A PROJECT REPORT ON

“GST RETURNS & ITR RETURNS”

AT “ATSI CONSULTANCY”
SUBMITTED TO:
MAHARISHI DAYANAND UNIVERSITY (ROHTAK, HARYANA)

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR

THE AWARD OF THE DEGREE OF “BACHELOR OF
BUSINESS ADMINISTRATION”
SESSION – 2022-2025

SUBMITTED TO SUBMITTED BY
DR. PUSHPENDRA AJAY SINGH
PROF. (JBKP) ERP No:- 22/582
Reg No: 2211171324
BBA 5TH SEMESTER

JB Knowledge Park Manjhawali, Faridabad HARYANA

 CERTIFICATE
This is to certify that the investigation described in this report titled
“GST RETURNS & ITR RETURNS” has been carried out by Mr. Ajay
Singh during the summer internship project. The study was done in
the organisation, ATSI Consultancy in partial fulfilment of the
requirement for the degree of Bachelor of Business Administration of
JB Knowledge Park, Faridabad.

This work is the own work of the candidate, complete in all respects
and is of sufficiently high standard to warrant its submission to the
said degree. The assistance and resources used for this work are duly
acknowledged.

(BBA CO-ORDINATOR)
 ACKNOWLEDGEMENT
It is a matter of pride and privilege for me to have done a summer
internship project in “ATSI Consultancy” and I am sincerely thankful
to them for providing this opportunity to me.

I am thankful to “Mr. Subhash Mandwal” for guiding me through this

project and continuously encouraging me. It would not have been
possible to complete this project without his support.

I am also thankful to all the faculty members of Department of

Management, JB Knowledge Park, Faridabad and particularly my
mentor “Dr. Pushpendra” for helping me during the project.

I am grateful to my family and friends for their unending support.

Ajay Singh
(Name and signature of the student)
 Concern Letter
This is to certify that Mr. AJAY SINGH, a student of BBA
Sem-5, Department of Finance & Management from
JB Knowledge Park, Manjhawali, Faridabad has
successfully completed his Summer Internship Program
from 01/06/2024 to 15/08/2024 under our guidance.
During the period of his internship he was found
punctual, hardworking and inquisitive. We wish his
every success in life.

Authorised Signatory
 Letter of Recommendation

I am writing to wholeheartedly recommend Mr. Ajay Singh for the position of

Accountant at your esteemed organization. During Ajay Singh as an intern in our
Account department, he has consistently impressed us with his exceptional skills,
dedication, and professional demeanor.
Throughout his internship, Ajay has consistently shown an aptitude for problem-
solving and critical thinking. He is able to analyse complex situations, identify key
issues, and develop effective solutions. Ajay has demonstrated an impressive
ability to adapt to new challenges and learn quickly, making his an invaluable asset
to our team.
Overall, Ajay has consistently exceeded our expectations during his time as an
intern. His exceptional work ethic, professionalism, and dedication to continuous
improvement make his an ideal candidate for any Accountant. I have no doubt that
he will excel in any position he undertakes and will be an asset to your
organization.

I highly recommend Ajay without hesitation and believe he has the necessary skills,
qualities, and potential to make significant contributions to your team. Should you
require any further information or wish to discuss his qualifications in more detail,
please feel free to contact me at your convenience.

Thank you for considering Ajay for any future opportunities. I am certain that he
will make valuable contributions and exceed your expectations.

Your Sincerely
Subhash Madwal
Director
ATSI CONSULTANCY
Contact No: - 9911668831, 9911664493
E-mail: atsiconsultancy@gmail.com
 INDEX
Sr. NO Particulars Page No.
1. Introduction 1

2. Company profile 2

3. Terminologies 24

4. Objectives Of study 25

5. Scope of study 26

6. Need of study 27

7. Contribution during SIP 28-32

8. Limitations 33

9. Research Methodology 34

10. Findings 36

11. Conclusion 55

12. Bibliography 56

13. Questionnaires 57
 Questionnaires
Here are the some question asked by me during the Internship.

Question-1- What do you mean by GST?

Answer- GST is a single tax on the supply of goods and services, right from the
manufacturer to the consumer. Credits of input taxes paid at each stage will be
available in the subsequent stage of value addition, which makes GST
essentially a tax only on value addition at each stage.

Question-2- What do you mean by GSTR-1?

Answer-Form GSTR-1 is a monthly Statement of Outward Supplies to be furnished
by all normal and casual registered taxpayers making outward supplies of
goods and services or both and contains details of outward supplies of goods
and services.

Question-3- Who must File GSTR-1?

Answer- Every registered taxable person, other than an input service distributor/
composition taxpayer/ persons liable to deduct tax u/s 51 / persons liable to
collect tax u/s 52 is required to file Form GSTR-1, the details of outward
supplies of goods and/or services during a tax period, electronically on the GST
Portal.

Question-4- What is QRMP Scheme?

Answer- Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme
to simplify compliance for small taxpayers. Under this scheme, taxpayers
having an aggregate turnover at PAN level up to Rs. 5 crore can opt for
quarterly GSTR-1 and GSTR-3B filing.

Question-5- What is Nill GSTR-1?

Answer- Form GSTR-1 can be filed as a nil return if there are no outward
supplies (including supplies on which tax is to be charged on reverse
charge basis, zero rated supplies and deemed exports) during the
month or quarter, for which the return is being filed for.

Question-6- What do you mean by HSN Code?

Answer- HSN code stands for “Harmonized System of Nomenclature”. This system
has been introduced for the systematic classification of goods all over the

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 world. HSN code is a 6-digit uniform code that classifies 5000+ products and is
accepted worldwide.

Question-7- What do you mean by B2B Sales & B2CS Sales?

Answer- B2B and B2C are two acronyms that get thrown around regularly. B2B
stands for business-to-business, referring to transactions that take place
between one business and another. B2C stands for business-to-consumer and
pertain to transactions that take place between a business and an individual as
the end customer.

Question-8- What do you mean by Debit Notes?

Answer- A debit note, or a debit memo, is a document issued by a seller to a buyer
to notify them of current debt obligations. You'll commonly come across these
notes in business-to-business transactions — for example, one business may
supply another with goods or services before an official invoice is sent.

Question-9- What do you mean by Credit Notes?

Answer- A credit note is a financial document issued by supplier companies to
reduce the amount owed to them by the buyers. It helps firms maintain a
proper paper trail and is issued when the goods are returned, the price is
under dispute, or when there are invoicing errors.

Question-10- What do you mean by HSN Summary?

Answer- HSN-wise Summary is a summary of all the products and services that
you've sold in the respective filing period.

Question-11- What do you mean by GSTR-2A Returns?

Answer- GSTR 2A means a purchase-related document that the GST portal provides
to each business registered with it. The GSTR 2A has generated automatically
when a business's seller or counterparty uploads the GSTR 1 and 5 Forms. It
details the purchases a company makes in a particular month, thereby noting
all invoice details.

Question-12- What do you mean by GSTR-3B Returns?

Answer- GSTR 3B is a simplified summary return and the purpose of the return is
for taxpayers to declare their summary GST liabilities for the tax period and the
discharge of these liabilities in a timely manner so as to ensure the Central and
State Governments receive their revenues in time.

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Question-13- What do you mean by Income Tax Returns?
Answer- Income Tax Return or ITR is a form used to show your gross taxable income
for the given financial year. The form is used by taxpayers to formally declare
their income, deductions claimed, exemptions and taxes paid. Therefore, it
calculates your net income tax liability in a financial year.

Question-14- What do you mean by ITR-1?

Answer- ITR-1 can be filed by a Resident Individual whose:
1. Total income does not exceed ₹ 50 lakh during the FY
2. Income is from salary, one house property, family pension income, agricultural
income (up to ₹5000/-), and other sources, which include:
 Interest from Savings Accounts
 Interest from Deposits (Bank / Post Office / Cooperative Society)
 Interest from Income Tax Refund
 Interest received on Enhanced Compensation
 Any other Interest Income
 Family Pension
 Income of Spouse (other than those covered under Portuguese Civil Code)
or Minor is clubbed (only if the source of income is within the specified
limits as mentioned above).

Question-15- What do you mean by ITR-2?

Answer- ITR-2 can be filed by individuals or HUFs who:
1. Are not eligible to file ITR-1 (Sahaj)
2. Do not have income from profit and gains of business or profession and also do
not have income from profits and gains of business or profession in the nature
of:
 interest
 salary
 bonus
 Commission or remuneration, by whatever name called, due to, or received
by him from a partnership firm.
3.Have the income of another person like spouse, minor child, etc., to be
clubbed with their income – if income to be clubbed falls in any of the above
categories.

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Question-16- What do you mean by ITR-3?
Answer- ITR 3 is a form that individuals and members of an HUF must file to report
their income to tax authorities if they receive income from a business or a
profession. Individuals whose source of income is a business, profession or
proprietorship must file this form.

Question-17- What do you mean by ITR-4?

Answer- Resident Individuals, HUFs and partnership firms are eligible to use ITR-4
if they satisfy a few conditions. Below are the conditions for applicability for
ITR-4 filing: Total income is up to Rs. 50 lakhs .

Question-18- What documents required to file ITR?

Answer- There are the some details to file ITR
 PAN Card
 Aadhaar Card
 Mobile number
 Gmail ID
 Form 16
 Form-16A/ Form-16B/ Form- 16C
 Bank Account details
 Bank Statement/ Passbook
 Form 26AS and AIS/TIS
 Home Loan Statement
 Tax Saving Instruments
 Capital Gains Details
 Rental Income.

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