1)What is an accounting answer?

Accounting is systematically recording, summarising, analysing, and

reporting financial transactions related to a business. It provides essential
financial insights by generating reports such as financial statements that
summarise.

2)About the firm?

B Balaumasudhan & Co is a Chartered Accountancy firm operating in

Kumbakonam, Tamil Nadu. The firm is led by partners CA B. Balaumasudhan,
B.Com., F.C.A., and CA R. Venkatesh, B.Com., F.C.A.

Their Kumbakonam office is located at No. 46, Chakrapani Thirumanjana

Veedhi, Kumbakonam – 612 001.

Additionally, they have a Chennai office at GF-2, Sri Krishna Flats, 6/13,
Lakshmi Street, West Mambalam, Chennai – 600 033.

The firm offers various services, including opportunities for articled

assistants and audit assistants, as indicated in their vacancy
announcements.

2.1)Services offered:

Auditing & Assurance

Taxation (Direct & Indirect)

Accounting & Bookkeeping

Business Advisory

Compliance & Consultancy

GST & Income Tax Filings

Internal & Statutory Audits

3)what is GST?

(Goods and Services Tax) is a comprehensive, indirect tax levied on the

supply of goods and services in many countries, including India. It is
designed to replace multiple indirect taxes like VAT, service tax, excise duty,
and others, creating a single tax system

GST was introduced in India on 1st July 2017. It replaced multiple indirect
taxes like excise duty, service tax, VAT, and others, creating a unified tax
system across the country. The launch of GST was marked by a special
midnight session of Parliament on 30th June 2017, attended by the President
and Prime Minister of India

The concept of “One Nation, One Tax” was introduced in India on 1 st July
2017 with the implementation of the Goods and Services Tax (GST).

This reform aimed to unify India’s complex tax structure by replacing

multiple indirect taxes such as excise duty, service tax, VAT, CST, and octroi
with a single tax system, ensuring seamless movement of goods and
services across states.

The slogan “One Nation, One Tax” was widely used to promote GST as a
unified taxation system, eliminating tax barriers and simplifying compliance
for businesses

Key Features of GST:

One Nation, One Tax – Replaced multiple indirect taxes.

Dual GST Model – Includes CGST (Central GST), SGST (State GST), and IGST
(Integrated GST).

Input Tax Credit (ITC) – Businesses can claim credit for taxes paid on inputs.

Four Tax Slabs – 5%, 12%, 18%, and 28%, with some exemptions.

4) Types of GST?

GST in India follows a dual structure, meaning both the central and state
governments levy taxes on goods and services. There are four types of GST:

Central Goods and Services Tax (CGST)

Levied by the Central Government on intra-state (within the same state)

transactions.

Example: If a product is sold in Tamil Nadu itself, CGST is collected by the

central government.

State Goods and Services Tax (SGST)

Levied by the State Government on intra-state transactions.

Example: If a product is sold within Kerala, SGST is collected by the Kerala

government.

Integrated Goods and Services Tax (IGST)

Levied by the Central Government on inter-state (between different states)
transactions and imports.

Example: If a product is sold from Karnataka to Maharashtra, IGST is

collected by the central government and later shared with the destination
state.

Union Territory Goods and Services Tax (UTGST)

Levied by Union Territories on intra-UT transactions.

Applicable in Andaman & Nicobar Islands, Chandigarh, Dadra & Nagar Haveli,
Daman & Diu, Lakshadweep, and Puducherry.

It is similar to SGST but applies only in union territories.

5)Filing NIL Return in GST

A NIL GST return must be filed when a registered taxpayer has no sales,
purchases, or tax liability in a given tax period. Even if there are no
transactions, filing a NIL return is mandatory to maintain compliance and
avoid penalties.

GSTR 1-

GSTR 1 is the return of reporting.

Represents the return of outward supplies i.e., return of sales.

The transactions made on the previous month of the business under sales,
will be filed here.

Due date-11th of every month

Penalty-Rs. 200 per day of delay (Rs. 100 as per the CGST Act & Rs. 100 as
per SGST Act)

GSTR 2-

GSTR 2 is the return of also a reporting

Represents the return of inward supplies i.e., return of purchases made by

you

The transactions made on the previous month of the business under

purchase, will be filed here.

Due date-15th of every month.

Penalty-GSTR-2 is currently a suspended GST return.

GSTR 3b-

GSTR 3B is the return of tax payment.

Summary return of inward and outward supplies.

If any taxpayer tends to file GST, they must file GSTR 3B.

Due date-20th of every month

Penalty-Rs. 500 per return (i.e Rs. 250/-each for CGST & SGST)

6) Taxation – direct tax and indirect tax

Direct Taxes:

Levied directly on an individual’s or entity’s income or wealth.

Examples include Income Tax, Corporate Tax, and Wealth Tax.

The taxpayer cannot shift the burden of these taxes to someone else.

Examples - income tax, real property tax, personal property tax, and taxes
on assets, all of which are paid by an individual taxpayer directly to the
government.

Indirect Taxes:

Levied on the production, sale, or consumption of goods and services.

Examples include GST, Sales Tax, Excise Duty, and Customs Duty.

The tax burden can be passed on from the producer to the consumer as part
of the product price.

examples - Goods and Services Tax (GST), Value Added Tax (VAT), Service
Tax, Excise Tax, Custom Duty, Stamp Duty, etc.

7) My Internship Experience at CA B. Balaumasudhan & CA R.

Venkatesh Firm

As part of my practical training, I had the opportunity to intern at B.

Balaumasudhan & Co., a well-established Chartered Accountancy firm in
Kumbakonam. The firm, led by CA B. Balaumasudhan, B.Com., F.C.A., and CA
R. Venkatesh, B.Com., F.C.A., specializes in auditing, taxation, and direct and
indirect tax. This internship provided me with valuable hands-on experience
in accounting, GST filings, and audit procedures, enhancing my practical
knowledge beyond theoretical studies.

Key Takeaways from My Internship

✔ Practical Exposure: Applied accounting concepts in real-world scenarios.

✔ Technical Skills: Improved proficiency in Tally, Excel, and GST filing portals.

✔ Analytical Thinking: Understood how to analyze financial statements and

ensure compliance.

✔ Time Management: Learned how to meet deadlines for tax filings and
audits.

✔ Professional Development: Improved communication and teamwork skills.

8) Conclusion:

My internship under a Chartered Accountant has been an insightful and

rewarding experience. It allowed me to apply my academic knowledge to real
life accounting, taxation, and audit scenarios. I gained hands-on exposure to
tools like Tally, learned the practical aspects of GST and income tax filing,and
developed a better understanding of professional responsibilities and ethics.