GST
GST
GST
PROJECT REPORT
ON
FOR
ACCURATE CONSULTANCY
SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY
IN PARTIAL FULLFILMENT OF TWO YEARS FULL TIME
MASTERS DEGREE IN BUSINESS ADMINISTRATION (MBA)
SUBMITTED BY
RANJIT JAWALKAR
(BATCH – 2021-23)
GUIDED BY
PROF._______________
JSPM’s
JAYAWANTRAO SAWANT COLLEGE OF ENGINEERING
MBA DEPARTMENT
HADAPSAR, PUNE- 411028
COLLEGE CERTIFICATE:
COMPANY CERTIFICATE:
ACKNOWLEDGEMENT
I sincerely acknowledge him/her for extending his/her valuable guidance, support for
literature, critical reviews of projects & researches and above all the moral support he/she
provided to me at all stages of this project.
(Signature of Student)
Ranjit Jawalkar
MBA (Batch 2021-2023)
DECLARATION
I, Ranjit Jawalkar, studying in the second year of Master of Business Administration
(MBA) at Jayawantrao Sawant College of Engineering (MBA Department), Hadapsar,
Pune, hereby declare that I have completed the Summer Internship Project titled “Impact
Of Gst On Accurate Consultancy” as a part of the course requirements for Master of
Business Administration (MBA) Program.
I also declare that the work undertaken by me is original and has not been copied from any
other source. I further declare that the information presented in this project is true and
original and has not been submitted to JSCOE or any other Institute for any other
examination, before this. It is based on the original research work and will be used only for
the academic purpose. It will not be produced in any condition as a source of information to
an industry.
Date: Signature
Place: Ranjit Jawalkar
MBA (Batch 2021-
2023)
EXECUTIVE SUMMARY:
Chapter 1:
Chapter 1 is about Introduction on GST.
Chapter 2:
Chapter 2 is about Research objectives & Scope of the study.
Chapter 3:
Chapter 3 included sector profile , company profile & product profile.
Chapter 4:
In this research project chapter 4 contains information about the review of literature. This
chapter is various past research of well-known researchers is included which gives and
frame work for project report.
Chapter 5:
Chapter 5 is about Research Methodology includes, Source of data collection, Research
design, Sample size, Sampling techniques & etc.
Chapter 6:
This chapter is all about Data Analysis and Interpretation.
Chapter 7, 8 & 9:
The Findings, Suggestions and Limitation of the study are presented in chapter 7, 8 & 9.
The GST is also known as the Goods and Services Tax is done to furnish a much crucial
incentive to economic development in India by revamping the prevailing indirect tax basis
into the unrestricted ebb or flow of goods and assistance in the country’s economy and
eliminating the tax-on-tax knock-on impact.
GST furthermore comprehended as Goods and Services Tax, is interpreted as an enormous
erratic tax configuration constructed to benefit and facilitate the economic development of a
nation. To date, over 150 nations have executed GST. Nonetheless, the notion of GST in
India was recommended by the Vajpayee regime in 2000 and a similar constitutional
modification was approved by Lok Sabha on May 6, 2015, but has not been endorsed by
Rajya Sabha. Regardless, there are tremendous voices against its enactment.
GST can be explained as a kind of tax that can be applied throughout India. It has impacted
the Indian economy in a lot of ways. Firstly, it can be said that GST helped in the economic
development of the country. It helped in decreasing the charges for services and goods. To
understand the impact of GST on the Indian economy it can be said that GST can be useful
for enhancing the FDI’s flow. In the long run, GST can help increase the revenue of the
Government. The ease with which businesses are done in India can also be facilitated
through GST. Further, GST may also help create more opportunities in terms of
employment. Apart from all these points, with the help of GST, a sort of transparency can
be found in the whole system such that the buyers would know about the taxes that they are
paying and what is the basis for these taxes.
It may be said that with the help of GST, facilitation of economic growth is expected in
India. The positive impact of GST on the Indian economy can be by creating a system of
transparency in the sales process. Further, ease in doing businesses can be there since with
the help of GST the requirement for paying various diverse taxes in diverse states. Thus,
with this, the positive impact of GST can be understood. On the other hand, the negative
impact of GST can be such that certain sectors may be at loss because of the increased price
of their commodities.
GST is levied on every stage of manufacturing and sales of goods and services across India.
This tax is levied when the goods or services are consumed. There are three subcategories to
GST-
CGST (Central Goods and Services Tax) is collected by the Central Government on
interstate sale of goods and services.
SGST (State Goods and Services Tax) is collected by the State Government on intrastate
sales.
IGST (Integrated Goods and Services Tax) is collected when a supply of products and
services is supplied from one state to another. The taxes collected are shared both by the
Central and State Government.
With this brief idea, let's go through the impacts of GST on the Indian economy -
With GST, the taxation system of our country has become simpler. It is a single tax,
ensuring easier calculation. With this tax, the buyer gets a clear idea of the amount paid as
tax when purchasing certain products. This is crucial when considering GST and its impact
on the GDP.
Another effect of GST on the Indian economy has been the reduction in the total taxable
amount. This saved fund can again be invested back into the production cycle to foster
production.
Based on the size of your organization, the amount of GST depends on your firm's annual
turnover, provided you have been registered under the Composition Scheme introduced by
GST. Enterprises with a yearly turnover of 50 lakhs have to pay 6% GST whereas
enterprises with 1.5 crores worth of turnover have to pay 1% GST.
4. Increased volume of export
When considering GST and its impact on the Indian economy, customs duty on exporting
goods has reduced. So now production units save money while producing goods and also
while shipping them. This two-way savings has lured many production units to export their
goods, increasing the export quantity.
With a unified taxation system, transporting goods around India has now become easy,
boosting operations throughout the country.
With GST, taxes of the State and Central Government have been merged. This has removed
the cascading effect of taxes, reducing the burden on the buyer and the seller. So even if it
may look like one big chunk of tax to be paid, you pay lesser hidden taxes.
The e-commerce sector in India has been growing by leaps and bounds. In many ways, GST
will help the e-com sector’s continued growth but the long-term effects will be particularly
interesting because the GST law specifically proposes a Tax Collection at
Source(TCS) mechanism, which e-com companies are not too happy with. The current rate
of TCS is at 1%.
Chapter 2
OBJECTIVES & SCOPE OF THE PROJECT:
Secondary Data:
Secondary data for the base of the project I collected from intranet and from internet,
magazines, newspapers etc.
Technological Tools
Ms-Excel
Ms-Access
Ms-Word
Chapter 6
DATA ANALYSIS & INTERPRETATION
Other Friend/Family
Online source
Mass Media
Interpretation:
Most of the Client knows about GST From Mass Media.
Q2. Gender
Male
Interpretation:
70% of them are male. 30% of them are female.
Q3. Education ?
SSC
Post-graduate HSC
Graduate
Interpretation:
From the above diagram it is stated that most of the dealer are literate.
Q4 . Professional status ?
Option No. of Respondents Percentage
Student 35 35%
Working Professionals 64 64%
Unemployed 1 1%
Total 100 100%
Unemployed
Student
Working Profes-
sionals
Interpretation:
From the above diagram it is stated that most of the persons who have answered were the
constructor.
Less than 5
15-Oct
10-May
Interpretation:
From the above diagram it is stated that most of the constructor where having less than 5
year of experience and only 17 are been having more than 15 year of experience.
30,000-50,000
10,000-30,000
Interpretation:
From the above diagram it is stated that most of the persons who have answered were the
constructor and the most of the constructor were earning 10k-30k per month .
No
Yes
Interpretation:
Most of the Client agree about the implementation of GST in India.
Strongly Disagree
Neutral
Agree
Interpretation:
From the above diagram it is stated that most of the persons are agreed that the land
acquisition cost has been increased strongly .
Q9. Do you think implementing GST will cause higher price of goods &services?
No
Yes
Interpretation:
Most of the Client think that implementing GST will cause higher price of goods &
services.
No
Yes
Interpretation:
80% user think that all businesses need to be registered under GST.
Strongly Disagree
Disagree
Neutral
Strongly Agree
Agree
Interpretation:
Most of the constructor were agreed that there is increase in bank loan interest.
Strongly Disagree
Disagree
Strongly Agree
Neutral
Agree
Interpretation:
Most of the constructor were agreed that there is improved in the access of bank loan
interest.
Q13. Which system do you think is more beneficial to both Government and people?
Interpretation:
65% user think that Goods & Service Tax is more beneficial to both Government and
people.
Strongly Agree
Disagree
Neutral
Agree
Interpretation:
40% of the constructor are strongly agreed that there is increase in construction cost due to
GST.
No
Yes
Interpretation:
75% user think INIDA is ready for implementing GST system.
Q16. How was your experience using GST?
Poor
Excellent Satisfactory
Good
Interpretation:
From the above graph shows that Most of customer says excellent for Using GST.
Strongly Agree
Strongly Disagree
Agree
Disagree
Neutral
Interpretation:
From the above graph shows that Most of customer says excellent for Using GST.
Disagree
Strongly Agree
Neutral
Agree
Interpretation:
From the above graph shows that Most of constructor are agreed that the customer are
mostly asking for a duplicate bill for Using GST.
Strongly Disagree
Strongly Agree
Disagree
Agree
Neutral
Interpretation:
From the above graph shows that Most of customer are neutral about that GST Has
Increased The Various Legal Formalities. 25 % customer are Strongly Agree about that
GST Has Increased The Various Legal Formalities. And rest customer are are Agree about
that GST Has Increased The Various Legal Formalities.
Strongly Disagree
Disagree
Strongly Agree
Neutral
Agree
Interpretation:
45% customer are Strongly Agree about GST has increased the tax burden on common
man. 20% customer are Agree about GST has increased the tax burden on common man.
And rest are45% customer are not Agree.
Q21. GST has increased the tax burden on businessman in the construction industry?
Strongly Disagree
Disagree
Neutral
Strongly Agree
Agree
Interpretation:
55% customer are Strongly Agree about GST has increased the tax burden on businessman.
25% customer are Agree about GST has increased the tax burden on businessman. And rest
are are not Agree.
Strongly Disagree
Disagree
Neutral
Interpretation:
60% customer are Strongly Agree that GST will increased the inflation in the country. 25%
customer are Agree that GST will increased the inflation in the country. And rest are are not
Agree.
Agree
Strongly Agree
Interpretation:
75% customer are Strongly Agree that GST will increase the Tax collection of GOVT. 20%
customer are Agree that GST will increase the Tax collection of GOVT. And rest are are
not Agree.
Neutral
Agree
Strongly Agree
Interpretation:
65% customer are Strongly Agree that GST will affecting small business very badly. 27%
customer are Agree that GST will affecting small business very badly. And rest are are not
Agree.
Strongly Disagree
Strongly Agree
Disagree
Neutral
Agree
Interpretation:
most of the customer are agree that GST affects the Indian construction market.
Q26. GST will cause increase in the cost for material Procurement.
Strongly Disagree
Disagree
Strongly Agree
Neutral
Agree
Interpretation:
Most of the customer are agree that GST will cause an increase in the cost of for material
procurement.
Yes
Interpretation:
From the above graph shows that most of our respondents are agree that GST will make the
construction projects slower.
Q28. GST will make day to day purchases in a construction industry more expensive?
No
Yes
Interpretation:
From the above graph shows that most of our respondents are agree that GST will make day
to day purchases in a construction industry more expensive.
Q29. Is the average GST rate in the construction industry preferable?
Yes
No
Interpretation:
From the above graph shows that most of our respondents are not agree that average GST
rate in the construction industry preferable.
Q30. GST will increase the tax burden on the businesses in the construction industry?
Yes
Interpretation:
From the above graph shows that most of our respondents are agree that GST will increase
the tax burden on the businesses in the construction industry.
Chapter 7
FINDINGS
Chapter 8
SUGGESTIONS
The following are the suggestion made based on the results of the study. Some suggestions
for better administrative machinery to handle the implementation of Goods and Services
Tax Act in India are:
➢ Standardization of systems and procedures.
➢ Tax relief in case of branch transfer
➢ Well defined procedures in case of Job works
➢ Uniform dispute settlement machinery.
➢ Adequate training for both tax payers and taxen forcers.
➢ Re-organization of administrative machinery for GST implementation.
➢ Building information technology backbone – the single most important initiative for
GST implementation.
➢ Uniform Implementation of GST should be ensured across all states (unlike the
staggered implementation of VAT) as many issues might arise in case of transactions
between states who comply with GST and states who are not complying with GST.
Chapter 9
LIMITATIONS OF THE PROJECT
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.
Chapter 10
CONCLUSION
• The macroeconomic impact of GST is significant in terms of growth effects, price effects,
current account effects and the effect on the budget balance.
• In developing open economy with growing service sector, a change in the tax mix from
income to consumption-based taxes is likely to provide a fruitful source of revenue.
• The proposed structure will simplify the procedure which will end up with equal
opportunity for all the markets and in other hand will leads reduced tax evasion. It is
preferred every economy must adopt GST at national level to make their economy attractive
for foreign investors. By implementing GST, the developing economy like India can
achieve sustainable and balanced development. Slowly, India shall move to join the world
wide standards in taxation, corporate laws and managerial practices and be among the
leaders in these fields.
• It can also be concluded from the above discussion that GST will provide relief to
producers and consumers by providing wide and comprehensive coverage of input tax credit
set-off, service tax set off and subsuming the several taxes. It can be further concluded that
GST have a positive impact on various sectors and industry.
Chapter 11
BIBLIOGRAPHY
Books:
• Adhana, D. K. (2015). Goods and services tax (GST): A panacea for Indian economy.
International Journal of Engineering & Management Research, 5 (4), 332 -338.
• Agogo Mawuli (2014): “Goods and Service Tax- An Appraisal” Paper presented at the
PNG Taxation Research and Review Symposium, Holiday Inn,PortMoresby,29-30.
• AgogoMawulli(2014) “ Goods and Service Tax --- An appraisal Paper presented at the
PNG Taxation Research and Review Symposium. Holiday inn port meoresby, Pg No.29-
30 ,April2014
• Chakraborty, P., & Rao, P. K. (2010, January 2). Goods and services tax in India: An
assessment of the base. Economic and Political Weekly, 45 (1), 49 - 54.
• Dr. R. Vasanthagopal (2011), “GST in India: A Big Leap in the Indirect Taxation
System”, International Journal of Trade, Economics and Finance, Vol. 2, No. 2,April2011.
• Dani, S. (2016). A Research Paper on an Impact of Goods and Service Tax (GST) on
Indian. Business and Economics Journal,1-2.
• EhtishamAhamad and SatyaPoddar (2009), “Goods and Service Tax Reforms and
Intergovernmental Consideration in India”, “Asia Research Center”,LSE-2009
• Fabian and Erik Hoelzl(2015) , Price , Perception and confirmation bias in the context of a
VAT increase, Journal of Economic Psychology 32 (1) volume 2 Pg No. 131-- 141in20
• Garg, G. (2014). Basic concepts and features of goods and services tax in India.
International Journal of Scientific Research and Management (IJSRM), 2 (2), 542-549
• GST India (2015) “Economy and Policy”. Jaiprakash (2014), “Indirect Tax Reform in
India and a way ahead for GST”, International Journal of Computing and Corporate
Research, Vol 4,Issue1.
• Gupta Nishita(2014) , Goods and Service Tax : Its implementations on Indian economy
volume 5 Issue 3 (year 2014 – Pg No.126—133.
• Jain, A. (2013). An empirical analysis on goods and service tax in India: Possible impacts,
implications and policies. International Journal of Reviews, Surveys and Research (IJRSR),
2 (1). Retrieved fromhttps://www.ijrsr.com/January2013/5.pdf
• Kumar, N. 2014. Goods and Service Tax in India-A Way Forward. Global Journal of
Multidisciplinary Studies .3(6).
• Kothari C.R. 2nd Edition (2004) Research Methodology … Topic “ Concept& Meaning
Of Research , Sampling , Methods and Techniques Of Data collection and Tools '' B com ,
BBA and MBA and M.com Textbook.
• Kumar Nitin (2014) “ GST in india : A way forward '' Global Journal of Multi disciplinary
Studies, Vol 3 Issue 6 ,May2014.
• Nishita Gupta (2014), “Goods and Services Tax: Its implementation on Indian economy”,
CASIRJ Volume 5, Issue 3, Pg.No.126-133.
• Nitin Kumar (2014), “Goods and Service Tax in India-A Way Forward”, Global Journal of
Multidisciplinary Studies, Vol 3, Issue6, May2014.
• Pinki , SupriyaKamna, Richaverma(2014) “ Goods and Service Tax”-- Panacea For
Indirect Tax System in india,” Tactful Management Research Journal”, Vol12, issue
10July2014
• Rathod, M. (2017). An Overview of Goods and Service Tax (Gst) In India. Journal of
Commerce and Management,1-6.
• Shokeen, S., Banwari, V., & Singh, P. (2017). Impact of goods and services tax bill on the
Indian economy. Indian Journal of Finance, 11(7), 65 - 78. DOI:
10.17010/ijf/2017/v11i7/116568
• Taqvi, S. M. A., Srivastava, A. K., & Srivastava, R. K. (2013). Challenges and
opportunities of goods and service tax (GST) in India. Indian Journal of Applied Research,
3 (5), 413-415.
• Tripathi, S., &Tripathi, N. (2016, August 3). India : In a historic move, RajyaSabha passes
the GST Bill : Annexure (p.4).Retrieved from
Web Links:
https://www.gstindia.com/about/
https://www.thequint.com/news/business/india-gst-most-complex-28-percentslab-
second-highest-rate-in-world-world-bank
https://www.bankbazaar.com/tax/gst.html
https://economictimes.indiatimes.com/gst
https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)
https://gst.caknowledge.in/impact-gst-automobile-sector/
http://www.ey.com/in/en/newsroom/news-releases/ey-gstimpact- on-the-autoindustry
https://www.legalraasta.com/gst/impact-of-gst-on-automobilesector/
http://auto.economictimes.indiatimes.com/news/policy/benefitschallengesfor-auto-
sector-in-gst-bill/53541153
http://www.abplive.in/auto/gst-bill-how-it-affects-the-autosector-391864
http://www.caclubindia.com/articles/impact-of-gst-onautomobile- dealersindustry-
28910.as
ANNEXURE
2. Gender
a) Male
b) Female
3. Education ?
a) SSC
b) HSC
c) Graduate
d) Post-graduate
4. Professional status ?
a) Student
b) Working Professionals
c) Unemployed
5. Years of experience ?
a) Less than 5
b) 5-10
c) 10-15
d) More than 15
6. Monthly Income ?
a) Less than 10,000
b) 10,000-30,000
c) 30,000-50,000
d) 50,000 & above
9. Do you think implementing GST will cause higher price of goods & services?
a) Yes
b) No
21. GST has increased the tax burden on businessman in the construction industry?
a) Strongly Agree
b) Agree
c) Neutral
d) Disagree
e) Strongly Disagree
26. GST will cause increase in the cost for material Procurement.
a) Strongly Agree
b) Agree
c) Neutral
d) Disagree
e) Strongly Disagree
28. GST will make day to day purchases in a construction industry more expensive?
a) Yes
b) No
30. GST will increase the tax burden on the businesses in the construction industry?
a) Yes
b) No
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