Summer Internship Project On

IMPACT OF GST ON BUSINESSES AND

START-UPS

Submitted for the partial fulfillment of the requirement of the

Degree of

POST GRADUATE DIPLOMA IN MANAGEMENT (PGDM)

Approved by

All India Council of Technical Education (AICTE)

Submitted by
SHRUTI CHANDRAMANI UPADHYAY

Roll No: 108

Specialization: Finance
Submitted to: Agnes joseph

SASMIRA’S BUSINESS SCHOOL (SBS)

SARSMIRA MARG, WORLI, MUMBAI.

JULY, 2021
 DECLARATION BY THE CANDIDATE

I SHRUTI CHANDRAMANI UPADHYAY hereby certify that the work which is being presented in
this Summer Internship Project Report entitled. “IMPACT OF GST ON BUSINESSES AND START-
UPS” in partial fulfillment of the requirement for the award of the Degree of Post Graduate Diploma In
Management and submitted to the Samira’s Business School, Samira Margi, World, Mumbai, is an
authentic record of my own carried out during a period from 1st May 2021, to till 30th June, 2021at R.H.
Mehta & Co. under the guidance of Agnes joseph.
The matter presented in this project report has been not been submitted by me for the award of any other
degree of this or any other Institute.
Wherever references have been made to intellectual properties of any individual / Institution /
Government / Private / Public Bodies / Universities, research paper, text books, reference books, research
monographs, archives of newspaper, corporate, individual, business / Government and any other source of
intellectual properties viz, speeches, quotations, conference, proceedings, extracts from the website,
working paper, seminal work et al, they have been clearly indicated, duly acknowledged and included in
the Bibliography.

Name of the Student: Shruti Chandramani Upadhyay

Signature of the Student:

This is to certify that the above statement made by the candidate is correct to the best of our knowledge.

Signature of Supervisor

Name of Supervisor: Agnes Joseph

 CERTIFICATE

This is to certify that Ms. SHRUTI CHANDRAMANI UPADHYAY is a bonfire Student of the
two year full-time Post Graduate Diploma in Management (PGDM), Finance
Roll No. 108 of the institute.

As a part of the All India Council of Technology (AICTE) guidelines, the student
Has carried out the Summer Internship Project IMPACT OF GST ON BUSINESSES AND START-
UPS at R.H. Mehta & Co. during the period from 1st May 2021 to till 30th June, 2021 under my
guidance in partial fulfillment of requirement for the completion
PGDM as prescribed by the All India Council of Technical Education (AICTE).
This Summer Internship Project Report is the record of authentic work carried out
By her during the period from May 2021 to June 2021.

Name & Signature of Name & Signature of Name & Signature of

(Faculty Supervisor) (Dean) (Director)

Place:mumbai

Date:
 CERTIFICATE BY THE COMPANY

ACKNOWLEDGEMENT

I am deeply indebted to many people for the successful completion pf this project. I would like to take
this opportunity and go on record to thank them for their help and support .I is thankful to the SASMIRA
BUSINESS SCHOOL for all the support provided for this project.

I express deep sense of gratuity and sincere feelings of obligation to my project guide M/Stages Joseph
who has helped me in overcoming many difficulties and who has imparted me the necessary conceptual
knowledge.

Lastly, I would like to thank each and every person who directly and indirectly helped me in the
completion of the project especially my parents and peers who supported me throughout my project.
 Thanking You
Shruti Upadhyay

Date:

Place:mumbai

ABSTRACT

GST (Goods and Service tax) is a visionary step intended towards rationalizing the giant indirect tax
system in India. The implementation of GST is reducing tax burden and enhancing the ease of doing
business in the country. The impact of GST has two key segments weight; one is to the business and
second is to the customers who are the actual bearer of tax costs. Indian unorganized sector and
portion of industry those who are enjoying the exemption will also contribute significantly to the
growth of countries GDP. The basic purpose of conducting the study is to know the awareness level of
small businessman towards GST and to assess the actual impact as they are facing. As it is known that
impact will be there either on manufacturing or selling but to know the extent of impact and level of
satisfaction study is conducted. The tool used for collection of data was structured questionnaire. The
results obtained after analysis revealed that businessman are aware about GST implementation and
opined that it’s a fair tax system but it requires more clarity, simplification in procedure because they
have to depend on CA’s during the online submission. The paper had tried to attempt the actual impact
of GST and suggestive measures have also been provided at the end of study.
First chapter are covers the introduction of the taxation system , background of GST in outside of
India & within India .Concept of GST , types of GST, Structure of GST, Impact of GST in different
sectors, & how to file GST, GST R1, GST Return , etc.
The second chapter indicates Literature review it includes more than 20 studies of different
researchers.
In the third chapter i.e. research methodology highlights the problem statement, scope of study, Data
collection method & Data analysis tools & techniques.
Fourth chapter includes Data description & Analysis
Fifth chapter or the last chapter includes Findings & conclusions, Recommendations from the study,
Learning outcomes, Strength & limitations of the study & future scope of research.

CONTENTS

CHAPTER PARTICULARS PAGE

NO NO

Candidate’s Declaration I.

Certificate by the Guide II.

Acknowledgement III.

Abstract/Executive Summery IV.

 Lists of Abbreviations V.

Lists of Charts VI.

1 CHAPTER ONE 1-27

1.1 Background 01

1.2 Introduction to topic 11

1.3 Objectives of the Study 7

1.4 Scope for the Study 13

1.5 Research problem 15

1.6 Need & Significance for the Study 17

1.7 About the Company 17

1.8 Scheme of Chapters 27

1.9 Research Question 16

CHAPTER TWO
2 LITERATURE REVIEW 28-31

2.1 About the Industry 28

2.2 Review of Opportunities and Challenges in the Industry 29

32. Literature review related to your topic 30

CHAPTER THREE
3 RESEARCH METHODOLOGY 32-33

3.1 Research Methodology 32

3.2 Data Collection Methods 33

3.3 Data Analysis Tools and Techniques 33

- CHAPTER FOUR

4 DATA DESCRIPTION AND ANALYSIS 00

4.1 (Questionnaire analysis in case of qualitative data and SWOT analysis) 00

5 SUMMARY CONCLUSIONS- CHAPTER FOUR 34-47

5.1 Findings & Conclusions 44

 5.2 Recommendations from the study 45

5.3 Learning from the study 46

5.4 Strength and limitation from the study 47

5.5 Future scope of research 47

CHAPTER FIVE

6 BIBLIOGRAPHY AND REFERENCES 48

LIST OF ABBREVIATIONS

GST -GOODS AND SERVICE TAX

SST- SALES TAX AND SERVICE TAX

INT- INTENTION TO GST COMPLIANCE

TLE- TAX LAW AND ENFORCEMENT

T K- TAX KNOWLEDGE

TSC- TAX SYSTEM COMPLEXITY

 CGST- CENTRAL GOODS AND SERVICE TAX

SGST- STATE GOODS AND SERVICE TAX

IGST- INTEGRATED GOODS AND SERVICE TAX

LIST OF TABLES

TABLE NO. TABLE TITLE / HEADING P

A
G
E
N
O

4.1 CLASSIFICATION ON THE BASIS OF THEIR PERCEPTION 41

TOWARDS STATEMENTS ARE AS FOLLOWS.
4.2 HOW DOES YOU GET KNOW ABOUT GST? FROM 42

4.3 DO YOU AGREE WITH THE IMPLEMENTATION OF GST IN 43

INDIA?
4.4 DOES THE LAND ACQUISITION COST GET AFFECTED? 44

4.5 DO YOU THINK IMPLEMENTING GST WILL CAUSE HIGHER 45

PRICE OF GOODS AND SERVICES?
4.6 HOW WAS YOUR EXPERIENCE USING GST? 46

4.7 WHICH SYSTEM DO YOU THINK MORE BENEFICIAL TO 47

BOTH GOVERNMENT AND PEOPLE?
4.8 GST HAS INCREASED THE TAX BURDEN ON COMMON 48
MAN?
4.5 GST has increased the various legal Formalities? 45
 CHAPTER ONE

IMPACT OF GST ON BUSINESSES AND START-UPS

BACKGROUND

The introduction of Goods and Services Tax (GST) is a very significant step in the field of indirect tax
reforms in India. In the pre GST regime, there was multiplicity of indirect taxes. The central excise duty
and service tax was levied by the Central Government, while VAT and Entry Tax were levied by the State
Government. Moreover, there was cascading effect of taxes, i.e. tax on tax, at various stages as credit of
taxes levied by one government was not available against payment of taxes levied by the other. GST is a
huge reform for indirect taxation in India, the likes of which the country has not seen post-Independence.
GST will simplify indirect taxation, reduce complexities, and remove the cascading effect. It will have a
huge impact on businesses both big and small, and change the way the economy functions. GST is a
comprehensive indirect tax levy subsuming all central and state levies with a single unified value added
tax transforming the nation into one single market. Major Central and State taxes are subsumed into GST
which will reduce the multiplicity of taxes, and thus bring down the compliance cost. With GST, the
burden of CST will be phased out. As per Statement of Objects and Reasons appended to the
Constitutional Amendment bill the object of GST is: a) to have common national market and b) avoid
cascading effect of taxes. From the consumer point of view, the biggest advantage would be in terms of a
reduction in the overall tax burden on goods, which is currently estimated to be around 25%-30%.
Introduction of GST will make Indian products competitive in the domestic and international markets.
Studies show that this would have a boosting impact on economic growth. Last but not the least, this tax,
because of its transparent and self-policing character, would be easier to administer. Unfolding the pages
of history, the idea of national GST in India was first mooted by Kelkar Committee in the year 2004. The
Committee recommended national GST. The first announcement for the introduction of GST was made in
Budget Speech on 28th April, 2006 by the then Finance Minister, P. Chidambaram. The proposed target
date to introduce nationwide GST was 1st April, 2010. 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 Groups of officials having representatives of the States as well
as the Centre were set up to examine various aspects of the GST and draw up reports specifically on
exemptions and thresholds, taxation of services and taxation of inter-State supplies. Based on discussions
within and between it and the Central Government, the EC released its First Discussion Paper (FDP) on
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. The Constitution of India was amended from 16th of
September, 2016 to make provision for the introduction of GST. By this amendments in the Constitution
both the Centre and the States shall have concurrent power to levy and collect the GST on both goods and
services.
 INTRODUCTION OF GST

GST , that means goods & service tax .Most of the readers might not know that the term GST was first
introduced in 2000 by the then Prime Minister Atal Bihari Vajpayee, the concept behind the
restructuring of excise taxation in the union budget for 1986-1987 was at first proposed by the then
finance minister Vishwanath Pratap Singh . It is an indirect tax which came into existence On July 1,
2017.The only source of income for the Indian government is the collection of the tax, and The major
source of the tax is indirect tax which is also known as GST, which defines “one tax One nation”.
Before 1 July 2017 there were many state taxes imposed on the name on indirect Tax like luxury tax,
VAT tax, state tax, central tax, purchase tax, entry tax, entertainment tax, Taxes on lottery, state cases
and Surcharges, and the central taxes like central excise duty, Service tax, special additional duty of
custom etc. are implemented. There are three taxes applicable under GST they are IGST (collected by
central government), CGST (collected by central government) and SGST (collected by state
government.
Businesses are required to obtain a GST Identification Number in every state they are registered. The
introduction of GST has cleared the formation of Indirect tax by introducing online filling of GST.
The main objective of gist was to abolish the cascading effect, however many people proclaim that
this objective of GST has not been achieved yet
.The cascading effect means “tax on tax” which co-coordinately increase the price of Product hence
lead to the inflation in the economy .The government has introduced the new Tax rates are 5%, 12%,
18%, 28%, however Alcohol, electricity, and petroleum products are not included in the GST rates.
The reason behind the exception of gist on alcohol ,because in some states ,above 50% of revenue
generated by the sale of alcohol, & on electricity , however it is a basic need for people , so it should
be cheap & affordable , & also some of the political parties may promise to provide the electricity
cheaper may weaken the citizens. The major reason for not including petroleum into GST, is that
around 28% income, which is a very huge revenue, is earned by government, striking is GST will
stop their income.
Implementing GST in India was not so easy, to make 139 crores of people to understand about the new
system especially where people are unsure to accept the changes is the biggest challenge. The listing of
the goods and service into specific rates and its explanation has countered the Majority of problems. In
the initial days the price of many goods and services was increased which created the inflation in the
economy. Lack of clarity on the abetments introduced in the Economy has made the minds more
diplomatic.
Many businesses still lack the proper IT Structure to create GST invoice and extract required reports it
also include lack of proper trained resources and re – skilling of the Management, which created extra
burden across the Sectors. It was difficult for the startups companies to GST as they were not properly
setup in the industry and they were needed to understand the new taxation system. At the end we can
say that GST bought the transparency and wider platform for taxation. It can also affect the income of
the companies positively or negatively. This study is conducted to understand the problem business has
to face due to the introduction of GST.
Overall, GST simplifies the entire process of filing and paying taxes. It will also increase the
competition between SMEs by unifying the Indian market. If you’re proactive and take care of your
GST compliance measures beforehand, you can minimize the potential negative effects of the new
regime on your business. In the long term, GST is expected to have a positive impact on SMEs and the
Indian economy as a whole.
The impact of GST on the whole Indian economy is still to be scrutinized. Aforementioned are the best
possible details about how this tax can affect the small sized businesses in the country. So, if you were
looking for this information then I hope this might have been helpful for you in some ways or the other.
And especially if you are an owner of the small business in the country.
As we realize that the actual property enterprise contributes approximately 7.8% to India’s GDP and its
miles the second one biggest employment generator after the IT enterprise. The enactment of this tax
regulation will by me remedy the demanding situations confronted through the actual property region
and assist the arena to pop out of its lengthy slumber’s brings transparency with inside the functioning
of the actual property sector; the overall increase in price for new residential properties could be lower
than that for new commercial properties. Towards the aim to address the housing necessities of the
lower and middle-class people the government of India (GOI) has provided the affordable housing
policy in June 2015. With respect to the common residential housing which shall be cost-effective are
subjected towards lower goods and Service Tax (GST), which gives relief to the affordable people who
buy home during the period of purchasing the home. As per the tax and investment experts, the home
buyers are required to furnish GST during the time of purchasing, besides that they just have to
understand what an affordable house means as per the GST.
GST Advantages:
Transparency and Accountability: - GST will lend a whole lot of transparency in the real estate
sector while also playing a major role in minimizing unscrupulous (black money) transactions.
Currently, there is a huge percentage in every project where expenditure goes unrecorded on the books.
GST by curbing the practice of fake billing on purchase-side will help cut down cash component in
construction, which in turn, will help in boosting stakeholders ‘confidence.
Input Tax Credit: - Although the GST rate of 18% on the supply of works contract in the construction
sector may be higher than the previous rates, the regime of local composition schemes is over, though
now they are eligible for full input tax credit. However, many of the listed construction services such as
constructions of dams, roads etc. which were previously exempted are now under the GST purview.
This basically means the average construction contract in the previous regime which used to hover
around the 11–18% range is now chargeable at a flat rate of 18%. As a matter of fact, if you take
exempted services into consideration, this marked difference is more pronounced, like certain
infrastructure services are no more exempt in current regime. Having said that, thanks to the availability
of input tax credit, the construction sector is expected to benefit in the long run. This is because, under
the GST regime, the input tax credit on the raw materials would result in an overall neutral tax
incidence for construction services. Additionally, with GST, real estate developers will have access to
free input tax credits on GST paid for services and goods purchased by them while the rate of GST on
outward supply is 12% including the value of land. As the inward supply consist of many an items with
more than 12% rate, it is expected not a very significant cash flow will involve in paying GST on
outward supply. This will not only help in reducing the cost for the developers but owing to this, they
can even pass on the benefit of these credits as a reduction to potential buyers.
1. In the GST system, when all the taxes are integrated, it would make possible the taxation burden to
be split equitably between manufacturing and services. 2. GST will be levied only at the final
destination of consumption based on VAT principle and not at various points (from manufacturing to
retail outlets). This will help in removing economic distortions and bring about development of a
common national market. 3. GST will also help to build a transparent and corruption free tax
administration. 4. Presently, a tax is levied on when a finished product moves out from a factory, which
is paid by the manufacturer, and it is again levied at the retail outlet when sold. 5. GST is backed by the
GSTN, which is a fully integrated tax platform to deal with all aspects of GST.
Model of GST:
Goods and services tax has been divided in 3 parts.
I) GST: Integrated GST which is levied on interstate supplies or services. In such cases, collection of
taxes will be done by central government but the money will be distributed between Central
government and state government.
2) C-GST: Central GST which is levied on intra state supplies or services
In which collection and retention of such taxes is done by central government.
3) S -GST: State GST which is levied on intra state supplies or services in which collection and
retention of such taxes is done by state government.
India has opted for dual model of GST. State GST is to be collected by the State Government; Central
GST is to be collected by the central government and into-grated GST is to be collected by the central
government on inter-State transactions.
Details of model GST:
Different types of Indirect taxes applicable in India:
 OBJECTIVES OF THE STUDY
1) To study Impact and Challenges of GST on various businesses.

2) To study Challenges faced by businesses and Start-ups.

3) To examine how business enterprises were before the implementation of GST.

IMPACT OF G S T ON REAL ESTATE SECTOR

When it involves assembly tax obligations, homebuyers alongside of assets taxes, additionally
need to pay the relevant GST on their assets purchase. Over the previous few years, numerous
modifications had been made to the GST regime directed in the direction of the actual property
sector. Potential traders and homebuyers ought to scrutinize the results of GST on actual
property to make a knowledgeable choice in terms of making an investment on this sector.
The Indian real estate sector was experiencing slow sales, rising costs and stagnant prices since
the great recession of 2008-09 following demonetization. The sector has now been subjected to
another wave in the form of GST. While developers are taking all the necessary precautions and
safeguards to prepare themselves, and on the other hand consumers are waiting for the right
time to sign a deal.
Impact of GST on Buyers:

Under the earlier tax regime, buyers had to pay VAT, Service tax, Registration charges &
Stamp duty on purchase of properties under construction. Also since VAT, Registration
charges & Stamp duty were state levies, prices of properties varied from state to state.
Moreover, developers had to pay various duties like sales tax (CST), custom duty, OCTROI
etc. For which credit was not available. Under GST, a single tax rate of 12% is applicable on
properties under construction while GST is not applicable on completed or ready to sale
properties which was the case in previous law. Hence buyers will benefit from reduction of
prices under GST.

Impact of GST on Developers / Builders / Contractors:

Under the previous tax regime, developers had to bear Excise duty, VAT, Customs duty, Entry
taxes etc. On raw materials / inputs and Service tax on various input services like approval
charges, architect professional fees, labors charges, legal charges etc. ITC was not available
for duties like CST, Customs duty, Entry Tax etc. This would impact the pricing and
subsequently the burden was transferred to the buyer. Under GST, developers’ construction
costs are significantly reduced as multiple taxes are subsumed and due to the availability of
input tax credit. Also, reduction in cost of logistics will be an added benefit. Hence developers
may see improvement in margins. On the downside, developers have to do multiple
calculations to arrive at ITC in order to pass it on to the buyers. Hence, in most cases, they
can pass on the ITC only during the final stages. This lack of transparency on ITC, may affect
the developers since buyers may resort to “wait and watch” approach and defer buying
decision.
Impact on luxury property:
The new GST charge on actual estate permits belongings proprietors to shop extra on their
assets buy than the preceding tax regime. The new GST for luxurious belongings is 5%;
however one cannot declare any enter tax credit score on it.
 Government directs builders not to charge GST on affordable housing:

The government, on February 7, 2018, asked builders not to charge any Goods and Services Tax (GST)
from home buyers, as the effective GST rate on almost all affordable housing projects is eight per cent,
which can be adjusted against the input credit. It said builders can levy GST on buyers of affordable housing
projects, only if they reduce the apartment prices after factoring in the credit claimed on inputs. In its last
meeting on January 18, 2018, the GST Council had extended the concessional rate of 12 per cent GST, for
construction of houses under the Credit- Linked Subsidy Scheme (CLSS) to promote affordable housing,
which has been given infrastructure status in 2017-18 Budgets. The effective GST rate, however, comes
down to eight percent, after deducting one-third of the amount charged for the house/flat, towards land cost.
This provision was effective from January25, 2018.

How are banks affected by the GST?

Construction Industry has two major Game Change one in form of RERA and now GST impact. The old
litigation in work contract and much landmark decision on service tax and vat laws now no more valid. The
construction entity to rework on cost structure by doing post and pre GST impact analysis. They say ‘Change
is the only constant’ but in order to succeed, change is not only constant but it is also inevitable. After many
reforming initiations like “Housing for all” and RERA, the next thing that Real Estate along with all other
sector is looking forward to is the Goods and Services Tax. GST is set to get implemented on 1st July 2017.
There are various goods and services which will have different rates prescribed by GST, which may impact
their cost. A homebuyer henceforth will have to pay 12% GST to purchase a under construction house. If we
look at the current scenario, real estate sector was heavily taxed; therefore 12% single tax structure is
definitely a welcome move. We believe that existing multiple indirect taxes on the sector is higher and tax
impact under GST would be neutral. While the impact of GST on various sectors and goods is now known,
industry experts are still divided over how GST will impact real estate going ahead as clarity on the tax slabs
for services is still awaited. Together with RERA, GST will go a long way in ensuring transparency in the
realty sector and growing buyer confidence. The existing channels include issues of multiple taxation,
amounting to indirect taxes and no uniformity. GST coupled with Real Estate Regulatory Act that has come
into effect on May 1, 2017, would ensure efficiency in the realty sector. GST will free homebuyers and
investors from the hassle of paying several state taxes at different levels, therefore removing the double
taxation impact. Therefore 12% tax rate under GST regime looks favorable to the industry. If we talk about
nitty-gritty’s of the GST for real estate sector, in some cases, even input credit will be more than the GST
levied on the finished product, but a developer can claim a maximum credit to the extent of the GST he
would be paying on the finished product. As per the provisions of GST, it can be expected that GST may lead
to input cost deflation for construction industry as credit of taxes paid on various inputs used in the
construction activities will be available which is not available in current tax regime. GST is also likely to
boost foreign investment and benefit the NRI community for investment in real estate because of a seamless
all-inclusive channel available. The simplification of taxation is probably the most positive aspect of GST
and it will promise well for foreign investments. It will also raise the confidence of the NRI market to invest
in Indian real estate. From the consumer point of view, the major advantage would be in terms of decrease in
the overall tax burden on goods. Currently it is estimated about 25%-30%. GST will help in free transport of
goods without stopping at the state borders for long hours for payments of state tax or entry tax from one
state to another state. This will reduce in paperwork to a great extent as well.
IMPACT OF GST ON START- UPS
POSITIVE IMPACT:
SIMPLER TAXATION: Different taxes in different states were a complex and burdensome process.
Now when all indirect taxes are subsumed into one single tax, tax calculations will become simple
with less paperwork. Start-ups related to software industry will be largely benefited from single rate
of tax since in present scenario VAT, service tax and excise, the entire 3 or at least first two are
applied on software or service.

COMMON REGISTRATION:
Unlike before where they had to registration again and again for different taxes or different
states, Start-ups now have to register only once on GST network and they can do business in
any part of India without any hassle. This will make whole India, a common market for startups
and pave ways for expansion of their business.
Higher threshold limit: Limit of service tax is 10 lakhs while the threshold limit of VAT varies from
5 lakhs to20 lakhs in different states. Start-ups will be eligible for higher threshold limit of 20 lakhs
(10 lakhs in case of North East states). Also start-ups whose annual turnover is less than 50 lakhs can
opt for composition levy at a lower rate.
Reduced logistics cost: GST might prove to be a much needed boon to e-commerce websites.
According to CRISIL report, GST will reduce logistics cost by 20% helping in reducing the cost of e-
commerce start- ups. Reduction in logistics cost will also lead to more business for logistics
companies
Improvement in Logistics efficiency: According to Vijay Shekhar Sharma, Founder Paytm “Due to
complexities of entry tax and other processes, customers from certain states could not order
sometimes from the online shopping destinations.” Seamless movement of goods in a common
market will help start-ups in delivering goods early to customers since state border checks used to
delay the movement of goods from one state to another. Also this will bring down the inventory and
storage cost of
Start-ups.
Transparency and reduced compliance cost: With introduction of GST, the overall compliance
cost is going to be reduced since now there is only one tax and provisions related to act to comply
with. GST network will also ensure transparency in calculation of taxes and input tax credit.
Negative impact:
Not a single rate of taxation: India has opted for dual model of GST due to which we have C-GST
and S-GST for intrastate transactions and I-GST for interstate transactions. Many critics argue that
these three are nothing but the new names for Central excise/service tax, VAT and CST.

Increase in tax rate: Start-ups who are engaged in providing services only presently had to play
service tax only at the rate of 15%. However after the introduction of GST with unexpected rate of
18%, there will be an increase of 3% in tax rate for such start-ups. This is one of major demerits for
India startups since majority of Indian start-ups are engaged in services sector. With introduction of
GST they have to increase prices to compensate such increase in tax since they can’t afford to absorb
more losses.
Exclusion of certain taxes: GST will not be the only indirect tax that a start-up has to pay. Apart
from GST. Start-ups will have to pay custom duty on imports since Custom duty is kept out of
preview of GST. Further electricity, real estate etc. have been excluded from GST which may lead to
a mangled Indian version of GST.
Frequency of filing of return: The model GST guidelines state that e-commerce start-ups will have
to file quarterly as well as monthly returns on GST network. Further they will also have to collect
taxes from sales made on their portal .This will lead to increase in documentation and administrative
cost for such start- ups.
Cross set off of levy is not allowed: In proposed GST, the input credit of C-GST cannot be set off
against S-GST advice versa. While in present system set off of excise duty and service tax is allowed.
Organizations will do everything to get and keep a decent score, seeing the stringent online
smaller scale rules about entering the information as well as about installments. A good
credit score will come at the expense of some significant pitfalls of explicitly conveyed
transmission capacity and assets. Overall, I would like to conclude by stating that the starting
phase of GST will differ according to the varying taxation slabs. In any case, GST will go
about as an impetus to give a boost to the Indian start-ups consequently reinforcing them to
thrive as the GST paves its way to the Indian market slowly and steadily.

NEED AND SIGNIFICANCE OF THE STUDY.

The implementation of gist in India has produced many problems in the Indian economy, the
amendment of taxes is one of the biggest challenge for the government ,which impact not only the
businesses but also the common man, because of gist ,businesses are required to obtain a GST
Identification Number in every state they are registered. Indirect tax enables the government to the
equitable and fairly distribution of goods and services across the country; and mobilization of the
budgeted revenue. Lack of uniformity in the indirect taxes imposed by the different State
Government has created cascading effect on the price of the goods/services. This has resulted
inefficiencies in the production and distribution of goods/services within the domestic market.
Hence, the study of impact of GST on business is a necessary thing. This study helps to find answer
the questions like their knowledge about GST, how it affected their income, their view on indirect
Tax etc.
Though GST promises to be a greatest taxation reforms in the independent India, the multiple rate
slabs can cause few Problems. There may be controversies in category of products and offerings
amongst those slabs. Multiple price slabs also Might cause complexity. Despite those fault lines, it
needs to be favored that India began out reforming its taxation regime.
GST goals to update all indirect taxes levied on items and offerings via way of means of the Indian
Central and State governments. GST might subsume with an unmarried complete tax, bringing all of
it below an unmarried umbrella, doing away with the cascading impact of taxes at the manufacturing
and distribution fees of products and offerings.
Generally, the main aim of GST is to bring about the single tax system which will reduce the
cost of production for the manufacturers, So that it will be a big boost for those producers
who made their products at lower cost and involves in international trade that is exports.
Through GST the authorities gets extra quantity of Tax sales if you want to be utilized for
the offerings to the public. As there is more transparency in the system of GST and since it
is a system of single taxation, the chances of corruption will be very low.
Generally, the Taxes are imposed at various rates among various states in India. So, there is
a huge loss of revenue to the central as well as state government. Through GST a uniform
tax rate is followed all over the country and so that there will no such loss of revenue.
Reduces complexities and will increase extra range of financial transactions.

The GST brings approximately a competitive price. As all the goods are taxed uniformly
throughout the country, the numerous kinds of Indirect taxes will eliminate and which in flip
will lessen the tax burden of the consumers. This will lessen the charges of the goods and will
increase the intake which in flip could be extra useful for the companies.
The Country is stated to have one marketplace economy, as via GST the number of
numerous markets divided by various taxes will be avoided.

NATURE & SCOPE OF THE STUDY.

The study titled ‘IMPACT OF GST ON BUSINESS: has been undertaken to assess the
impact of GST on business, removes cascading effects, simplification of taxes, etc. The
respondents of the study are companies, start-ups, small enterprises, etc. they have gone
through GST implementation process. The main scope of this research is to show , how
gist affects business , business man , their perspective on indirect tax , their incomes, etc. \
Nature .

Multi-stage: GST is a multi-stage tax which is levied at every point of sale of goods or
services. Product before reaching its final consumer passes through many stages. This tax is
levied at each of the stages.

Destination based: It is a tax this is levied at the intake of products and offerings with the aid
of using consumers. If a product is synthetic in Uttar Pradesh and bought in Delhi, then the
GST quantity might be gathered with the aid of using the Delhi authorities however now no
longer the authorities of Uttar Pradesh.
Value Addition: GST is accumulated at cost addition in every processing level at the same
time as production a very last product. There are diverse steps from the acquisition of
uncooked substances until the product is sooner or later prepared for sale. Additional financial
fee is introduced at each degree wherein GST is levied.

Scope:
Easy compliance: GST makes it smooth for taxpayers to compliance with required guidelines
and rules timely. They can avail all offerings regarding GST through on line portal including
registration, tax payment, go back filling, reaction to notices, etc. It has elevated the entire
process.
Removes cascading impact: GST has removed the cascading impact of taxation on items that
existed with inside the preceding tax system. Cascading impact way implying tax on tax which
increases the value of the product. Removal of cascading impact will make items less
expensive for consumers.
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. 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.
RESEARCH PROBLEM:
The satisfaction level of GST among the company is different. But, it means that GST
after five years has not reached the expectation of all government and business. GST had
led to cost reduction throughout the business cycle from manufacturer to retailer and to
the end consumer. The implementation of GST has led to the reduction in the product
prices throughout the business cycle. However, there is a substation in the reduction in
cost of product.

Many problems faced by business due to implementation of GST they are:

1. There is no such clear picture about the GST both to the government and to the
general public.

2. There is no cooperation between the Central government and the state government in
implementing the GST. Even though, if implemented the levy of Tax remains on the part of
the state.

3. The State government generally refuses to accept it. As the states levy taxes on the
Destination principle i.e. (the state in which the product or service is sold or rendered), so in
order to lose the revenue they were avoiding it.

4. The Revenue Neutral Rate (RNR) is the key factor responsible for the effective
implementation of GST. But under GST, we could not say that the revenue remains same as
that of the current system of taxation.

5. Loss of revenue to the state. If we buy any product the VAT @ 14.5% is
included towards it, after the GST regime, there will be no VAT then it results on the
loss of revenue to the state.

6. Even though the government said that they will pay the loss of revenue to the
state government, it will be again imposed on the general people in some other
forms.
It involves massive cost on the training of the staff of the Taxation department.

7. Lack of political support. The Bill must be passed in the Rajya Sabha for its
successful implementation.
8. IT is the backbone of GST which would connect the various stakeholders through the
Virtual platform. So, government must show keen interest on the development of portal for
GST and successfully achieves it.
9. Question in implementing the GST such as whether the small entrepreneurs and small
firms will be helpful through the GST regime? Whether the government and the Public
ready for such a change? Are some of the questions which are highly in confused dilemma?

India is a federal country where Indirect Tax is levied by Federal and State Government.
Value Added Tax is levied by State Governments. Every State has authority to decide the
Tax rate and to control the Tax system as per their convenient. The Taxation power has
been well defined in Indian Constitution. The Constitution (122nd Amendment) Bill that
seeks to usher in a Goods and Services Tax (GST) regime in the country will finally be
taken up for discussion in Parliament. Finance Minister Arun Jaitley has been affirming that
India will implement GST from 1st April 2016. It can
be looked as simplification of Taxes in country and avoiding unnecessary complexities.
India is a federal country which has various Tax regimes and structure, where Tax is levied
by both Governments. After the implementation of GST all the Indirect Taxes will be
subsumed under an umbrella, it will be a milestone in the history of Indirect Tax reform. In
this paper, an attempt has been made to examine the major features of GST. This paper has
also focused on the problems likely to be faced by Central and State Governments. GST is
deemed as one of the steps in making India as a country which has a high income tax
system, comprehensive, efficient, transparent and business-friendly. It is also considered the
world's best tax system based on the implementation of the country which has implemented
the GST.GST has just being applied in India. The government and its crew are still in their
way to spread out the information of GST in order to combat confusion among people.
Sales and contracts are made almost every day and some of these transactions required
people to pay the GST. It is an issue if people are still unaware or confuse with the tax
system of GST and become worst when people ignore and boycott not to pay the tax. GST
is a popular issue that is being discussed by people day to day, it is necessary to know
whether the students are aware of the government’s plan and do they have knowledge on
this issue. Therefore this study makes an attempt to analyze the College Student’s
Awareness and Knowledge on the Implementation of Goods and Services Tax (GST) in
Savakis.
The concept of Goods and Services Tax (GST) is the biggest tax reform in decades
throughout the world in many countries, but India has just started implementing it to meet
its target of rolling out goods & services tax (GST). The research intends to focus on
understanding concept of goods and service tax and its impact on Indian economy.
Accordingly the objectives of this study are:-
• To highlight the needs of Goods and Services Tax in India
• To study the impact of GST on Indian Economy.
RESEARCH QUESTION.

The study focuses on extensive study of secondary data collected from government websites, various
national and international journals and articles, publications, conference papers, government reports,
newspapers, magazines which focused on various aspects of tax structure and GST. Traditionally India's tax
regime relied heavily on indirect taxes. Revenue from indirect taxes was the major source of tax revenue till
tax reforms were undertaken during nineties. The major argument put forth for heavy reliance on indirect
taxes was that the India's majority of population was poor and thus widening base of direct taxes had inherent
limitations. But the Indian system of indirect taxation is characterized by cascading, distorting tax on
production of goods and services which leads to hampering productivity and slower economic Growth
(GST). This paper throws an insight into the Goods and Service Tax concept and its impact on Indian
economy.

1. DO YOU THINK GST RATE IS FAIR IN YOUR PRODUCT?

2. SINGLE TAX SYSTEM REDUCES TRANSPORTATION TIME, DO YOU AGREE WITH
IT?
3. DO YOU THINK COMPETITION HAS INCREASED AFTER GST?
4. DOES THE DIFFERENT RATE OF GST AFFECT MRP OF PRODUCTS?
5. ARE YOU HAPPY WITH CLASSIFICATION OF GOODS IN THE FIVE SLABS OF 0%, 5%,
12%, 18%, and 28%?
6. ARE YOU SATISFIED WITH CURRENT RATE OF GST IN YOUR GOODS?
7. DO YOU THINK GST IS BENEFICIAL TO YOUR BUSINES
8. IS GST AN EXTRA BURDEN TO COMPANIES?
About the company:

In India, where organization is working as a chartered accountant under the rules & regulations
and code of ethics designed for CA firms by ICAI(Institute of Chartered Accountants of India)
which was established by the Chartered Accountants Act, 1949 enacted by the Parliament to
regulate the profession in India. In terms of associate ship and number of students ICAI has
become the largest professional Accounting & Finance body in the world.
R.H Mehta & Co. Is a proprietorship firm established in 1987 in the name of M/S R.H. Mehta
& Co.? The firm provides Accounts Supervision, VAT, Service Tax, Tax Audits, Goods and
Service Tax (GST) and Company Formation work on an assignment or contract basis. The firm
also handles the Audit work of retail shop of Bata India Ltd. At various locations in
Maharashtra, Gujarat, Goa, Madhya Pradesh and Chhattisgarh, Mehta are rated as No.1 on all
India foundation by Bata India Ltd.

Milestone:

The firm R.H .Mehta believes in helping resolve complex issues & identifies opportunities. People
from all background such as arts, business, economics, engineering, finance, & more are
entertained. The overall progress of a firm is account outsourcing; Outsourcing is gaining
popularity as a way to reduce financial and operational risks by making them easier to manage.
Keeping this in mind, the firm provides accounting services to various organizations. Business
organizations can alleviate the burden of staying on top of frequent changes to tax codes and
accounting regulations and provide increased levels of information transparency, visibility of
controls and clarity of accountability by outsourcing of accounting system. The firm also extends
its services towards establishment of organizations & corporation.

The firm also offers advising and counseling services on matters relating to accounting system, tax
procedures, company establishment, and numerous other financial matters. The firm provides
consultancy services in areas of Country Strategic Papers, Restructuring policies and Internal
Control System Development, Mergers/Demergers, Financial Controller, Special Review of
various Infrastructure projects on behalf of commercial banks, GST , ITR, Audits, etc.,

The firm also handles the Audit work of retail shop of Bata India Ltd. At various locations in
Maharashtra, Gujarat, Goa, Madhya Pradesh and Chhattisgarh Mehta are rated as No.1 on all India
foundation by Bata India Ltd.

This all works & achievement achieved by the R.H.mehta firm makes the firm to climb the ladder
of success.
Products of the Organization.

The primary services and products supplied by the corporation are auditing, due diligence,
account outsourcing, report management and consulting offerings that are as follows.

Audit: Auditing is a systematic process of objectively obtaining and evaluating evidence regarding
assertions about economic actions and events to ascertain the degree of correspondence between those
assertions and established criteria and communicating the results to interested users. The various types
of auditing services provided by the organization are Statutory Audit, Due Diligence Audit, Internal
Audit, External Audit, Financial Audit, Forensic Audit etc. The most common types of audit are briefly
explained below:

Financial Audits: In a financial audit, the assertions about which the auditor seeks objective evidence
relate to the reliability and integrity of financial and, occasionally, operating information. This type of
audit usually covers the basic set of financial statements.

Statutory Audit: A legally required review of the accuracy of a company’s or governments

financial records is what termed as Statutory Audit. The purpose of a statutory audit is same as the
purpose of any other audit determine whether an organization is providing a fair and accurate
representation of its financial position by examining information such as bank balances, bookkeeping
records and financial transactions.

Internal Audit: Internal audit is an independent, objective assurance and consulting activity designed
to add value and improve an organization’s governance, risk management and management controls
over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial
and management reporting, and compliance with laws and regulations.

Compliance Audit: A compliance audit determines the extent to which rules, policies, laws covenants,
or governmental regulations are followed by the entity being audited. For example examination
Of tax returns of individuals and companies by the Internal Revenue Department for compliance with
the tax laws.

Account Outsourcing: Outsourcing is gaining popularity as a way to reduce financial and operational
risks by making them easier to manage. Keeping this in mind, the firm provides accounting services to
various organizations. Business organizations can alleviate the burden of staying on top of frequent
Changes to tax codes and accounting regulations and provide increased levels of information
transparency, visibility of controls and clarity of accountability by outsourcing of accounting towards
organizations and corporation. The firm helps in registration in company registrar office as per the
company act 2063, acquiring of certificate of commencement of business, etc.

Tax Management: The firm also helps in tax management for organizations. Organizations can acquire
services like calculation of income tax, management of Value Added Tax (VAT), Tax Deducted at
Source, timely filing, GST filing, GST registration, Revenue Department, etc.
Consultancy and Training: The firm also offers advising and counseling services on matters
relating to accounting system, tax procedures, company establishment, and numerous other financial
matters. The firm provides consultancy services in areas of Country Strategic Papers, Restructuring
policies and Internal Control System Development, Mergers/Demergers, Financial Controller/ Due
Diligence Review/Special Review of various Infrastructure projects on behalf of commercial banks.

Board & Mission

Mission: R.H Mehta exist to provide complete reliable and high quality auditing & consulting
services to individuals , it manufacturing, trading, financial, Governmental, non- governmental,
medical & any other sectors.
Vision: Firm’s vision is to be the premier auditing, accounting, tax and business consulting
firm by every measure that matters values.
Organization structure.
Finance and accounting firms usually provide a number of offerings to their customers from
auditing and tax consulting to funding advisement. An organizational shape is important to
maintain those diverse offerings coordinated. Depending on the dimensions of the firm,
responsibilities can be mixed or in addition divided right into a hierarchy. In any event, a not
unusual place shape consists of associates, managers and partners.
Senior managers are people in the finance or accounting organization which have six or
greater years of experience. They are usually assigned to go up a department in the
organization. For example, the audit supervisor could immediately control the senior friends
with inside the auditing branch and might paintings to direct organization coverage inside that
department.
Important choices on operations and budget are made through senior managers. Companies
which might be lucky to have multiple personnel member of their finance and accounting
departments regularly have an organizational shape in area to streamline management. The
hierarchy with inside the accounting department facilitates to make certain that price range is
controlled successfully and responsibly.
R.H.Mehta firm is situated at Flat No. 101, C-62, Sector 5,Shanti Nagar, Mira Road (East), The
firm has around 20 staff which includes senior managers, CA finalists , article trainees ,four
secretarial staffs , & five MBA candidates .Firm’s organizational structure is more of a
functional organization structure. The two senior partners are in the top most level. The
different senior managers are assigned various functions/services offered to the clients. There is
no such thing like departments and division. The whole organization can be viewed as a single
department and the work processes are done through creation of teams/unit for particular work
and service.
The senior managers create a team comprising of junior associates and Article ships/trainees.
The size and duration of team depends upon the nature of service offered and the requirement
of the clients.
Field work & statistics collection & implementation of regulations via way of means of
adopting adjustments in guidelines and policies are the primary duty of supervisor & trainees.
 Specific details of the department you have worked:
I was inducted as a team member in various auditing, GST works & consulting assignment
where my main job and responsibility includes GSTR-1 registration, because GST is my topic
& my internship project too.
Step – 1
LOGIN AND NAVIGATE TO GSTR-1 PAGE;
1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Login to the GST Portal with valid credentials i.e. your USER ID and PASSWORD
3. Click the Services > Returns > Returns Dashboard command.

4.The File Returns page is displayed. Select the Financial Year & Return Filing
Period (Month) for which you want to file the return from the drop-down list.
5.Click the SEARCH button
 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
up to Rs.1.5 Crores or do you expect your aggregate turnover during the Current Financial Year
to be Up to Rest. 1.5 Crores?”

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:

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

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

Gst -R1 details of outward Supplies of goods or services page is displayed. In first month,
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.

STEP-3:-GENERATE GSTR-1 SUMMARY

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
have been added in the Uploaded by Receiver while filing his GSTR-2.
 3. After the summary generation is initiated, you will notice the message to check after
one minute.

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

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

<30 minutes>.
6. 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.
7. In case you attempt to generate summary, earlier than 10 minutes, you will notice an
error message on top of the page.
 STEP-4:-ENTER DETAILS FOR CURRENT TAX PERIOD, INCLUDING
AMENDMENTS OF PREVIOUS.

1. There are a number of tiles representing Tables to enter relevant details.Click on the
tile names to 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.
9A – Amended invoice.
Amended B2B Invoice: To make amendments to details of outward supplies to a registered
person of earlier tax periods .
Amended B2C (Large) Invoice: To make amendments to taxable outward supplies
to an unregistered person of earlier tax periods.
Amended Exports Invoices: To make amendments to supplies exported.

GSTR-1 – Other Details

v.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
unregistered Customers .

v.ii. 8A, 8B, 8C, 8D – Nil Rated Supplies: Nil Rated Supplies: To add
consolidated details of nil rated, exempted and non-GST Outward supplies
 v.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)

v.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.i. 12 – HSN-wise-summary of outward supplies: To furnish the summarized
details of all outward supplies HSN and rate-wise along with quantitative details.

v.ii. 13 – Documents Issued: To add the details of documents issued during

the tax period.

v.iii. 11A – Amended Tax Liability (Advance Received): Consolidated statement

for amendments of information furnished in earlier tax period.

v.iv. 11B – Amended of Adjustment of Advances: consolidated statement

for amendments of information furnished in earlier tax period.
v.v. 10 – Amended B2C (Others): To make amendments to details of B2C
of Select the respective portal, whichever is applicable, to you and you will be directed to the

page were the entry of invoices has to be made as shown below.

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

Department:
Department is to provide a good working environment for staff and try to make by facilitating
them and arranging some recreational activities for them. Managers know the real worth of its
employees so cares for them and motivate them to work more efficiently and diligently.

There are minimum departments in these firms:

ITR department: In this firm one manager handle’s the ITR department , in his under there
are six employees , one is Article ships trainee , employees handles the works very efficiently ,
they register the ITR of all the business man’s & service employees , etc. .According to tax
provisions
, Filing Income tax returns is obligatory wherein the gross overall profits of a person are extra
than Rs 2,50,000. It is common information that each Indian citizen whose gross overall
profits exceed the taxable restriction in an economic 12 months is required to file his/her
profits tax return (ITR).

GST department: As we know that in this firm, there are two managers, one handles the ITR
department & another manager handles the GST department, in this department, one is article
ship trainee & four employees, two is management student. In this department, employees
handle all the works regarding GST.

A)-GST registration: In the GST Regime, businesses whose turnover exceeds Rs. Forty
lakhs*
(Rs 10 lakhs for NE and hill states) is required to register as an everyday taxable person. This
technique of registration is called GST registration. For certain business, registration under
GST is mandatory.
 B)-GST bills checking: When a registered commercial enterprise trades with an unregistered
one, the tax legal responsibility falls at the registered enterprise. In a few cases, unregistered
agencies Charge GST and do not transfer it to the government so GST registration monitoring
is vital. Make positive their GSTIN is real by checking it at the authority’s website. HR
Department: This department is particularly involved with the recruitment, hiring/firing of the
company and this department affords the well timed reviews on powerful usage of the assets
with the aid of using the company. A cause of the human aid is to hold the educated personnel
and recruit new active team of workers to work.

Tax & 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.
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. Scheme of chapters

SCHEME OF CHAPTERS

1. Chapter One: Introduction

2. Chapter Two: Literature Review
3. Chapter Three: Research Methodology
4. Chapter Four: Data Description and Analysis.
5. Chapter Five: Summary Conclusion
CHAPTER TWO
LITERATURE REVIEWS

About the industry:

Real estate is property consisting of land and the buildings on it, along with its natural
resources such as crops, minerals or water; immovable property of this nature; an interest
vested in this (also) an item of real property, (more generally) buildings or housing in
general.Real estate is different from personal property, which is not permanently attached to
the land, such as vehicles, boats, jewelers, furniture, tools and the rolling stock of a farm.

A start-up or start-up is a company or project undertaken by an entrepreneur to seek, develop,

and validate a scalable business model. While entrepreneurship refers to all new businesses,
including self-employment and businesses that never intend to become registered, start-ups
refer to new businesses that intend to grow large beyond the solo founder. At the beginning,
start-ups face high uncertainty and have high rates of failure, but a minority of them does go
on to be successful and influential. Some start-ups become unicorns; that is privately held
start-ups companies valued at over US$1 billion.

Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs)
are businesses whose personnel numbers fall below certain limits. The abbreviation “SME” is
used by international organizations such as the World Bank, the European Union, the United
Nations and the World Trade Organization (WTO).

In any given national economy, SMEs sometimes outnumber large companies by a wide margin
and also employ many more people. For example, Australian SMEs make up 98% of all
Australian businesses, produce one-third of the total GDP and employ 4.7 million people. In
Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the
self-employed workers alone account for about 28% of the total non-farm employment and
firms with fewer than 100 employees account for about 62% of total employment. The United
States’ SMEs generate half of all U.S. jobs, but only 40% of GDP.

In developing countries, smaller (micro) and informal firms, have a larger share than in
developed countries.SMEs are also said to be responsible for driving innovation and
competition in many sectors. Although they create more new jobs than large firms, SMEs also
suffer the majority of job contraction
Review of opportunities & challenges in the industry:
In new proposed new return mechanism (applicable from April 2019), the taxpayer would be
able to upload the invoices continuously (anytime during the month). Further, such uploaded
invoice shall be continuously visible to the recipient.

Due to this new system, all the buyers are expected to request their respective vendors to
upload invoices immediate basis to enable them check the same online.

This effectively mean that all the GST registered buyers will be required to check whether their
vendors are uploading the invoices (on daily basis!) and whether the said vendors are paying
taxes and filing returns (on monthly basis!).

The buyer can ‘lock’ the invoices uploaded by the supplier. This process will entail that GST
payers will have to continuously monitor and ‘lock’ invoices on real time basis. How a GST
payer, say having more than 1,000 vendors and more than 5,000 invoices per month, will be
able to ‘lock’ thousands of invoices on real time basis, every day, is a big question!

Questions are being raised on this proposed GST return system, as at present, GST payer
cannot even revise GSTR-3B, how will he be able to revise the incorrectly locked invoices?

Also, aforesaid process may send shivers down the spine of large GST payers who have
already experienced sleepless nights due to non-responsive GST network portal Further, given
than GST portal is an interface, if the same is simpler than it’s easier to use/understand.
Further, GST portal should be responsive even in case of heavy traffic to the portal and glitch-
free.

To improve the user interface, simple data validation controls should be placed (along with
pop-ups to enable the GST payer understand the error and how to correct it).

Also, before the new return system goes live, it should be ensured that appropriate testing
should be carried out and GST portal is designed for peak traffic to make it robust / crash-
proof.
The benefit that the small and medium scale enterprises are having are there is only one tax
which has to be paid all over .A sizeable portion of SMEs are of the opinion that GST is not
all good for the sector and their fears may not be totally vacuous. However, reduction in duty.
Threshold is one of the key concerns that have led them to be wary of the GST bill. Under the
existing excise tax, no duty is paid by a manufacturer having a turnover of less than rupees
1.50 cores. But, post GST implementation; the exemption limit will get significantly lowered.
 Literature review:

GST was first introduced by France in 1954 and now it is followed by 140 countries . Most of the countries
followed unified GST while some countries like Brazil , Canada follow a dual GST system where tax
imposed by central and state both. In India also dual system of GST is proposed including CGST and SGST .
ShefaliDani in her research paper on ‘An impact of GST on Indian Economy’, 2016
stated that the proposed GST is a weak attempt to rationalize indirect tax structure. According
to Dani, the Government of India should study the GST regimen set-up by various other
countries and their dropouts before its application. No doubt, GST will make taxation system
easy compared to the previously existing tax system, but during that period, the Government
must make an effort to protect mainly the poor population of the country, which would be
affected due to the enactment of GST.

Rani Jacob in her research paper ‘The Impact of GST on MSMEs’ stated the positive
and negative impacts of GST on MSMEs, the positive were easier to start business,
facilitates expansion of business, lesser tax burden, online compliance procedures.
According to her, the negative impacts were selective tax levying, compliance cost,
technological dependency, monthly financial preparedness.
Mr.Shakdwipee, P (2017) in the research paper titled ‘Measuring Awareness about
Implementation of GST: A survey of small business owners in Rajasthan’ analyzed the
perception of small business owner in Rajasthan about GST and how they managed, and
found out that their main area of focus was computer software availability and handling of the
same.
In an interview by Adi Godrej to business line, published on 24 June 2017, it favor’s GST and
considers GST as a boon for Indian Economy in various aspects. It is also mentioned that once
GST is executed there will not be opportunities to evade taxes and that the rates have been
analyzed in a manner that will add value to the economy. This would mean much less paper
work and thus, automated simplified procedures so there will be less chances of fraud.
FICCI (April 2013) emphasized GST to be a necessary condition for achieving double digit
growth in India, provided all the stakeholders are prepared for the change. Mawuli (2014)
suggested GST to be less than 10% in low income countries to mitigate the adverse effect of
GST. Kumar (2014) highlighted GST’s role in eliminating economic distortions by enabling
the developing a unified national market with a common tax rate. Pinki and Verma (2014)
illustrated that GST would result in a number of benefits for all the stakeholders involved,
consumers, government at the central and state level. The study also highlighted robust IT
infrastructure to be imperative for GST to be implemented successfully. Sahrawi and Dhanda
(2015) concluded GST to result in increased output, employment and economic growth,
owing to greater transparency. Caruso et al. (2016) suggested GST to aid economic
development of India and also lead to an increase in the GDP by more than 2%. Khurana &
Sharma (2016) point to the role of set offs available, as an advantage to the producers and
consumers in the IndianEconomy. Rizwana (2016) found GST to have a positive impact on
the employment and economic stability, thus improving the growth prospects of India. The
prior literature discusses GST as a concept and illustrates its benefits theoretically. The
present study attempts to fill this research gap by examining the impact of GST on the Real
Estate sector in Pre & Post GST regime.
The study also provides a comprehensive view on the GST implementation in this context.

Govinda Rao (2009) “Goods and Service Tax – Some progress towards clarity” the author in
his article express his views on the first empowered committee report of state finance
ministers of Goods and Service tax to be implemented in India. He also explains salient
features, shortcomings of the proposed GST. He suggests that the proposed GST model
should overcome the shortcomings of VAT system. He alsothrowlight on the challenges faced
in the implementation of GST in India. Ehtisham Ahmed and Satya Poddar (2009) studied
“Goods and Service Tax Reforms and Intergovernmental Consideration in India” and found
that GST introduction will provide simple and transparent tax system with increase in output
and productivity of economy in India. But the benefits of GST are critically dependent on
rational designofGST.
● Ehtisham Ahmed and SatyaPoddar (2009) studied , “ Goods and service tax reforms and
intergovernmental consideration in India ” and found that GST introduction will provide
implies and transparent tax system with increase in output and productivity of economy in
India. But the benefits of GST are critically dependent on rational designofGST.
●)(Saira et al, 2010 , Based on the history of the implementation by the other countries
around the world, most of the countries received a positive impact in terms of their revenue,
despite the success of GST implementation the Malaysian citizens still feel uncertain with the
GST, (Sairaetal, 2010). The findings from the study showed that the majority of Malaysians
not convinced with the GSTsystem,
● Dr. R. Vasanthagopal (2011) , Conducted a study on , “ GST in India : A big leap in the
Indirect Taxation System” and concluded that switching to seamless GST from current
complicated indirect tax system in India will be positive step inbecoming Indian economy .
Success of GST will lead to its acceptance by more than 130 countries in world and a new
preferred form of Indirect Tax System in Asia also
. ● According to Torgler (2011) ,tax morale is important to taxpayer awareness. On the other
hand, research by Tekeli (2011) using multiple regression analysis show that tax morale has
insignificant relationship on tax awareness. A Tekeli (2011) conclusion is supported study by
regarding cause and consequences of tax morale.
● Research by Mustapha and Palil (2011) , stated that the influence of compliance behavior
towards individuals’ awareness has been proven in various researches. From the findings of
Razak and Adafula (2013); Santi (2012) they found that taxpayers’ awareness is significantly
associated with tax compliance and this is also supported by study Jatmiko(2006).Big Leap in
the Indirect Taxation System” and concluded that switching to seamless GST from current
complicated indirect tax system in India will be a positive step in booming Indian economy.
Success of GST will lead to its acceptance by more than 130 countries in world and a new
preferred form of indirect tax system in Asia also. Dr. R. Vasantha gopal, (2011)“GST in
India: A Big Leap in the Indirect Taxation System”, found that the positive impacts are
dependent on a neutral and rational design of the GST. Balancing the conflicting interests of
various stakeholders, complete political commitment for a fundamental tax reform with a
constitutional amendment, the method of valuation for levying the tax is to be required.
CHAPTER THREE
RESEARCH METHODOLOGY

Since GST is yet to be introduced, very less research has been in this field. Data has been
collected from various secondary sources. The main source of research was the Draft GST bill
available at Finance ministry’s website along with reports of various firms like PWC and
EY.NASSCOM’s report on startup and CRISIL’sreport on logistics cost has been used for
assessing the impact of GST on startups. Apart from this various newspaper articles and
websites has been considered for this research paper list of which can be found in reference
section. Research is a logical and systematic search for new and useful information on a
particular topic. Research methodology is a systematic way to solve a problem. It is a science
of studying how research is to be carried out. Essentially, the procedures by which researchers
go about their work of describing , explaining and predicting phenomenon are called research
methodology.
Problem Identification.
The present research is exploratory in nature. Since GST is a new phenomenon in India, There
are hardly any studies in this area. Especially there is a huge gap of empirical and Behavior
studies on GST in India. The study tries to find the significance of popular Perception
regarding GST.
Methodology Adopted.
Overall, GST is expected to help bring a lot of required transparency and accountability.
Moreover, owing to the expected free flow of credit, developers should be able to enjoy an
Increase in overall margin. Whether these benefits trickle down to the consumers is yet to be
seen as the pricing in this sector tends to be dictated by market forces rather than costing
policies. Looking from the consumer point of view, the one primary advantage would be in
terms of decrease in the overall tax burden on goods and increased transparency in tax system.
GST will also help in eliminating unnecessary paperwork while eliminating time wastage
spent by good suppliers at various state borders. One thing For sure is, the impact of GST will
be felt albeit after a while.
Data Collection.
Primary Data: Primary data is basically the live data which I collected on field while doing
cold calls with the customers and I show them list of question for which I had required their
Responses.
Secondary Data: Secondary data for the base of the project I collected from intranet and from
internet, Magazines, newspapers etc.
 Data analysis tools &
techniques. Sampling
Techniques
Sampling techniques can be broadly classified in to two types:

➢ Probability Sampling.

➢ Non Probability Sampling.

Tools for analysis.

Bar chart (Bar charts will be used for comparing two or more values that will
Be taken over time or on different conditions, usually on small dataset)
➢ Pie-chart (Circular chart divided in to sectors, illustrating relative
magnitudes or frequencies)

Tools and Techniques.

As no study could be successfully completed without proper tools and techniques, same with my
project. For the better presentation and right explanation I used tools of statistics and computer very
frequently. And I am very thankful to all those tools for helping me a lot. Basic tools which I used
for project from statistics are-

- Bar Charts
- Pie charts
- Tables
Bar charts and pie charts are really useful tools for every research to show the result in a well clear,
ease and simple way. Because I used bar charts and pie cahrtsin project for showing data in a
systematic way, so it need not necessary for any observer to read all the theoretical detail, simple on
seeing the charts anybody could know that what is being said.

Technological Tools
MS-Excel
MS-Access
MS-Word
CHAPTER FOUR.
DATA DESCRIPTION AND ANALYSIS.

Data Analysis.
Q1. How do you get know about GST?
From: Table 1:

Interpretation: Most of the Client knows about GST From Mass Media.
Interpretation: Most of the Client agree about the implementation of GST in India.
Interpretation: From the above diagram it is stated that most of the persons are agreed that the land
acquisition cost has been increased strongly .
Interpretation: Most of the Client think that implementing GST will cause higher price of goods &
services.
Interpretation: 80% user think that all businesses need to be registered under GST.
Interpretation: From the above graph shows that Most of customer says excellent for Using
GST.
Interpretation: 50% customer are Strongly Agree about GST has increased the tax burden on
common man.
SWOT ANALYSIS.

Strength.
1. Collection it will reduce cascading effect of taxes;
2. Compliance cost will reduce;
3. Few numbers of rates;
4. Time saving due to call of Entry, Octroi taxes;
5. Reduction of corruption;
6. Simplification of tax collection and administration;
7. Lower burden of taxes on end consumers; 8. Give edge to the industry on their
foreign competitors;
8. Easy flow of resources across the country;
9. Reduction in inflation;
10. Widening tax base and tax of Central as well as State.

Weakness.
1. Change in Business software.
2.Increase in operating cost of business
3.Policy change during the middle of the year.
4. Disruption to business.
5.Lack of skilled resources and need for re-skilling.
6. This system is very fond of technology, but India is a developing country where people
are not habitual of technology.

Opportunities.
Simpler tax system
1. Reduction in prices of goods and services due to elimination of cascading
2. Uniform prices throughout the country
3. Transparency in taxation system.
 Increase in employment opportunities For Trade/Industry:
(i) Reduction in multiplicity of taxes (ii) Mitigation of cascading/double taxation (iii) More
efficient neutralization of taxes especially for exports (iv) Development of common
national market (v) Simpler tax regime-fewer rates and exemptions.
For Central/State Government:
(1) A unified common national market to boost Foreign Investment and “Make in India”
campaign.
(2) Boost to export/manufacturing activity, generation of more employment, leading to
reduced poverty and increased GDP growth.
(3) Improving the overall investment climate in the country which will benefit the
development of states
(4) Uniform SGST and IGST rates to reduce the incentive for tax evasion
(5) Reduction in compliance costs as no requirement of multiple records keeping.

1. Threats.
1. Inter-States supply of goods and services are considered as import and IGST will be
applied (1%) in addition to custom duties. 2. The Central government promised for
compensation to loss making States for a period of 5 years. The compensation will be as:
100% for first 3 years, 75 % for 4th year and 50% for 5th year. So, it is possible that all States
does not implement it in effective manner to get compensation.
3. GST is not friendly with banking sector. Because the cost of goods become cheaper after
GST and it will promote export. Presently, 14% service tax is being levied on baking
transactions. GST will make these transactions more costly. Over and above, in most of
countries banking sector is excluded from GST.
4. GSTC (Goods and Service Tax Council) will set the benchmark for resolving the dispute
on recommendations of GSTC. It means GSTC will lay down the criteria for GSTC itself. It
is against the principle of natural justice.
5. GST is not a guarantee in itself that it would not be influenced by political parties
and politicians will not use it as a win-loss.
Conclusion.

Under GST regime, the indirect tax for various sectors has been classified into a simplified tax
system. Internet technologies help to reduce manual intervention of tax authorities. The
different rates given by GST council unify tax structure in India. The price depends not only on
tax rat implementation, but, also it is a part of factors affecting the product. This project relive
that business is affected by tax. The GST council and government have to take necessary steps
to educate about GST in the country. The introduction of GST had led to cost reduction
throughout the business cycle from manufacturer to retailer and to the end consumer. The
implementation of GST has led to the reduction in the product prices throughout the business
cycle.
However, there is a substation in the reduction in cost of product. The majority of product is
still categorized in the high market. Companies have complaints that they are facing many
issues in common portal. The effectiveness of GST Sava Kendra set up by government in order
to facilitate business is still questionable. Also, government is better to address many of the
concerns in tax filling, input tax credit, refund mechanism, export and imports. The single tax
system reduces transportation time. But, the use the services of external consultants issued for
various tax matters. The change in GST law urges companies need to change their accounting
system frequently. The technical cost and legal cost in GST are very high and not satisfied with
available required services of GST.So, transition to GST is very difficult. Some common
problem faced by business are increased overhead expense, supply chain structure, excessive
compliances and filling, delays in refund, GST filling, decline in business, refund mechanism
and rise in input cost.
GST is effective in improving the taxation system of country and the government should take
more efforts to training and educate public. Necessary modules should be integrated in the
education sector related to GST. The time taken by GST council to implement decision is not
satisfied. The satisfaction level of GST after two and half years has not reached the
expectation of all Governments, consumers and business. The urgent requirements for
improvement in GST in the interest of the nation as a whole are rationalizing GST rates,
removing excess processes, creating efficiencies and removing debatable aspects. Our rates
should be competitive with global rates so that India becomes a preferred competitive
destination which will give a boost to ‘Make in India’ initiative.
In the year 2000, for the first time the idea of initiating the GST was made by the then BJP
Government under the leadership of Atal Bihari Vajpayee. An empowered Committee was also
formed for that, headed by Asim Das gupta (the then Finance Minister of the West Bengal
Government). The committee was formed to design the Model of the GST and at the same time
inspect the preparation of the IT department for its rollout. In 2011, the previous United
Progressive Alliance (UPA) Government also introduced a Constitution Amendment Bill to
facilitate the introduction of the GST in the Lok Sabha but it was rejected by many States. The
GST is basically an indirect tax that brings most of the taxes imposed on most goods and the
national level. In the present system, taxes are levied separately on Goods and services.
Recommendations from the study.

The GST Network is an emergent tax filing network compared to previous taxation
mechanism. The Portal poses numerous technical glitches for assessment. They are:
1) Supplies to EOU ought to be created on zero rates to facilitate sleek operating of EOU as
well as for domestic provider.
2) It’s usually recommended that maintenance of HSNcode (8 digits) ought to be
synchronized for all assessment. Each supplier should incorporate same digit of HSN code
regardless of their flip over criteria.
3) It is advised to make return filing simple and matching. Concept should be
deferred/suspended till further smoothness of system. Also, validation should be reduced.
The new return planning is to be introduced by April 2020 and is set to be tested and proved.
4) The GSTN problems should be resolved at the earliest to ensure seem less flow of credit
in electronic credit ledger.
5) GST authorities should provide complete clarity on the modality and form required for
filing of refund claim. Also, time line to file forms should be extended to next month
considering form GSTR return filing is also at the same point in time. Also, the due date for
receipt of refund form should be made clear.
6) Software of GST and its networking system ought to be completed at the earliest.
7) Filing of GST return ought to be in easy methodology. So, tax payers will file their
return easy.
8) Mismatching of ITC (input tax credit) and problem faced while filing GST return have to
be reduced.
9) Processes must be reduced so that business can operate efficiently in the best interest of
the people and for economic growth. Filing of returns as per GSTIN is a time consuming
process and everyone would not have even the bandwidth to comply with.
10) Small scale operators should be given relief and reduced processes should be made
applicable to them in particular. Most of the Indian business is a one or two man exercise
and they do not have any resource or finance to follow.
11) The facility to file quarterly returns should be extended to assess with up to 5crore turnover.
 12) Rates should be rationalized and reduced to make India competitive and in interest of
compliance and economic growth. The highest rate should be unbroken at 18 and there should
be only few things that fall in 28th block. Daily use of items such as soaps, movie tickets, and
electrical goods should be taxed at 12%.
13) The GST network and its technological obstacles should be completed on a war
footing basis.
14) Further, there is also no provision to amend GST Return, if some clerical error is
found later. Provision should urgently be made to allow rectification of returns.
15) The matching concept of input credits requires large volume of data of the supplier to be
matched with that of the receiver. This method should be simplified, whereby only broad main
criteria might need matching just like the invoice worth and also the tax amount and matching
of specific, precise wide variety of data should not be required like invoice number and date.
16) It likely leads to litigation and transfer pricing issues. The rules have to
rationalized, simplified and should be made available and fair to all.
17) Small scale providers ought to be given compositional schemes.
18) There is a need to consider anti – profiteering provisions. It may cause unnecessary
business hardships. We have to ensure system is not misused to cause difficulties.

Learning from the study:

GST Act has various features according to the view point of customer. Fair prices of goods and
services, fair prices, not tax on tax, ban on profiteering, right billing, one control system that is GST
council, all these the good environment to the customer and the recipients. Customer knows tax on
every goods and services. It impacts on good and secure feeling in the mind of general society. Every
process of filling the tax gives the confidence and security to traders. According to the all points GST is
the tax on customer, traders and sellers. One tax system gives feeling of national equality.
 Strength & Limitation of the study.
Strength.
1.Collection it will reduce cascading effect of taxes;
2.Compliance cost will reduce ;Few numbers of rates;
3.Time saving due to call of Entry, Octroi taxes;
4.Reduction of corruption;
5.Simplification of tax collection and administration;
6.Lower burden of taxes on end consumers; 8. Give edge to the industry on their
foreign competitors;
7.Easy flow of resources across the country;
8.Reduction in inflation;
9.Widening tax base and tax of Central as well as State.

Limitation of the study.

Every scientific study has certain limitations and the present study is no more exception. These are:
• The sample size was small and cannot be applied to the entire population.
• GST is new launched tax system so some complications are faced by the peoples.
• The sample size is very small compared to the total population of the region.
• The study was conducted with the basic assumption that the information given by the respondent is factual
and represents their true feelings and behavior.
➢ It is very difficult to check the accuracy of the information provided.
➢ Since all the products and services are not widely used by all the customers it is difficult to draw realistic
conclusions based on the survey.
GST is still in maturity phase, so tax reforms can occur from time to time via GST council meetings
regarding finalization of tax rates and even imposition of new rates and even deduction of existing rates
(b) most of the data cited in the paper was speculatively exploratory in nature as
GST is still in maturity phase , so tax reform can occur from time to time via GST council meetings regarding
finalization of tax rates and even imposition of new rates and even deduction of existing rates .

Future scope of the study

After GST implementation, there is emergent requirement of modern technology based infrastructure like
GSTNET for successful monitoring of taxation system as well as the GST council should regularly conduct
meetings for change in tax reflections. These areas can be covered by researchers in future studies.
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Reference
After GST implementation, there is emergent requirement of modern technology based infrastructure like
GSTNET for successful monitoring of taxation system as well as the GST Council should regularly conduct
Meetings for change in tax reflections. These areas can be covered by researchers in future studies.After GST
implementation, there is emergent requirement of modern technology based infrastructure like GSTNET for
successful monitoring of taxation system as well as the GST Council should regularly conduct Meetings for
change in tax reflections. These areas can be covered by researchers in future studies.Future scope of the
research
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