ACKNOWLEDGEMENT

Preparing a project report, I am fortune enough to get support from a number of

people to whom I shall always remain grateful for helping me in completing this

project within the stipulated time limit.

I take the opportunity to express my deep sense of gratitude towards my research

guide DR. ANKITA SINGH(Co-Ordination)RAMBHAROSEMAIKULAL

MAHAVIDYALAYA TELIBAGHLUCKNOW.for giving me due freedom of

decision making and at the same time strictly adhering to high quality of my work.

I would also wish to acknowledge my friends and family for their moral support,

encouragement and patience throughout the course of this project.

I would liketo express mygratitudeto allthesepersonsandto alltherespondents for their

patience throughout the numerous discussions I have had with them during the course

of this project. Finally I thank to God almighty for showering his blessings at each

stage of this project work.

UTKARSH PANDEY
RollNo.-2112732010047
B.Com.VSemester
 EXECUTIVESUMMARY

Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in many
countries around the world to replace multiple layers of indirect taxes with a single, unified
tax structure. It aims to simplify the taxation process, enhance transparency, and promote
economic growth.
KeyPoints:
1. Introduction to GST: GST isa consumption-based taxthat is levied onthe supplyof
goods and services. It subsumes various indirect taxes like excise duty, service tax,
VAT, and others, streamlining the taxation process.
2. Unified Tax Structure: GST eliminates the cascading effect of taxes by allowing
businesses to claim input tax credit for taxes paid on inputs. This results in the
reduction of tax burden at different stages of the supply chain.
3. Tax Slabs: GST typically consists of multiple tax slabs, categorizing goods and
services into different rates (e.g., 0%, 5%, 12%, 18%, 28%). Essential goods and
services may have lower rates, while luxury items could attract higher rates.
4. Input Tax Credit: Businesses can claim credit for the GST paid on their purchases
against the GST liability on their sales. This encourages compliance and reduces the
tax burden on end consumers.
5. Dual GST Model: In many countries, including India, GST follows a dual model,
where both the central and state governments have the authority to levy and collect
GST. This model ensures a balance of revenue distribution between the central and
state governments.
6. Technology-driven Compliance: GST implementation relies heavily on technology.
Businesses need to register on the GST portal, file regular returns, and maintain
accurate records of transactions. This promotes transparencyand reduces tax evasion.
7. ChallengesandBenefits:
 Benefits: GST promotes a unified market, reduces tax evasion, improves ease
of doing business, and enhances revenue collection for governments.
 Challenges: Transition issues, initial confusion, technological challenges, and
adapting to the new tax regime can pose difficulties for businesses.
8. Global Adoption: Many countries, such as India, Australia, Canada, Malaysia, and
Singapore, have adopted the GST system with variations in rates and implementation

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 models.
9. Impact on Economy: GST can have a significant impact onthe economy, promoting
efficient resource allocation, reducing black money, and increasing tax compliance.
10. Ongoing Reforms: GST systems are often subject to refinements and modifications
basedonfeedbackandchanging economicconditions. Governmentscontinuallywork to
simplify the process and address concerns raised by businesses and taxpayers.
In conclusion, GST is a transformative taxation system that seeks to streamline and simplify
indirect taxation, ultimately benefiting businesses, consumers, and governments. While its
implementation may pose challenges initially, the long-term advantages of efficiency,
transparency, and increased revenue collection make it a crucial reform in many economies.

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 TABLEOFCONTENT

 Introduction 4-27

 Company Profile 28-29

 Research Methodology 30-34

 Data Analysis & Interpretation 35-42

 GST Registration &Return 44-61

 Conclusion 62-64

 Annexure Questionnaire 65-67

 Bibliography 68

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 INTRODUCTION

GoodsandServicesTax(GST):AnOverview
Introduction of GST would be a significant step in the field of indirect tax reforms in
India. By amalgamating a large number of Central and State taxes into a single tax and
allowing set-off of prior-stage taxes, it would mitigate the ill effects of cascading and pavethe
way for a common national market. For the consumers, the biggest gain would be interms ofa
reduction in the overall tax burden on goods, which is currently estimated at 25%- 30%.
Introduction of GST would also make our products competitive in the domestic and
international markets. Studies show that this would instantly spur economic growth.There
may also be revenue gain for the Centre and the States due to widening of tax base, increase
in trade volumes and improved tax compliance. Last but not the least, this tax, because of its
transparent character, would be easier to administer.
Genesis
The idea of moving towards the GST was first mooted in the Budget for 2006-07. The
Empowered Committee of State Finance Ministers (EC) which had formulated the design of
State VAT was requested to come up with a roadmap and structure for the GST. Joint
Working Groupsofofficials having representation ofthe Statesaswellasthe Centre were set up
to examine variousaspectsoftheGST and draw up reportsspecificallyonexemptionsand
thresholds, taxation of services and taxation of inter-State supplies. Based on discussions
within and between it and the Central Government, the Empowered Committee released its
First Discussion Paper on the GST in November, 2009. This spells out the features of the
proposed GST and has formed the basis for discussion between the Centre and the States so
far.
In 2023, the Goods and Services Tax (GST) continues to be a pivotal aspect of many
countries' economic landscapes. Originally conceived as a means to simplify and harmonize
indirect taxation, GST has undergone numerous transformations since its inception, adapting
to changing economic realities and technological advancements.
EvolutionandAdoption:
Since its introduction, GST has evolved from a conceptual framework to a concrete taxation
system implemented by various countries around the world. Many nations have recognized
the advantages of replacing multiple layers of complex and overlapping taxes with a unified
GSTstructure.Thisevolutionhasledtotherefinementoftaxrates,complianceprocedures,

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andtechnologicalinfrastructure.
TechnologicalIntegration:
In the year 2023, technology plays a more crucial role than everin the GST landscape.
Digitalplatforms, automated processes, and real-time reporting have become integralto GST
administration. This technological integration not only facilitates seamless tax collection and
reporting but also enhances transparency, reduces tax evasion, and enables governments to
make data-driven policy decisions.
GlobalEconomicImpact:
The implementation of GST has had diverse effects on economies worldwide. While some
countries have experienced initial disruptions during the transition period, the long-term
benefits have been substantial. GST fosters a more efficient allocation of resources, bolsters
domestic and international trade, and contributes to increased government revenue.
E-CommerceandCross-BorderTransactions:
One notable area influenced by GST in 2023 is e-commerce and cross-border transactions.
The digital economy's growth has prompted governments to address the challenges of taxing
online sales effectively. Many countries have extended the application of GST to coverdigital
services and e-commerce transactions, ensuring that this rapidly expanding sector contributes
its share to national revenues.
SustainabilityandEnvironmentalConsiderations:
GST frameworks are increasingly being tailored to incorporate sustainability and
environmental considerations. Some jurisdictions offer reduced tax rates or incentives foreco-
friendlyproducts and services, aligning the taxsystemwithbroader environmentalgoals.
Ongoing Reforms and Challenges:
Despite its successes, the GST regime is not without challenges. Governments are
continuously working to address issues related to compliance, technology infrastructure,
classificationofgoods and services, and managing the impact ofGST ondifferent industries.
Balancing the needs of businesses, consumers, and governments remains an ongoing
endeavor.