Amit Synopsisi.docx

“ THE VALUATION UNDER GST” WITH CA YOGESH BHAGAT AND COMPANY

SAVITRIBAI PHULE PUNE UNIVERSITY UNDER THE FACULTY OF COMMERCE, PROJECT REPORT FOR: M.COM (PG) SUBJECT :“ THE VALUATION UNDER GST” WITH CA YOGESH BHAGAT AND COMPANY STUDY BOARD:BUSINESS ADMINISTRATION RESEARCHER : AMIT MADHUKAR SALUNKE ROLL NO: 5712 GUIDENCE FROM : CA. YOGESH PADURANG BHAGAT (C.A, M.COM) RESEARCH CENTRE:DEPARTMENT OF COMMERCE & POST GRADUATE RESEARCH CENTRE, B.J.S COLLEGE OF ARTS, COMMERCE & SCIENCE WAGHOLI, PUNE 412207. YEAR-2018-19 1

SR.NO

CONTENTS

1.1

Introduction

1.2

Company Profile 2

1.2

Statement of Problem

1.3

Significance of Study

1.4

Objectives of the Study

1.5

Statement Of the Hypotheses

1.6

Limitations of the Study

1.7

Classification of the Research Element

1.8

Sample Selection Method

1.9

Sources of Information Collection:A. Primary Data:-

B. Secondary Data 1.10

Structure of the Study A. Bibliography B. Guide/ Researcher

PAGE

1.1: Introduction:GST:The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. 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 would also 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.

 GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The proposed

tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of: 

Central GST (CGST) which will be levied by Centre



State GST (SGST) Which will be levied by State



Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.

Company Profile : Introduction Firm of CA:-

Accountancy firm is well recognized firm in the area where it is located in the Pune city. It was started for businessman, trading

concern

individual.

Now

the

firm

is

rendering

comprehensive professional services in the areas of tax consultancy. It focuses on professional practice providing high quality services and integrating value added knowledge. Historical Background of Organization:“YOGESH BHAGAT AND COMPANY” chartered accountants was established in April 2012 under the registration no. - 133270w.

1.3:- Significance of the Study:1. Change of taxation from production to consumption: This will lead to reduce in revenue of production states. Central government promised to cover this revenue reduction. 2. Elimination of Cascading of taxes: as all taxes will be covered within GST, there will be no Cascading of taxes. There will be a reduction in end consumption cost. 3. Interlocking of taxation all along the supply chain: This will enhance tax compliance. There will be a reduction in corruption with tax inspectors etc. 4. Single indirect tax window: Almost all indirect taxes are subsumed exempting few like custom duty etc. Until now five rates have been proposed. zero rate for essential commodities ,5% for cosmetics of daily use like soaps, shampoos, 12%, standard 18% and 28%for single goods 1.4 Objectives of the Study: To study of GST and how to calculate GST .  To find out the benefits an assessee.  To study the responsibilities of GST process.  To understand the process of GST Registration.  To detailed study of GST In India

1.5 Hypotheses of Study:There is no association between socio-economic profile of the respondents such as age, gender, studied course, education status, occupational status and level of knowledge of the students on issue of GST

1.6 Limitations of the Study:1. The research work is limited to RMC company in pune. 2. The information collected by the researcher is only subject to limited Period, changes may occur from time to time. 3. The research data fully not accurate given by the company.

1.7 Classification of the Research Element:Components of GST :There are 3 taxes applicable under GST: CGST, SGST & IGST. 1)

CGST: Collected by the Central Government on an intrastate sale (Eg: Within Maharashtra)

2)

SGST: Collected by the State Government on an intrastate sale (Eg: Within Mahaashtra)

3)

IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu) In most cases, the tax structure under the new regime will be as follows:

Transacti New Old Regime on Regim e Sale within the State

CGST VAT + Central Revenue will be shared equally + Excise/Service between the Centre and the State SGST tax

Sale to another State

IGST

Central Sales Tax + Excise/Service Tax

There will only be one type of tax (central) in case of inter-state sales. The Center will then share the IGST revenue based on the destination of goods.

1.8 Sample Selection Method:-

Research Type

: Descriptive Research

Sampling Unit

: Suyesh RMC

Sampling Size

: Sale & Purchase details

Geographical Boundaries

: Pune Region

Research Instrument

: Party Sale & Purchase data, Tally Data , GST Books

1.9 Sources of Information Collection:I. Primary Sources Primary source are original source from which the researcher directly collects data that has not been previously collected. The primary data are first-hand information collected through various methods such as observation, interviewing, mailing etc

1. Discussion : The required primary data was acquired through the method of Chartered Accountant discussion. This method is helpful to get lot of information about. a. The history of GST b. The GST services by Chartered Accountant c. Other GST information d. How to GST calculation e. How to GST return filling Process.

II. Secondary Sources : The secondary data is one which is already collected by someone for some purpose. Which data is collected from profit and loss, balance sheet annual report of companies? The secondary data is under the internal sources of the data collection are sales and purchase record distribution report. Secondary data is collected through following sources. 2. Published Sources :

• Official website: Information relating to GST history and company gathered from official web portal.

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1.10 Structure of the Study: Descriptive studies, as their name implies to describe something for example, the characteristics of users of a given products; degree of to which product use varies with income.age,sex.or other characteristics; or the number who saw a specific television commercial. In this project we are using descriptive research method because we are studding GST process of Suyash RMC by Yogesh Bhagat & Company. We are using the Tally Backup, Sale & Purchase Invoice , Bank Statement, & official website to gathering the information about GST procedure of Suyash RMC and New Khadki Medico by Yogesh Bhagat & Company. This report in the type of secondary descriptive data.

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1.10 Structure of the Research Report:Chapter 1st : Introduction 1.1: G S T 1.2 : Launch 1.3: Definitions Chapter 2nd : COMPANY PROFILE 2.1 : Introduction 2.2 : Goals, Vision and Mission 2.3 : Services Chapter 3rd : OBJECTIVE & SCOPE

3.1 : Objective of Study 3.2 : Scope of Study Chapter 4th

: Therotical Background

4.1 : Benefits of GST 4.2 : Components of GST 4.3 : Tax Laws before GST 4.4 : GST Rate

Chapter 5th : RESEARCH METHODOLOGY 5.1 : Introduction 5.2 : Definitions 5.3 : Types of Data Collection Chapter 6th :

DATA ANALYSIS & INTERPRETATION:

6.1 : CALCULATOIN OF GST 6.2 : Difference between VAT and GST

Chapter 7th : FINDINGS :

Chapter 8th : SUGGESTION AND RECOMMENDATION: . Chapter 9th : LIMITATIONS:

9.1 : Limitations of the study :-

Chapter 10th : CONCLUSION : 10. 1 : CONCLUSIONS :10.2 : BIBLOGRAPHY :-

Bibliography:A) Books and articles: 1. UPPAL R.K., (2017), E-BANKING CHALLENGES & OPPORTUNITIES, NEW CENTURY PUBLICATION. 2. NAGPAL AMITABH, (2008), PRINCIPLES & PRACTICE OF E-BANKING, MACMILLAN EDU PUBLICATION. B) Websites: www.onlinesbi.com www.ebankingscenario.com www.ebanking.com

GUIDE/ RESEARCHER: RESEARCHER: AMOL SUBHASH TULJAPURE

GUIDE: PROF. SHAIKH SHAYIN YASIN ROLL NO: 5806 M.A, M.PHIL (ECO)