under GST. GST would affect
the cotton value chain of the textile industry which is chosen by most small
medium enterprises as it previously attracted zero central excise duty (under
optional route).

Real Estate

The real estate sector is one of the most pivotal sectors of the Indian economy,
playing an important role in employment generation in India. The impact of
GST on the real estate sector cannot be fully assessed as it largely depends on
the tax rates. However, the sector will see substantial benefits from GST
implementation, as it has brought to the industry much-required transparency
and accountability.

Agriculture

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The agricultural sector is the largest contributing sector the overall Indian GDP.
It covers around 16% of Indian GDP. One of the major issues faced by the
agricultural sector is the transportation of agri-products across state lines all
over India. GST will resolve the issue of transportation. 

Freelancers

Freelancing in India is still a nascent industry and the rules and regulations for
this chaotic industry are still up in the air. But with GST, it will become much
easier for freelancers to file their taxes as they can easily do it online. They are
taxed as service providers, and the new tax structure has brought about
coherence and accountability in this sector.

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Iterpretation

It is identified from the above table, that the consumer’s

agreeability towards the purchase of provisions before and after GST is medium
showing 40% and 45% respectively. The level of agreeability towards the purchase
of cosmetics and beverages after GST is lower with 18% and when compared
before GST. Whereas in the case of confectionaries the level of agreeability is high
when compared 18% to 29%. And household items remain almost the in the same
and there is no considerable change with 32%.

The tax rate on job work for textiles and textile products has been
reduced 5% from 18% showing high agreeability. As there is a rate cut down for
leather after the implementation of GST there is a considerable increase in the
agreeability for the purchase of leather products and that is illustrated in the above
graph. The purchase agreeability towards toys has come down since after the
implementation of GST the prices have increased by up to 20% and that is evident
in the graph given above.

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Conclusion

The Government has introduced a GST system  to smoothen tax processes and
bring businesses into the formal economy. Being GST-compliant, businesses
can experience the merits of having a unified tax system and easy input
credits. Stakeholders welcome GST implementation as a new change as it
helps boost the economy. Even though GST serves as a historical tax reform
in India, there are several downsides that make this tax challenging to
implement.
The goods and services tax (GST) has been presented as the major tax reform for
the Indian economy. It is therefore of importance to examine the impact it has had
on the economy, as well as on the citizens of the economy. There are three broad
categories of evidence to look at:
 The economy
 Tax administration/compliance
 Revenues of various governments

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Findings

GST Tax Slab:

The study about GST provided many statistical information. It was found that there
are about five slabs for the collection GST -0%, 5%, 12%, 18%, 28%. But some
products like electricity, alcohol and petroleum goods are not included in GST. It
can be taxed by the state government individually according to the old tax
structure.

There is a 4-level tax sections as per which the tax rate is forced on different items
and services. After the execution of GST, there is an adjustment of the tax
structure. The taxes are forced on items, contrast as indicated by their need in
everyday life.

The tax sections are as follows:

Zero tax:
some items enjoy zero tax rate on various goods, which are Barley, wheat, oats,
kajal (other than kajal pencil stick), sanitary napkins, music books, coloring books
and drawing books for children, all types of salt and human hair, hotel and lodge
bill under Rs. 1000, bank charges on saving account and Jan Dhan Yojana.
 

5% tax rate:
Some goods which are taxed under 5% slab are cashew nuts, aggarbati, kites,
postage stamps, bio gas, insulin, matting, walking sticks, Pawan chakki atta, braille
typewriter, braille paper, braille watches and other hearing aids, takeaway food
restaurants, hotel with room tariffs less than Rs. 7500 and special flights for

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pilgrims.
 

12% tax rate:

Some goods which are taxed under 12% slab are plastic beads, ketchups, sauces
and mustard sauces, all kinds of diagnostic kits and reagents, notebooks and
copies, spoons & forks, fish knives, fixed speed diesel engines, cake knives,
skimmers, playing cards, carrom board and other board games, two-way radio used
by military and police forces, corrective spectacles, Business class air tickets and
movie tickets under Rs. 100.
 

18% tax rate:

Some goods which are taxed under 18% slab are kajal pencil sticks, plastic
tarpaulin, toilet cases, dental wax, school bags other than leather bags or leather
composition, aluminum foil, rear tractor tyres or tyre tubes, printers other than
multifunction printers, weighing machine other than electronic weighing machine,
electrical transformer, static converters, CCTV, baby carriages, televisions and
monitors (up to 32 inches), ball bearings and roller bearings, set up box for TV,
electrical filaments, power banks of lithium-ion batteries and bamboo furniture,
Movie tickets above Rs. 100, branded garments, telecom and financial services and
restaurants inside hotels with bill of Rs. 7500 or above.
 

28% tax rate:

Goods which are taxed under this slab are pan masala, dishwasher, weighing
machine, paint, cement, hair clippers, motorcycles, sunscreen, betting on casinos
and racing, hotel stay bill above Rs. 7500, and automobiles

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.
BIBLIOGRAPHY

https://cleartax.in
https://blog.saginfotech.com/
https://en.wikipedia.org/
https://www.indiacode.nic.in/
Analysis of Financial Statements textbook of BBA

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THANK
YOU
Presentation By:
Shruti dyasagar gupta

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