An Internship Report On: Organisational Study With Particular Reference To Poonacha & Co"
An Internship Report On: Organisational Study With Particular Reference To Poonacha & Co"
An Internship Report On: Organisational Study With Particular Reference To Poonacha & Co"
BACHELOR OF COMMERCE
Submitted By
Vennela.N
(Reg. No: U18GH21C0381)
SESHADRIPURAM COLLEGE
Nagappa Street,Bengaluru-560020
EVALUATION OF INTERNSHIP PROJECT
For Submission to Bengaluru City University
Reg. no : Signature :
Signature :
Date : Date :
Evaluation Summary
Project Viva – Voice Total
Marks. Allotted
PRINCIPAL’s CERTIFICATE
PRINCIPAL
Place: BANGALORE
Date:
SESHADRIPURAM EDUCATION TRUST
Seshadripuram College
Nagappa Street Bengaluru-20
Affiliated to Bangalore City University
A++ NACC Accredited Institution
Place: BANGALORE
Date:
SESHADRIPURAM EDUCATION TRUST
Seshadripuram College
Nagappa Street Bengaluru-20
Affiliated to Bangalore City University
A++ NACC Accredited Institution
SUPERVISOR’S CERTIFICATE
Place: BANGALORE
Date:
DECLARATION BY STUDENT
The organizational study was carried out by me, in partial fulfillment for the
successful completion of VI Semester of B.Com of Bengaluru City University.
This report is not submitted to any other university for the award of any Diploma
/ Degree etc.
Place: BANGALORE
Date:
ACKNOWLEGEMENT
This endeavour would not have been possible without the support of
My Parents. My special thanks to them.
I would also like to thank my friends for their encouragement and moral support
throughout the work. Finally, I thank my Family, Lecturer’s and Friends who
have helped me to complete the project report successfully.
Chapter
CHAPTER PAGE NO
No
1 Introduction 1-8
GST, or Goods and Services Tax, is a comprehensive indirect tax that was introduced in India
on July 1, 2017. It replaced a myriad of indirect taxes levied by the central and state
governments, streamlining the tax structure and creating a unified market across the country.
GST is a destination-based tax levied on the consumption of goods and services. It is aimed at
eliminating the cascading effect of taxes, where taxes are levied on taxes, and creating a
common national market. GST is a dual tax structure, meaning it is levied by both the central
and state governments. It has four main components: Central GST (CGST), State GST (SGST),
Integrated GST (IGST), and Union Territory GST (UTGST). CGST and SGST are applicable
for intra-state transactions, while IGST is applicable for inter-state transactions. GST is levied
at multiple stages of the supply chain, from the manufacturer to the consumer. Each entity in
the supply chain is allowed to claim a credit for the GST paid on inputs, thereby reducing the
cascading effect.
The origin and evolution of GST can be traced back to the early 2000s when the idea was first
mooted as a means to simplify India's complex tax structure and create a unified national
market. Here's a brief overview of its origin and evolution, Task Force on Fiscal Responsibility
and Budget Management, In 2003, the government appointed a task force headed by Vijay
Kelkar to recommend fiscal reforms. The Kelkar Committee recommended the introduction of
a Goods and Services Tax (GST) to replace the existing indirect taxes.
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1.3 DEFINITION
Taxmann’s GST Ready Reckoner: Taxmann's GST Ready Reckoner defines GST as "a
comprehensive indirect tax levy on manufacture, sale, and consumption of goods and services
at a national level. Through a system of input tax credit mechanism, GST seeks to mitigate
cascading effect of taxes that currently exist in India."
Dr. V.S. Datey's GST Book: According to Dr. V.S. Datey, a renowned author on taxation
matters, GST is described as "a tax on goods and services, which is levied at each point of sale
or provision of service, in which at the time of sale of goods or providing the services, the seller
or service provider can claim the input tax credit of tax paid at the time of his purchase of goods
or inputs."
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Different forms of GST collected by the government are:
State GST (SGST): It is collected by State Government.
Central GST (CGST): It is collected by Central Government.
Integrated GST (IGST): It is collected by Central Government for inter-state
transactions and imports.
Union Territory GST (UTGST): It is collected by Union Territory Government
Regular Businesses.
Businesses registered under the Composition Scheme.
Other types of business owners and dealers.
Amendments.
Auto-drafted Returns.
Tax Notice.
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Comprehensive Taxation: GST covers both goods and services, streamlining the tax
structure by replacing multiple indirect taxes levied by the central and state governments.
Multi-Stage Taxation: GST is levied at multiple stages of the supply chain, from the
manufacturer to the consumer. It is designed to tax the value added at each stage of production
or distribution.
Input Tax Credit: One of the key features of GST is the input tax credit mechanism, which
allows businesses to claim credit for the GST paid on their purchases. This helps prevent the
cascading effect of taxes and ensures that tax is levied only on the value addition at each stage
of the supply chain.
Unified Market: GST aims to create a unified national market by removing tax barriers
between states and harmonizing indirect taxation across the country. This promotes ease of
doing business and facilitates interstate trade.
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To increase the taxpayer base
GST has helped in widening the tax base in India. Previously, each of the tax laws had a
different threshold limit for registration based on turnover. As GST is a consolidated tax levied
on both goods and services both, it has increased tax-registered businesses. Besides, the stricter
laws surrounding input tax credits have helped bring certain unorganised sectors under the tax
net. For example, the construction industry in India.
GSTR-3B: A summary return that includes details of both outward and inward supplies, along
with the payment of taxes.
GSTR-4: Designed for taxpayers under the Composition Scheme, it provides a summary of
their turnover and tax liability.
GSTR-5A: Filed by online information and database access or retrieval (OIDAR) service
providers.
GSTR-6: For Input Service Distributors to report the distribution of input tax credit (ITC)
among their units.
GSTR-7: For taxpayers required to deduct Tax Deducted at Source (TDS) under GST.
GSTR-8: Filed by e-commerce operators to report supplies made through their platform.
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GSTR-10: A final return filed when a taxpayer’s GST registration is canceled or surrendered
GSTR-11: Filed by persons having Unique Identity Number (UIN) to claim a refund of taxes
paid on their purchases.
CMP-08: A quarterly return for taxpayers under the Composition Scheme to report their tax
liability.
ITC-04: Filed by taxpayers who are manufacturers to report the details of goods sent to a job
worker and received back.
Claiming input tax credit: The input tax credit is a powerful tool in the GST system
that helps businesses reduce their tax liability, improved cash flow, and avoid double
taxation. By understanding and utilizing ITC effectively, businesses can significantly
reduce their costs and boost profitability.
Avoid levy of interest: Every GST register taxpayer need to file GST Returns,
irrespective of its tax liability. This means that the returns file even if there is no
transaction. If the returns not file on time, then interest @18% p.a., on the amount of
outstanding tax can be charged. In addition, the late fees period will calculate from the
date of deadline to the date of actual payment.
Avoid late fees: As per the GST Act, late fees of Rs. 100 per day up to a maximum
amount of Rs. 5,000 shall charge for delaying in filing of Returns. Furthermore, this
late fees will not adjust against Input Tax Credit and this fees has to be deposited in
cash.
Avoid GST Cancellation: As per the GST Act, the GST Officer is given power to the
registered GST taxpayer if the user delays in filing of GST Returns for a continuous
period of 6 months. Therefore, it is always to file all the GST Returns on time.
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Avoid notice of defaults: The GST department keeps a track on the GST taxpayers
through their GST Returns. If there is any irregularity in filing of returns, then the user
may get a notice from the GST department.
Accountability: Under the GST regime, now all the taxes are paid online and there is
not any major hassles of tax filling GST Returns. In addition, by paying these returns
on time shows the accountability of the user.
Companies with a yearly turnover of more than Rs. 40 Lakhs (for goods) and Rs.20 lakhs (for
services) are required to register for GST and pay taxes on their taxable goods and services.
Businesses with a yearly turnover of less than Rs. 40 Lakhs are not required to register for
GST, but can choose to register for GST voluntarily. This is beneficial for businesses as it
enables them to avail of input tax credit and other benefits.
It should be noted that the minimum GST registration turnover limit in India is different for
some special category states. The special category states have a minimum threshold limit for
GST registration of Rs. 20 Lakhs (for the supply of goods) and Rs. 10 lakhs (for the supply of
services). These special category states include Arunachal Pradesh, Manipur, Meghalaya,
Mizoram, Nagaland, Tripura, and Sikkim.
The GST Council has also recommended that all businesses with a turnover of more than Rs.
40 Lakhs should register for GST, irrespective of their state of registration.
The minimum GST registration turnover limit in India in 2023 is likely to remain the same, i.e.
Rs. 40 Lakhs. This is expected to provide some relief to small businesses and enable them to
avail of the benefits of GST. It is also likely to enable the government to collect taxes from all
businesses, irrespective of their size.
If GST returns are not filed within the specified time limits, you will be liable to pay interest
and a late fee. Interest is charged at 18% per annum. It has to be calculated by the taxpayer on
the amount of outstanding tax to be paid. The time period will be from the next day of filing to
the date of payment. Late fees are charged at Rs.100 per day per Act. Hence, it will be Rs.100
under CGST and Rs.100 under SGST. The total will be Rs.200 per day, subject to a maximum
of Rs.5, 000. Please note that from the month of/quarter ended June 2021, the maximum
amount of late fees has been revised as below.
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Taxpayer category Late fee
capped at
^
Taxpayers should note that an equal penalty will apply under SGST. There are no late fees
under IGST.
There are prescribed formats for each of the above GST returns. These forms need to be
filed on the GST portal. However, they may seem complex and difficult to understand
by many taxpayers. Do not worry, you can also file your returns very easily using the
Clear Tax GST software.
However, for small taxpayers, there is an option to choose the composition scheme under GST,
if their annual aggregate turnover is up to Rs.1.5 crore for manufacturers/dealers and Rs.50
lakh for pure service providers. They can file a quarterly statement-cum-challan and pay taxes
quarterly.
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CHAPTER – 02
COMPANY PROFILE
OVERVIEW OF THE ORGANISATION
Address
No.20, Old No.34, 1st Cross, Sampige RD, Malleshwaram Bengaluru, Karnataka -560003.
Business Volume
It Is A Proprietorship Firm And It Is Involved In Professional Activities Like GST Returns
And Income Tax Filing Of More Than 200 Clients.
Nature Of Organisation
It Is A Chartered Accountant Firm That Will Be Doing Filing Of GST, Income Tax Returns
Of Companies, Banks, LLP, Partnership Firms, Trusts, Societies And Individuals.
Main Office
No.20, Old No.34, 1st Cross, Sampige RD, Malleshwaram Bengaluru, Karnataka -560003.
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2.3 ORGANISATION STRUCTURE
PROPRIETOR
ARTICLE
PAID ASSISTANT
PROPRIETOR
MANAGER
ARTICLE TRAINESS
PAID
ASSISTANTS
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2.5 SERVICE OFFERED BY THE FIRM
Financial Services
Goods & Service Tax Compliance
Taxation
Auditing
Company Formation
Corporate Law Advisory Services
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2.9 SWOC ANALYSIS
Strength
1. Wide range of services
2. Customer-focused approach
3. Huge area of expertise
4. Quick assistance
Weakness
Opportunity
1. Growth prospects
2. Adapting to newer technology-based applications
3. Demand for professionals
4. Quality service to attract more clients
Challenge
1. Government policies (demonetization and GST reforms)
2. Strong competitors
3. Bigger firm having more capital, technology and intel
4. No digital platform
Tally Prime GST Software simplifies GST compliance by automating the process of generating
GST returns, including GSTR-1, GSTR-3B, and more. It ensures accurate and timely filing of
GST returns, helping businesses stay compliant with the latest GST regulations.
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CHAPTER- 3
WORK DESCRIPTION
For those taxpayers who are not registered, you need to register to get the GSTIN number. It is
a 15-digit number that is generated based on your state code of operation and PAN.
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Step 2: Log in to the GST portal
You must log in to the GST portal (https://www.gst.gov.in/) using your username and password
and then click on the tab called ‘Services’.
You will see an option called the ‘Returns dashboard’. Click on that. You will be asked to
choose a financial year for which you are filing the GST return. Choose the appropriate one
from the drop-down menu provided.
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Step 4: Prepare online
You must then select the return you wish to file. You will be given options of how you wish to
file. For the online GST return process, click on the ‘Prepared ‘
You will need to enter all the details correctly in the fields provided. Note that if you have any
pending late fees, you must fill in the details of that as well when you are filing your GST
returns. Next, you need to save the form and then submit it.
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Step 6: Check submission status
When the GST return form has been submitted, you need to ensure the status of the GST return
has been changed to ‘Submitted’.
When the status shows the return has been submitted, then you need to click on ‘Payment of
Tax.’ You will see a ‘Check Balance’ option which you need to click. The balance shown will
reveal the credit and cash balance.
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Step 8: Offset liability
You must click on the option that says ‘Offset Liability’ to make the GST payment online in a
few minutes. You need to then check the relevant boxes for declaration purposes. Then click
on ‘File Form with DSC’/’File Form with EVC’ and then make the payment. There are
numerous GST return forms available and filling each can have additional steps or even lesser
steps than the general steps outlined above.
The details of how to fill in the details can be found on the official GST website. Before you
fill out any GST form, you should keep all the information and details close by. Using a
software solution such as Tally Prime is advised to ensure no errors are made during filing the
return process.
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Details Of Outward Supplies of goods or service
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CHAPTER -4
LEARNING OUTCOMES,
1. Understanding of the Goods and Services Tax (GST) framework and its application in India.
2. Familiarity with the different types of GST returns and their due dates.
3. Knowledge of the information required to be submitted in each GST return, including the
format and contents.
4. Understanding of the GST return filing process, including the steps involved in filing and
the documents required.
5. Familiarity with the penalties and consequences for non-compliance with GST return filing
requirements.
SKILLS OUTCOMES:
1. Ability to identify and extract relevant information from financial records and other
documents required for GST returns filing.
2. Skill in preparing and submitting accurate and complete GST returns, including identifying
errors and correcting them.
3. Ability to maintain accurate and up-to-date records of GST transactions and returns filed.
4. Skill in identifying and addressing potential issues and discrepancies in GST returns,
including errors and omissions.
5. Ability to communicate effectively with tax authorities, clients, and other stakeholders
regarding GST returns filing.
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ATTITUDE OUTCOMES:
1. A commitment to compliance with GST laws and regulations, including timely filing of GST
returns.
2. A willingness to learn and adapt to changes in GST laws and regulations, including updates
to GST returns formats and due dates.
3. A positive attitude towards accuracy and attention to detail in GST returns filing, recognizing
the importance of compliance in maintaining a good business reputation.
BEHAVIORAL OUTCOMES:
1. Compliance with GST laws and regulations, including timely filing of GST returns.
2. Regular review and update of financial records and other documents required for GST
returns filing.
3. Accurate and complete preparation of GST returns, including identification of errors and
omissions.
4. Proactive communication with tax authorities, clients, and other stakeholders regarding GST
returns filing.
5. Continuous monitoring and evaluation of GST returns filing processes to identify areas for
improvement.
These learning outcomes can be used as a guide for developing a comprehensive training
program for GST returns filing, covering both theoretical knowledge and practical skills.
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CHAPTER -5
5.1 SUGGESTIONS
1. Verify your GST registration details: Ensure that your GST registration details are accurate
and up-to-date.
2. Gather all necessary documents: Collect all relevant documents, including invoices, bills,
and other financial records.
3. Check for errors and omissions: Review your documents carefully to identify any errors or
omissions.
4. Update your accounting records: Ensure that your accounting records are accurate and up-
to-date.
5. Check for any pending refunds or dues: Verify if there are any pending refunds or dues that
need to be settled.
DURING FILING:
1. Use a GST return filing software: Consider using a GST return filing software to simplify
the filing process.
2. Follow the correct format: Ensure that you follow the correct format for filling out the GST
returns.
3. Provide accurate and complete information: Ensure that you provide accurate and complete
information in the GST returns.
4. Submit returns on time: Submit your GST returns on time to avoid late filing fees and
penalties.
5. Check for errors and corrections: Review your returns carefully to identify any errors and
make corrections as needed.
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AFTER FILING:
1. Verify your returns have been accepted: Verify that your GST returns have been accepted
by the authorities.
2. Check for any notices or queries: Check for any notices or queries from the authorities
regarding your GST returns.
3. Maintain accurate records: Maintain accurate records of your GST returns and transactions.
4. Review and update your records regularly: Regularly review and update your records to
ensure accuracy and compliance.
ADDITIONAL TIPS:
1. Filing multiple returns at once: Consider filing multiple returns at once to reduce the
workload and avoid errors.
2. Use a GST return filing service: Consider using a GST return filing service to simplify the
filing process and reduce errors.
3. Keep a record of communications: Keep a record of all communications with the authorities
regarding your GST returns.
4. Stay up-to-date with changes in GST laws and regulations: Stay up-to-date with changes in
GST laws and regulations to ensure compliance and avoid penalties.
5. Seek professional help if needed: If you are unsure about any aspect of the GST returns filing
process, seek professional help from a tax consultant or accountant.
By following these suggestions, you can ensure accurate and timely filing of your GST returns,
reducing the risk of errors, penalties, and fines.
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5.2 CONCLUSION
Mr. Poonacha & Co is a professional chartered accountant with more than 5 years of hands-on
experience, is the sole proprietor of Poonachand &Co. Since its inception in 2015, this CA firm
has audited numerous clients. It operates within a small, eleven-member hierarchical
organizational structure.
The internship at Poonachand &Co is an excellent program that I would recommend to other
friends. It aids in the development of my knowledge, abilities, and skills. Not only did I gain
experience, but I also made new friends and learned new things, so it was a good in Poonachand
&Co is a good firm for an internship due to the numerous advantages it offers to its trainees. I
am grateful to my supervisor and the staff in my department. They also gave me advice
whenever I needed it and helped me deal with some of my weaknesses. I believe that the
internship's 4 Weeks was not long enough for me to learn more about the jobs in depth.
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PHOTO GALLERY