PROJECT REPORT

(Submitted for the degree of B.Com Honors in Accounting and Finance/ Marketing under
the

University of Calcutta)

TITLE OF THE PROJECT

GST – The New Era of The Taxation System
Submitted By
Name :
C.U. Registration No :
C.U. Roll No :
Name of the College :
College Roll No :
Name of the the supervisor :
 Annexure-1
SUPERVISOR’S CERTIFICATE
This to certify that SAYANITA DUTTA , a student of B.Com (Honors) in
Accounting andFinance of GOENKA COLLEGE OF COMMERCE AND
BUSINESSadministration under the University of Calcutta has worked under
mySupervision and guidance for his project work and prepared a project report
with the Title “GST – The New Era of Taxation System”.

The project report, which she has submitted is her genuine and original work
to the best ofmy knowledge.

Place:

Date:

(Signature)

Name: *Professor's Name*

College Name: *College Name

 ACKNOWLEDGEMENT

It is a matter of great pleasure to present this project on “GST–The New Era of Taxation

System.”

I take this opportunity to thank our respected principal for giving me an opportunity to
work on this field.

I am very thankful to my supervisor Prof. *Supervisor's Name* for her full support
incompleting this project work.

Finally, I am grateful for the support of my family / friends / others and would also like
tothank them for co-operating with me to carry out these research work and help me with
theproject work by filling up the questionnaire / report.
 TABLE OF CONTENTS

SNO PARTICULARS PAGENO

CHAPTER 1
INTRODUCTION
 BACKGROUND
 JUSTIFICATION OF GST
 OBJECTIVE OF THE STUDY
 BRIEF REWIEW OF LITERARURE
 LIMITATION OF THE STUDY
 CHAPTER PLANNING

CHAPTER 2
CONCEPTUAL FRAMEWORK
 Defination
 Applicability and mechanism of gst
 Salient Features of GST Model 4
 GST- Overview, Registration & returns
 Opportunities
 Benefits of GST Implication
 CHAPTER 3
PRESENTATION, ANALYSIS & FINDINGS
 Present taxes to be subsumed
 Need of Goods and Service Tax(GST)
 GST Analysis & Opinions
 Impact of GST On Automobile Industry
 Global Experience of GST

CHAPTER 4
CONCLUSION AND RECOMMENDATION
 CONCLUSION
 RECOMMENDATION

ANNEXURE II- STUDENT DECLARATION

BIBLIOGRAPHY
 CHAPTER – 1
INTODUCTION
1. Back ground

2. Justification of GST.

3. Objective of the study.

4. Brief review of literature.

5. Limitation of the study.

6. Chapter planning

INTRODUCTION

1.1 Background

Introduction of the Value Added Tax (VAT) At the Central and the state level has been
considered to be a major step -an important step forward in the globe of indirect tax
reforms in India. If the VAT is a major improvement over the preexisting Central excise duty
at the national level and the sales tax system at the state level, then the goods and services
tax(GST) will indeed be an additional important perfection -the next logical step-towards a
widespread indirect tax reforms in the country. Initially, it was conceptualized that there
would be a national level goods and services tax, however, with the release of first
discussion paper by the Empowered Committee of the State Finance Ministers on
10.11.2009, it has been made clear that there would be a “Dual GST” in India, taxation
power-both by the center and the state to levy the taxes on the Goods and Services. Almost
150 countries have introduced GST in some from. While countries such as Singapore and
New Zealand tax virtually everything at a single rate, Indonesia has five positive rates, a zero
rate and over 30 categories of exemptions. In China, GST applies only to goods and the
provision of repairs, replacement and processing services. Under the GST scheme, no
distinction is made between goods and services for levying tax. In other words, goods and
services attract the some rate of tax. GST is a multi-tier tax where ultimate burden of tax fall
on the consumer of goods/services. It is called as Value Added Tax because at every stage,
tax is being paid on the Value addition. Under the GST scheme, a person who was liable to
pay tax on his output, whether the provision of service or sale of goods, is entitled to get
input tax credit (ITC) on the tax paid on its inputs.
 1.2. Justification of GST

The introduction of GST at the Central level will not only include comprehensively
more indirect Central taxes and integrate goods and service taxes for the purpose of set-off
relief, but may also lead to revenue gain for the center through widening of the dealer base
by capturing value addition in the distributive trade and increased compliance. In the GST,
both cascading effects of CENVAT and service tax are removed with set-off, and a constant
chain of set-off from the original producer’s point and service provider's point up to the
retailer's level is established which reduces the burden of all cascading effects. This is the
real meaning of GST, and this is why GST is not simply VAT plus service tax but an
improvement over the previous system of VAT and disjointed service tax. Moreover, with
the introduction of GST, burden of central sales tax (CST) will also be removed. The GST at
the state level is therefore, justified for-

➢ Additional power of levy of taxation of services for the states

➢ System of comprehensive set-off relief
➢ subsuming of several taxes in the GST  Removal of burden of CST.

1.3 Objectives:

 To understand the meaning of Goods and services Tax (GST)

 To obtain a true insight of GST
 To analyze the impact of GST over Gross Domestic Product(GDP)


1.4 Brief Review of Literature on GST:

Before we proceed with the finer nuances of proposed Indian GST, let us first
understand the basic concept of GST. GST is a value added tax levied on manufacture,
sale and consumption of goods and services. GST offers comprehensive and continues
chain of tax credits from the producer’s point/service provider's point up to the
retailer’s level/consumer's level thereby texting only the Value Added at each stage of
supply chain. The supplier at each stage is permitted to avail credit of GST paid on the
purchase of goods and/or Services and can set off this credit against GST payable on the
supply of goods and/or Services to be made by him. Thus, only the final consumer bears
the GST charged by last supplier in the supply chain, with set-off benefits at all the
previous stages. Since, only the Value Added at each stage is taxed or cascading of taxes
under GST system. Further, GST does not differentiate between goods and services and
thus, the two are taxed at a single rate

1.5 Research Methodology

Our study has based on the basis of secondary data collected from various books,
journals, magazines, reports, newspapers, internet etc. We have also collected data
from the source of “Department of Revenue” and “Ministry of Finance”. after analyzed
 with the help of simple statistical tools. We have used lucid language to present the
Data in a more comprehensive manner. Finally some findings have been gathered to
establish our objectives

1.6 Limitations of The Study:

The study has some limitation on its scope and interpretation of the results. It covers
only the narrow concept of goods and service tax and not the whole, the present study
has also the following limitation:

➢ The first and most shortage of Time, in fact we have not sufficient time for in-depth
analysis, international comparison and other analysis of data. this has indeed restricted
our study to our mission.

➢ There are few common and unavoidable general problems in collecting secondary
data, which are required for our study.

➢ There was a problem of cost involved in earning out the project.

1.7 Chapter Planning:

 INTRODUCTION

 CONCEPTURAL FRAMEWORK

 GLOBAL SCENARIO

 PRESENTATION OF DATA ANALYSIS

 CONCLUSIONS

 BIBLIOGRAPH