A PROJECT REPORT

ON
“A STUDY ON GST REGISTRATION AND
ITS RETURN FILING
AT FRICTION TECH AUTO PVT.
LIMITED HARIDWAR.”

Submitted in the partial fulfilment for the award of the

degree of
BACHELOR OF BUSINESS ADMINISTRATION
For session: 2022 – 2025

HARDWAR EDUCATION COLLEGE

(HARIDWAR)
(Affiliated to HNB Garhwal University, Srinagar -A Central
University)

Laksar Road, Jagjeetpur Haridwar- 249408

(Uttarakhand)

Submitted To: Mrs. Nupur Garg Submitted By: Priyanshu rawat

Designation: (Assistant Professor) Roll NO. 22312510091
 DECLARATION

I, Priyanshu Rawat, hereby declare that the project report titled “GST Registration and Its
Return Filing” at Friction tech submitted by me as part of the requirements for the Bachelor
of business administration (B.B.A) degree under the University of HNB Garhwal is my
original work. This project has been prepared based on my individual research, analysis, and
understanding, and reflects my sincere efforts to complete the academic requirement of the
course. I confirm that no part of this report has been copied, duplicated, or borrowed from
any other work, whether published or unpublished, except for where explicit references have
been provided. Any contributions from external sources, materials, or persons have been
acknowledged and cited appropriately within the text. This project does not include any
content from previous academic submissions made by myself or any other individual at any
institution, ensuring its originality and integrity.

Furthermore, I understand that any violation of the academic integrity policy, including but
not limited to plagiarism, may result in disciplinary action and the invalidation of this
submission.

I declare that this work is submitted with full honesty and integrity, and I am responsible for
the content within this report.

Priyanshu Rawat
CERTIFICATE
 AKNOWLEDGEMENT

I would like to express my sincere gratitude to all those who supported me throughout the
creation of this document on the GST Registration and Its Return Filing at Friction tech. This
work Filing would not have been possible without the help, guidance, and support of several
people, whose contributions have enriched this document.

First and foremost, I would like to thank my mentors and Manger Prashant Kaushik sir for
their invaluable guidance and encouragement. Their insights into the intricacies of GST,
along with their suggestions, have been instrumental in enhancing my understanding and
shaping the content of this document. I am incredibly grateful for their patience, attention to
detail, and the constructive feedback they provided, which helped me refine the quality of this
work.

I am also thankful to my teachers and faculty members for imparting their knowledge and
helping me build a solid foundation in tax laws and practices, including GST. Their lessons
provided me with essential skills and an in-depth understanding of GST, allowing me to
confidently approach the subject. Their encouragement to pursue this project with dedication
and accuracy has been invaluable.

A special note of appreciation goes to my family and friends for their unwavering support.
Their understanding and encouragement helped me stay focused and motivated during the
challenging phases of this work. Their constant encouragement, positivity, and belief in my
abilities gave me the strength to complete this document with diligence.

I am also grateful to the resources and institutions that provided me with access to study
materials, research papers, and updated GST information. The availability of reliable and
relevant information has been crucial in ensuring the accuracy and comprehensiveness of this
document.
 Table of Contents

Sr No. Particulars Page no.

Chapter-1 Introduction of Topic 6 to 38
Chapter-2 Company Profile 39 to 44
Chapter-3 Role and Responsibility during Training 45 to 47
Chapter-4 Conclusion and Limitations 48 to 51

References and Bibliography

 CHAPTER -1

INTRODUCTION OF THE TOPIC

GST Registration and Its Return Filing at Ashutosh Singh and Company

1. GST Registration:

GST (Goods and Services Tax) registration is the process by which a business obtains
a unique GSTIN (Goods and Services Tax Identification Number). This registration is
mandatory for businesses exceeding a specific turnover threshold (generally Rs. 20
lakhs for services and Rs. 40 lakhs for goods) or those engaged in interstate supply, e-
commerce, or other specific sectors.

2- GST Return Filing

A GST Return is a document that taxpayers registered under GST must file to report
their income, expenses and Tax liability to government. Filling GST Returns is
essential to comply with GST laws and to claim Input Tax Credit.
Since both are the parts of Goods and Service tax first of all we have to know about
the complete details about GST
 MEANING OF GOODS AND SERVICE TAX

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax
that is levied on every value addition. It was introduced in India on July 1, 2017, as one of the
most significant reforms in the Indian taxation system, aiming to simplify and unify the
indirect tax structure

The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of
goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive,
multistage, destination-based tax: comprehensive because it has subsumed almost all the
indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step
in the production process, but is meant to be refunded to all parties in the various stages of
production other than the final consumer and as a destination-based tax, it is collected from
point of consumption and not point of origin like previous taxes.

Goods and services are divided into 5 different tax slabs for collection of tax: 0%, 5%, 12%,
18% and 28%. However, petroleum products, alcoholic beverages, and electricity are not
taxed under GST and instead are taxed separately by the individual state governments, as per
the previous tax system.

There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.
[2]
In addition a cess of 22% or other rates on top of 28% GST applies on several items like
aerated drinks, luxury cars and tobacco products.[3] Pre-GST, the statutory tax rate for most
goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range.

The tax came into effect from 1 July 2017 through the implementation of the One Hundred
and First Amendment to the Constitution of India by the Government of India.
 BENIFITS of GST:

1-Unified Tax System:

GST replaced a myriad of indirect taxes like Central Excise Duty, Service Tax, VAT, and
others, consolidating them into a single tax system. This simplification reduces the tax burden
on consumers by eliminating the cascading effect of taxes.

2-Multi-Stage Taxation:

GST is levied at every stage of the supply chain, from production to final consumption.
However, since it is a value-added tax, the tax paid on purchases (Input Tax Credit) can be
deducted from the tax collected on sales, ensuring that the tax is ultimately borne by the end
consumer.

3-Destination-Based Tax:

Unlike the previous system, where tax was levied at the point of origin, GST is a destination-
based tax, meaning it is collected at the point of consumption. This shift benefits consuming
states by increasing their revenue

4-Dual Structure:

GST in India follows a dual model, where both the central and state governments levy tax on
the same transaction. The key components are:

a-Central GST (CGST): Collected by the Central Government on intra-state sales.

b-State GST (SGST): Collected by the State Government on intra-state sales.

c-Integrated GST (IGST): Collected by the Central Government on inter-state sales and
imports.
5-Comprehensive Tax Base:

GST covers all goods and services except alcohol for human consumption, ensuring a broad
tax base and fewer exemptions. The inclusion of most goods and services under a single tax
system ensures uniformity and reduces classification disputes.

6-Technology-Driven Compliance:

The GST regime is designed to be technologically driven, with mandatory online

registration, return filing, and payment processes. The introduction of the Goods and Services
Tax Network (GSTN) facilitates the seamless transfer of input tax credit between states and
simplifies tax administration.

7-Multiple Tax Slabs:

GST is levied at different rates depending on the type of goods and services. The major tax
slabs are 0%, 5%, 12%, 18%, and 28%, with some luxury items and special goods attracting
additional cess.

8-Impact on Economy:

GST aims to create a common national market by removing trade barriers between states,
reducing compliance costs, and encouraging transparency. It is expected to enhance the ease
of doing business and boost economic growth by formalizing the economy.
OBJECTIVE OF GST

The objective of the Goods and Services Tax (GST) is streamline and simplify the tax
structure by replacing multiple indirect taxes with a single tax.

GST aims to:

1-Create a Unified Market:

By harmonizing the tax structure across states and reducing barriers to trade and commerce.

2-Improve Compliance:

Through simplified tax procedures and a comprehensive tax base.

3-Boost Economic Growth:

By reducing the cascading effect of taxes and promoting a more efficient tax regime.

4-Increase Transparency:

Through better tracking of the tax chain and reducing tax evasion.
 GST SLABS RATES

 5% SLAB RATE

The tax slab of 5% is where the GST tax actually begins. the products which attract a 5%
GST Rate are skimmed milk powder, coffee, fish, coal, nuts etc

The GST rate in India for services in the 5 % tax slabs includes smaller restaurants affiliated
with transports services like railway and air travel, AC restaurants.

 12% GST SLAB

The 12% slab includes item such as frozen meat products butter, sausages ghee, cell phones
art, juices etc

 18% GST SLAB

The GST rate in India is structured in such way that the bulk of the items fall under this
category. Some of the main items included are flavoured refined sugar, cornflakes pasta cake
and pastries chocolate etc.

 28% SLAB RATE

 The 28% GST slab is the highest GST rate in India. It is mainly reserved for sin goods as well
as luxury items. the goods which are part of this slab are pan masala, dishwasher, paint,
cement, automobiles etc.

HISTORY OF GST

 2000
Formation of the GST Committee: The idea of GST was first proposed in 2000 when the Prime
Minister set up a committee to design a model for GST
 2004
Kelkar Task Force: The Task Force on Implementation of the Fiscal Responsibility and Budget
Management Act, 2003, suggested a comprehensive GST based on VAT principle.
 2006
Budget Announcement: The then Finance Minister, P. Chidambaram, in his budget speech,
proposed to introduce GST from April 1, 2010
 2009

First Discussion Paper (FDP): The Empowered Committee of State Finance Ministers released the
First Discussion Paper on GST to facilitate discussions and suggest a GST framework.
  2011

Constitutional Amendment Bill: The 115th Constitutional Amendment Bill was introduced in the Lok
Sabha to enable the introduction of GST.

 2014

Reintroduction of the Bill: The 122nd Constitutional Amendment Bill was introduced in the
Parliament by the newly elected NDA government after the 2011 Bill lapsed with the dissolution of
the 15th Lok Sabha.

 2015

Approval by Lok Sabha: The 122nd Constitutional Amendment Bill was passed by the Lok
Sabha in May 2015.

 2016
Approval by Rajya Sabha: The Rajya Sabha passed the Bill on August 3, 2016, with some
amendments. President's Assent: The amended Bill was passed again by the Lok Sabha on August
8, 2016, and received the President’s assent on September 8, 2016, becoming the 101st
Constitutional Amendment Act .GST Council Formation: The GST Council was formed, chaired
by the Union Finance Minister, to finalize the GST rates, tax slabs, and other crucial aspects.

 2017

GST Bills Passed: The Central GST (CGST), Integrated GST (IGST), Union Territory GST
(UTGST), and GST (Compensation to States) Bills were passed by the Parliament in March
2017.GST Launched: GST was officially launched on July 1, 2017, at a historic midnight
session of the Indian Parliament.
 PRE GST SCENERIO

The pre-GST scenario in India was characterized by a complex, multilayered tax structure
that involved multiple indirect taxes levied by both the central and state governments. This
created several challenges for businesses, consumers, and the overall economy. Here's a
closer look at what the pre-GST era looked like:

1 Multiple Taxes and Authorities Fragmented Tax System:

India had a dual tax structure where both the central and state governments levied their own
set of taxes. Taxes such as Central Excise Duty, Service Tax, and Customs Duty were levied
by the central government, while Value Added Tax (VAT), Entry Tax, Octroi, and others were
imposed by state governments. This made compliance challenging and often led to disputes
over jurisdiction. Different Tax Rates: Each state had its own VAT rates for different goods
and services, and these rates varied widely across states. There were also numerous
exemptions, surcharges, and cesses that further complicated the tax landscape.

2-Tax Cascading Effect:

The lack of a unified tax credit mechanism led to a cascading effect, where taxes were levied
on taxes. For example, Central Excise Duty was charged on goods during manufacturing, and
VAT was levied on the same goods during sale without deducting the excise duty already
paid. This resulted in higher prices for consumers

3. Complex Compliance Requirements Multiple Returns and Filing:

Businesses had to deal with multiple tax authorities, each with its own set of rules, deadlines,
and filing requirements. Companies operating in multiple states had to register separately in
each state and comply with state-specific laws. Cumbersome Documentation.
4 Barriers to Interstate Trade Tax Barriers:

Taxes such as the Central Sales Tax (CST), Entry Tax, and Octroi created artificial barriers to
trade between states. CST, for instance, was a tax on the inter-state sale of goods, collected by
the state where the sale originated. This discouraged businesses from selling across state
borders and hampered the creation of a unified national market. Checkpoints and Delays: Due
to different tax regular and the imposition of entry taxes and octroi at state borders, goods
were often delayed at checkpoints. This increased transportation time and costs, creating
inefficiencies in the supply chain.

5. High Cost of Goods and Services Increased Costs Due to Cascading Taxes:

Since input taxes paid at various stages could not be fully claimed, the overall cost of goods
and services increased. This was particularly evident in sectors like manufacturing, where
multiple taxes were levied at different stages of production and distribution. Inflationary
Pressure: The cascading effect of multiple taxes contributed to higher inflation, as the end
consumers had to bear the cumulative tax burden passed along the supply chain.

6. Challenges for Small Businesses Compliance Burden:

Small and medium-sized enterprises (SMEs) faced a disproportionate compliance burden due
to limited resources for handling complex tax requirements and multiple filings. Difficulty in
Competing: Small businesses struggled to compete with larger corporations that could
navigate the tax complexities more efficiently or had better access to tax consultants

7. Lack of Transparency and Uniformity Different State Policies:

States had the power to modify VAT rates and grant various exemptions, leading to a lack of
uniformity and transparency in the tax system. Businesses faced uncertainty and confusion
over varying rates, rules, and documentation requirements. Inefficiency in Tax Collection:
The overlapping tax systems led to inefficiencies in tax collection, tax evasion, and a large
informal sector that was often outside the tax net.

8- Impact on Specific Sectors Manufacturing:

The cascading effect of taxes and multiple levies led to increased production costs, making
Indian manufacturing less competitive globally. Taxes like excise duty and VAT were levied
at different stages, adding to the complexity. Services Sector:
Unknown facts about GST
 The goods service tax was first implemented in France in 1954
 Indian GST is based on the Canadian model.
 GST in India was made on the recommendation of Vijay Kelkar committee.
 GST in India was implemented on July 1, July 2017
 The first state which implemented the GST was Assam.
 Amitabh Bachchan has been made the brand ambassador of GST.
 GST has been implemented under Article 279 of the Indian constitution.
 GST was the 101st constitutional amendment Act 2016.
 At present finance minister Nirmala Sitaraman is the chairman of the GST Council.
 GST council formed in 12 September,2016
 The headquarter of GST council in Connaught Place, Delhi.
 The first GST Council Chairman was Arun Jaitley.
 Composition of GST Council

Article 279A of the constitution of India empowers the president to constitute a GST Council

Compositions of GST council are-;

 Union Finance Minister is the chairman of GST.

 Union Minister of state in charge of Revenue or Finance member of GST council
 Minister Incharge of Finance or Taxation or any other Minister nominated by State or
Union Territories.

DECISION OF GST COUNCIL

Every decision of the GST council shall be taken by majority at least 3/4 th of the weighted
votes of the members present and voting

The vote of the central government shall have a weightage of 1/3 rd of the votes cast and the
votes of all the state and governments token together shall have a weightage of 2/3 rd of the
total votes cast in that meeting.

QUORUM FOR MEETINFGS OF GST COUNCIL

 Quorum for a meeting of the GST Council refers to the minimum number of members
required to be present for the meeting to be considered valid and for any decisions to
be taken.
 The quorum at the various meeting shall be constituted by ½ of the total numbers of
members of the GST Council present and voting.
 This quorum requirement is prescribed under Article 279A of the Constitution of
India, which governs the functioning of the GST Council.
 TAXABLE EVENT

  Taxable event- Taxable event under GST is Supply of goods or Services or both.

MEANING OF SUPPLY

SUPPLY includes-

a- All forms of supply of goods or services or both such as sale , transfer , Renter , Lease
or Disposal made or agreed to be made for a consideration by a person in the course
or furtherance of business.
b- Import of service for a consideration whether or not in the course or further of
business and,
c- Activities specified in Schedule I made or agreed to be made without a consideration .
d- Where certain activities or transaction constitute a supply ,they shall be treated either
as supply of goods or supply of services in as per with schedule I

SUPPLY EXCLUDES
 a- Schedule III activities or transactions or
b- Activities or transaction undertaken by the central government ,a state government or
any local authority in which they are engaged as public authority as may be notified
by the government on the recommendation of the council ,shall be neither as a supply
of goods nor a supply of services.

ELEMENTS THAT CONSTITUTE SUPPLY

In order to constitute a supply, the following elements are required to be satisfied

a- The activities involve supply of goods or services or both.

b- The supply is for a consideration unless otherwise specifically provided for
c- The supply is made in the course or furtherance of business
d- It is made in the taxable territory
e- The supply is the taxable supply, and
f- It is made by taxable person.

ACTIVITYIES TREATED AS SUPPLY EVEN IF IT IS

MADE WITHOUT CONSIDERATION
 SCHEDULE I

a-Permanent transfer disposal of business assets where ITC has been availed on such assets.

b-Supply of goods or services or both between distinct person when made in the course or
furtherance of business exception if where gifts not exceeding rupees 50,000 in value in a
financial year by Employer to an employee.

c-supply of Goods

 By a principal to his agent where agent undertakes to supply such goods on behalf of
the principal, or
 By an agent to his principal where the agent undertakes to receive such goods on
behalf of the principal
 Import of service by a person from a related person or from any of other
establishment outside India in the course or furtherance.

ACTIVITIES OR TRANSACTION TREATED AS SUPPLY OF GOODS

OR SUPPLY OF SERVICES

1 -IN CASE OF TRANSFER

Any transfer of the title in goods is a supply of goods

a- Any transfer of goods or undivided shares in goods without the transfer of title thereof is
a supply of services
b- Any transfer of title in goods under an agreement which stipulates that property in goods
will pass at future date upon payment of full consideration as agreed Is a supply of goods

2- LAND AND BUILDING

a- Any lease tenancy easement license to occupy land is a supply of service

 b- Any lease or letting out of the building including a commercial, industrial or
residential complex for business or commerce, either wholly or partly is a supply of
service
3- transfer of business assets are treated as supply of goods.

ACTIVITIES OR TRANSACTION WHICH SHALL BE TREATED NEITHER AS A

SUPPLY OF GOODS OR SERVICES

a- Services by an employee to the employer in the course of employment.

b- Services by any court or tribunal
c- Functions performed by MLA or MP, state legislature.
d- Services of funeral burial.
e- Sale of building after construction.
f- Transfer of goods from non taxable territory to non taxable territory.
 COMPOSITE AND MIXED SUPPLY

COMOSITE SUPPLY

Composite supply means a supply made by a taxable person

To a recipient consisting of two or more taxable supplies of goods

services or both or any combination thereof

Which is naturally bundled and supplied in conjunction with each other in the ordinary course
of business one of which is a principal of supply.

Composite supply comprising two or more supplies one of which is principal supply shall be
treated as supply of such principal supply

MIXED SUPPLY

Mixed supply means two or more individual supplies of goods or services or any combination
thereof

a- Made in combination with each other by a taxable person

b- For a single price where such supply does not constitute a composite supply.
Mixed supply comprising of two or more supplies shall be treated as a supply of that
particular supply which attracts the highest rate of tax.
CHARGE UNDER GST

FORWARD CHARGE MECHANISM

Under the Forward Charge Mechanism, the supplier of goods or services is

responsible for collecting and depositing the GST with the government. This is the
standard method of GST collection and is applicable to most transactions. The
supplier issues an invoice that includes the GST amount, collects this amount from the
buyer, and later remits it to the government.

REVERSE CHARGE MECHANISM

RCM is a mechanism where the liability to pay tax lies with the recipient of goods or
services instead of supplier.
 Under the normal course of business, a supplier is responsible for collecting and
paying tax to the government. however, under certain situation where supplier is
unregistered person or exempted from goods

Following are the situations under RCM

Category of supply of service Recipient of service

Any service supplied by any person Any person located in the taxable
who is located in a non-taxable territory other than non-taxable
territory to any person other than non recipient.
taxable recipient.

2- supply of service by a goods The following person located in the

transport agency in respect of taxable territory
transportation of goods by a road a-Factory registered under factories act
1948
b-society registered under society
registration act 1860
c-cooperative society

Any business entity located in the

3-service provided by advocate or firm taxable territory.
of advocates by way of legal service

4- service supplied by an arbitral Any business entity in the taxable

tribunal to business entity territory

5-service supplied by a Independent The company or body corporate located

director of company or body corporate in taxable territory
 TIME OF SUPPLY

GOODS AND SERVICES IN CASE OF FORWARD CHARGE MECHANISM

For Goods For services

The time of supply will be In case of service under FCM there
Date of invoice or is two conditions
Last date of issue of invoice
(date of removal of goods)

b-
a- Where invoice is issued Where invoice is not
within 30 days from the date issued within 30 days
of provision of service from the provision of
Time of supply will be date service
of invoice or date of receipt Time of supply will be
of payment Date of provision of
service or
Date of receipt of
payment
Whichever is earlier
IN CASE OF REVERSE CHARGE MECHANISM

For Goods For Service

Time of supply will be Time of supply will be
(i) Date of receipt of goods to the (i) 61st Day from the date of invoice
recipient or Or
(ii) Days immediately succeeding 31 Date of payment
days from the date of invoice by the Whichever is earlier.
supplier or
(iii) date of payment
whichever is Earlier

TIME OF SUPPLY IN CASE OF VOUCHER

SUPPLY IS IDENTIFIABLE SUPPLY IS NOT IDENTIFIABLE

The time of supply will be date of issue of The time of supply will be date of
voucher redemption of voucher.

VALUE OF SUPPLY
MEANING

The value of a supply of goods or services shall be the Transaction value.

TRANSACTION VALUE means

Where the supplier and the recipient of the supply are not related and

Price is the sole consideration for the supply

INCLUSION AND EXCLUSION IN TRANSACTION VALUE

THE TRANSACTION VALUE INCLUDES

1-taxes, duties and charges.

2- incidental expenses.

3- interest fee and penalty.

4-subsidy other than government.

5-any amount charged in respect of supply.

 REGISTRATION UNDER GST

Persons liable for Registration

Based on aggregate turnover

1-Normal states

For goods and service, the aggregate turnover if exceed rupees 20 lakhs and if supplier deals
only goods, then turnover limit will be 40 lakhs whereas supplier dealing only services
turnover limit 20 lakh

2- special category states

a- States who cover under 10 lakhs but can exceeds up to 20 lakhs

 Manipur
 Nagaland
 Mizoram
 Tripura

b-States who increase their turnover from 10 lakh to 20 lakh

(i)Arunachal Pradesh (iii)Uttarakhand (v) Sikkim

(ii)Meghalaya (iv)Pondicherry (vi)Telangana
Compulsory registration

a- Person making any inter state taxable supply

b- Casual taxable person
c- Person who required to pay tax under RCM.

NRTP making taxable supply.

d- Person who required to deduct tax.

e- Input service distributor.
f- Every ECO.
g- Any other person notified by the government.
GST REGISTRATION PROCESS
a- Login to GST website (www.GST.gov.in)
b- Begin new registration and select your status
c- Fill in part A of the form
d- Fill in part B of the form
e- GST officer shall verify and issue GST

EFFECTIVE DATE OF REGISTRATION

For effective date of registration there are two situation-

a-where the person who is liable for registration under GST register itself within 30 days
from the date of liable for registration

effective date will be date of liable for registration

where person is liable for registration has to issue GST bill in all supplies but there is a
problem

ISSUE INVOICE DURING THE REGISTRATION PERIOD

1-Provisional registration period:

Once an application for GST is submitted, the applicant receives an Application Reference
number. during this provisional period the applicant can issue bill of supply

2-Upon grant of Registration

After receiving the GST registration certificate (GSTIN) ,the applicant must issue a “Revised
Tax invoice” for the supplies made during the period starting from the effective date of
registration until the date of issuance of the GSTIN .
The Revised Invoice must be issued within 1 month from the date of GST registration

3-Contents of Revised Invoice

a-The Revised Invoice should mention the GSTIN details of the supplies the applicable GST
rates and other details as required by the GST law.

b-where application for registration has been submitted by the applicant after expiry of 30
days the effective date of registration shall be the date of grant of registration certificate.

GST Returns
GST return is a document that will contain all the details of your sales purchase tax collected
on sales and tax paid on purchase (input tax).

Once we file GST return, we will need to pay the resulting tax liability

Purpose of returns

 Mode for transfer of information to tax administration.

 Compliance verification program of tax administration.
 Finalization of tax liabilities of the tax payer within stipulated period of limitation, to
declare tax liability for a given period.
 Providing necessary inputs for taking policy decision.
 Management of audit and anti-evasion programs of tax administration.
Periodicity of returns in GST regime

Person Periodicity

Registered person- normal supplier Monthly

Registered person – supplier opting for Quarterly

composition scheme

Input service distributor Monthly

Person required to deduct Tax Monthly

Person required to collect tax Monthly

NRTP Quaterly

Returns of supplies

(i) Persons liable: every registered person other than ISD, NRTP and a person paying
tax under composition scheme.
(ii) Form: the registered person shall furnish the details electronically in form GSTR1
through GST portal.
(iii) Details of outward supplies: the details of the outward supplies of goods and
service or both effected during a tax period on or before the 11 day of next month
in form GSTR1.
Forms to be file for GST Returns

GSTR-1: Details of outward supplies (sales). File to be 11 of next month.

GSTR-2A: Auto-generated details of inward supplies (purchases) (available for

reference).

GSTR-3B: It is monthly return for summarizing the GST liability and Input tax credit due
on the 20th of next month.

GSTR-4: For composition scheme taxpayers, detailing quarterly supplies. Has to file
annual returns of quarterly payment on 30th April of next financial year.

GSTR-5: For Non resident taxable person due on the 20th of next month.

GSTR-9: Annual return for regular taxpayers. Due on 31st December of next year.

Person opting Quarterly Return Monthly Payment (QRMP)

Person whose annual turnover up to rupees 5 crore in a preceding financial year shall be
eligible.

QRMP taxpayer has make payment monthly in form PMT 06 on 25 th of next month and
has to file returns 22 or 24 of end of quarter.
STEPS TO AVAIL INPUT TAX CREDIT

a-First of all utilize amount of IGST towards IGST.

b-Utilize amount of SGST towards SGST where any unutilised amount of IGST can be used
against SGST.

c-Utilize amount of CGST against CGST and any unutilize amount of IGST can be used
against CGST.
E – WAY BILL

E Way bill is an electronic bill required for movement of goods. the E Way bill must be
generated on the E way bill portal by the consignor or consignee before transporting goods
worth more than a specified threshold.

Validity of EWAY bill

 Up to 200 km per day in case of normal transportation vehicle

 Up to 20 km per day in case for over dimensional cargo truck

PERSON REQUIRED TO GENERATE E- WAY BILL

 Where value of goods exceeding 50,000 then supplier has to issue E -Way bill or
 In case where goods transport in any other state then 50,000 limits shall not
applicable.
 CHAPTER 2

COMPANY PROFILE
Firm Name: Friction tech

Specialization: Taxation, Auditing, and Financial Management

Location: Not specified in the document.

About Us

Friction tech is a professional chartered accountancy firm dedicated to providing

comprehensive financial and taxation solutions. With years of experience in Goods and
Services Tax (GST) compliance, income tax planning, and auditing, we have established
ourselves as trusted advisors to businesses and individuals.

Mission

To deliver high-quality, client-focused financial guidance that promotes transparency and

efficient compliance within the business community.

Core Values

Integrity: Upholding ethical practices in all dealings.

Professionalism: Ensuring expert and reliable services.

Client-Centric Approach: Tailoring solutions to meet unique client needs.

Continuous Learning: Staying updated with the latest industry developments.

Services Offered

1. Taxation Services:

GST compliance, including registration, return filing, and audits.

Income tax planning and advisory services for businesses and individuals.

2. Auditing:

Conducting statutory audits, GST audits, and internal audits.

Ensuring compliance with regulatory requirements.

3. Financial Management:

Comprehensive financial planning and strategy development.

Helping clients optimize resources and maintain financial health.

4. Client Advisory:

Guidance on tax-saving strategies.

Assistance with regulatory changes and their implications.

Our Expertise

Goods and Services Tax (GST)

As GST plays a pivotal role in India's evolving taxation framework, Friction tech specializes
in its various aspects:

Registration: Assisting clients with smooth and hassle-free GST registration.

Return Filing: Ensuring timely and accurate submission of returns.

Audits: Helping businesses stay compliant through thorough and professional audits.

Advisory: Guiding clients on minimizing tax liabilities while adhering to GST norms.
Technology-Driven Approach: Using advanced software to facilitate e-filing and e-way bill
generation.

Training and Mentorship

The firm emphasizes practical learning. Under the mentorship of manager Prashant Kaushik ,
interns and trainees gain hands-on experience in taxation, auditing, and professional ethics.

Client Testimonials

"Friction tech has been instrumental in simplifying our taxation process. Their expertise in
GST compliance has saved us significant time and resources."

A Leading Retailer

"The firm’s audit services are exceptional, with meticulous attention to detail and
professionalism."

Our clients

We proudly serve a diverse range of clients, including:

Startups and emerging businesses seeking financial and compliance expertise.

Small and medium enterprises (SMEs) requiring end-to-end accounting and advisory support.
Corporates and partnership firms aiming for efficient taxation and financial management.
Individual taxpayers and high-net-worth individuals looking for tailored tax and financial
solutions

Why Choose Us?

1. Tailored Solutions: We understand that every client is unique, offering customized services
to meet specific needs.

2. Experienced Leadership: Manager Prashant Kaushik in-depth knowledge and industry

experience ensure top-quality services.

3. Commitment to Excellence: From compliance to planning, we aim to exceed expectations.

4. Ethical Practices: Upholding integrity and transparency in every service.

5. Strong Ethical practices; Committed to maintaining integrity and confidentiality in every

engagement
CHAPTER-3
ROLE AND RESPONSIBILITY
During my Internship the Role and Responsibilities are-:

1. GST Compliance and Filing:

The trainee was primarily responsible for understanding the complexities of the Goods and
Services Tax (GST) system. This involved hands-on tasks like filing GST returns, reconciling
invoices, and ensuring that all data aligned with the legal requirements.

2. Audit Assistance:

Participating in GST audits was a significant part of the training. The trainee assisted in
examining financial records, identifying discrepancies, and ensuring compliance with GST
laws. This experience offered a detailed view of audit processes, helping the trainee learn
how to resolve issues effectively.

3. Data Analysis and Reconciliation:

One of the critical responsibilities was to conduct data analysis for GST compliance. This
included reconciling sales and purchase records, ensuring the accuracy of invoice details, and
maintaining proper documentation for audit purposes.

4. Tax Planning and Advisory:

The trainee got exposure to tax planning strategies under the supervision of Manager
Prashant Kaushik. This involved understanding how businesses can optimize their tax
liabilities while adhering to GST laws. The trainee observed advisory services, learning how
to recommend tax-saving measures to clients.
5. Client Interaction and Documentation:

Drafting and preparing essential documents related to GST compliance, such as registration
forms, tax returns, and refund applications, were part of the training. There was also an
opportunity to understand client needs and the practical application of GST regulations in
real-world scenarios.

6. Regulatory Updates and Knowledge Building:

Staying updated with the latest changes in GST laws and regulations was crucial. The trainee
regularly engaged in research and discussions to comprehend how these updates impact
compliance and audit processes.

7. Understanding the GST Framework:

A significant focus was on grasping the structural aspects of GST, including registration,
return filing, assessments, handling refunds, and the implications of different tax slabs. This
provided a holistic view of GST as a comprehensive, multi-stage, destination-based tax.

8.Technological Proficiency in Tax Compliance:

Working with tax software and online GST portals was a key responsibility, aimed at
enhancing the trainee’s technical skills. This also included filing returns electronically,
generating E-Way bills, and utilizing Input Tax Credit (ITC) effectively.
 CHAPTER-4
CONCLUSION AND LIMITATIONS
 Conclusion

The implementation of the Goods and Services Tax (GST) in India represents a
pivotal change in the country's tax framework. GST aims to simplify taxation by
replacing numerous indirect taxes with a single, unified tax system. This reform is
expected to reduce the overall tax burden, enhance compliance, and encourage
transparency. A significant benefit is the elimination of the cascading effect of taxes,
which is anticipated to lower the costs of locally produced goods and services. This
reduction in costs could improve India's competitiveness on the global stage and
potentially boost exports. However, the success of GST relies on efficient
implementation and management to overcome the initial challenges and complexities
observed during the transition phase.
Limitations
1-Complex Structure:

The existence of multiple tax slabs (0%, 5%, 12%, 18%, 28%) complicates the system,
making it challenging for businesses to navigate compliance.

2-Technological Dependence:

The GST framework heavily relies on digital infrastructure, which can be problematic,
especially in regions with limited internet connectivity.

3-Resistance from States:

Some states were initially hesitant to adopt GST due to concerns over potential revenue
losses and autonomy reduction.

4. Compliance Burden:

Frequent changes in rules and regulations increase compliance costs, especially for small and
medium-sized enterprises (SMEs).

5. Refund Delays:

Issues with processing refunds, especially for exporters, can disrupt cash flow and affect
business operations.
 References /Bibliography

1. Goods and Services Tax (GST): A Ready Reckoner"

Author: V.S. Datey

Publisher: Taxman Publications

Edition: Latest Edition

2. "Handbook on Goods and Services Tax"

Author: Mohd. Afzal & Nikhil Singh

Publisher: Aadhya Prakashan

Edition: 2023

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Author: Gaurav Gupta

Publisher: Bloomsbury India

Year: 2022

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Author: Rakesh Garg & Sandeep Garg

Publisher: Wolters Kluwer

Edition: Latest Edition

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Author: Bimal Jain

Publisher: Bloomsbury India

Year: 2021

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Author: Ram Dutt Sharma

Publisher: Taxman Publications

Edition: 2023

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Author: R.K. Jain

Publisher: Jain Book Depot

Year: 2020

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Author: Rajat Mohan

Publisher: Bharat Publications

Edition: Latest Edition

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Author: Dr. Vandana Bangar & Dr. Yogendra Bangar

Publisher: Aadhya Prakashan

Edition: 2022

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Author: C.A. Praveen Sharma

Publisher: Eastern Book Company

Year: 2021

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Author: N.A. Palkhivala

Publisher: LexisNexis India

Year: 2020

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Author: Rakesh Garg & Sandeep Garg

Publisher: Bloomsbury India

Edition: Latest Edition

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Author: P.K. Agrawal

Publisher: Aadhya Prakashan

Year: 2021

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Author: M. Govind

Publisher: LexisNexis

Edition: 2022

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Author: Ravi Gupta

Publisher: CCH India

Edition: 2022