PROJECT REPORT

(Submitted for the Degree of B.Com Honours in Accounting &

Finance under the University of Calcutta)

TITLE OF THE PROJECT:

“GST – OVERVIEW”

SUBMITTED BY
Name of the Candidate :
Name of the College: THE BHAWANIPUR EDUCATION SOCIETY COLLEGE
Registration Number:
CU exam Roll Number:
College UID:

SUPERVISED BY
Name of the Supervisor:
Name of the College: THE BHAWANIPUR EDUCATION SOCIETY COLLEGE

MONTH & YEAR OF SUBMISSION:

JUNE, 2024
Annexure-IA
 SUPERVISOR'S CERTIFICATE
This is to certify that a student of B.Com. Honors in Accounting & Finance of THE BHAWANIPUR
EDUCATION SOCIETY COLLEGE, under the University of
Calcutta has worked under my supervision and guidance for his Project Work and prepared a
Project Report with the title “GST – OVERVIEW” which he is submitting, is his genuine and
original work to the best of my knowledge.

Signature:

Name:

Designation: LECTURER

Name of the College: THE BHAWANIPUR EDUCATION SOCIETY COLLEGE

Place: Kolkata

Date:

Annexure-IB
STUDENT'S DECLARATION

I hereby declare that the Project Work with the title “GST – AN EXPLORATORY
STUDY” submitted by me for the partial fulfilment of the degree of B.Com. Honours in
Accounting & Finance under the University of Calcutta is my original work and has not
been submitted earlier to any other University/Institution for the fulfilment of the
requirement for any course of study.
I also declare that no chapter of this manuscript in whole or in part has been incorporated
in this report from any earlier work done by others or by me. However, extracts of any
literature which has been used for this report has been duly acknowledged providing details
of such literature in the references.

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 Signature:

Name

Address:

Registration Number:

Place: Kolkata

Date:

ACKNOWLEDGEMENT

This dissertation examines the “GST – OVERVIEW”, the report has been written as a part of
the course program for BACHELORS IN COMMERCE. I am thankful to the UNIVERSITY
OF CALCUTTA, for incorporating such an exercise into the course since it has presented me
with an excellent opportunity to explore and enjoy my analytical and report- writing skills,
consequently preparing me for my corporate future.

In addition, I would also like to thank my supervisor – for his generous support and guidance.

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I would like to express my gratitude towards my friends and family for supporting me
throughout.

TABLE OF CONTENTS:
Chapter Title Page No.
CHAPTER 1 INTRODUCTION 06 - 12
1.1 Background 07 - 07
1.2 Need of Study 07 - 08

1.3 Literature Review 08 - 09

1.4 Objective of Study 09 - 10

1.5 Research Methodology 10 – 11

1.6 Limitations of Study 11 – 11

1.7 Chapter Planning 12 – 12

CHAPTER 2 CONCEPTUAL 13 -22

FRAMEWORK
2.1 Concept 14 – 14
2.2 Features 15 – 15

2.3 Advantages 15 – 15
2.4 Disadvantages 16 – 16

2.5 National Scenario 16 – 18

2.6 International Scenario 19 – 22

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 CHAPTER 3 PRESENTATION OF 23 -44
DATA ANALYSIS &
FINDINGS
CHAPTER 4 CONCLUSION & 45 -47
RECOMMENDATIONS

4.1 Conclusion 46 – 46
4.2 Recommendations 47 – 47
BIBLIOGRAPHY 48 – 48
QUESTIONNAIRE 49 – 52

CHAPTER 1:
INTRODUCTION

5
1.1 : BACKGROUND OF THE STUDY
The GST journey began in the year 2000 when a committee was set up to draft law. It took 17
years from then for the Law to evolve. In 2017, the GST Bill was passed in the Lok Sabha and
Rajya Sabha. On 1st July 2017, the GST Law came into force. Goods and Services Tax (GST)
was introduced in the Indian Constitution through the 101st (Hundred and One) Constitutional
Amendment Act, 2016. After the enforcement of Goods and Services Tax (GST), many sectors
faced some positive effects as well as negative effects. he enforcement of the tax was for the
long term benefit. There were very few sectors that received an immediate benefit from the
implementation of Goods and Services Tax (GST). The long term benefit requires the patience
of citizens. Where one sector in the country faces a positive aspect, on the other hand, the other
sector faced the negative aspect. It is very important to know how and to whom the Goods and

6
Services Tax (GST) had impacted. In a country where the population is 133.92 crores, [Source:
World Bank, United States Census Bureau], implementation of a new tax regime was not less a
big hurdle. It was required that the authority first understand the concept then it will be easy for
the citizens to under the concept of “ One Nation One Tax”.

In the earlier indirect tax regime, there were many indirect taxes levied by both the state and the
centre. States mainly collected taxes in the form of Value Added Tax (VAT). Every state had a
different set of rules and regulations. Inter-state sale of goods was taxed by the centre. CST
(Central State Tax) was applicable in case of inter-state sale of goods. The indirect taxes such as
the entertainment tax, octroi and local tax were levied together by state and centre. These led to
a lot of overlapping of taxes levied by both the state and the centre. GST have replaced almost
all the indirect taxes.

1.2 : NEED OF THE STUDY:

The much-awaited biggest indirect tax reform GST (Goods and service Tax) has been introduced
in India since July 1, 2017. GST was implemented on the notion of “One Nation, One Market,
One Tax”. This single indirect tax has subsumed many indirect taxes of centre and states such
as VAT, central excise duty, central sales tax (CST), service tax etc. Besides dismantling all the
inter-state trade barriers with respect to trade. But as was much touted at the time of its launch
that this tax will be one of the biggest game changer that will help businessman and manufacturer
by eliminating multiple taxes, cascading effects of taxes, reducing tax evasion and corruption,
bringing more transparency in collection of taxes hence increasing government revenue by
widening tax base and GDP of the country. But nothing proved to be true and even after five
years of its implementation and various changes made by the government, manufactures and
businessmen are still in mess juggling with GSTN portal, monthly returns, various slabs of GST
etc. likewise government also facing problem with decreasing revenue, no check on corruption
and new methods of tax evasion etc. Hence this paper is a modest attempt to find out why GST
failed in fulfilling its objectives and what should be the way forward for GST so that it may
prove a boon to the country rather than hampering the growth of the country.

7
This study will help to examine the problems and challenges of GST after its implementation
and will suggest the measures for government and policy makers for effective implementation
of GST.

1.3 : LITERATURE REVIEW:

A number of research studies have been carried out on different aspects of GST. A review of
these analyses is important in order to develop an approach that can be employed in the context
of the study related to impact of GST.

N. Kumar, (2014) concluded that GST will help in eradicating economic distortion by current
Indian tax system and is expected to encourage unbiased tax structures which will be indifferent
to geo locations.

Sehrawat & Dhanda, (2015) conducted a study focused on advantages and challenges of GST
faced by India in execution. They concluded that a simplified and transparent tax system was
the need of Indian economy. Pointing out the various advantages they said that GST will provide
India a world class tax structure and a seamless tax system but it will depend upon effectiveness
of its implementation.

Mujalde, S. and Vani, A., (2017), in their research paper on ‘Goods and Services Tax (GST) and
its outcomes in India’ focused on the features of GST, impact of GST on Indian economy and
discussed possible advantages and challenges of GST.
Nath, B., (2017), in his paper on ‘Goods and Services Tax: A Mile Stone in Indian Economy’
discussed benefit and impact of GST on Indian economy and also conclude that GST has a
positive impact on various sectors and industries.

Nishitha Guptha, (2017) in her study stated that implementation of GST in the Indian framework
will lead to commercial benefits which were untouched by the VAT system and would essentially
lead to economic development.

Kawle ,S, P. and Aher, L.,Y.,(2017) in their research paper highlighted the working of GST in
India along with its impact on the Indian economy.

8
Nayyar, A. and Singh, I., (2017) in their study cited that introduction of GST is a major
breakthrough in the Indian economy. It will help in redefining the Indian Tax Structure by being
more transparent and corruption free.

Abda, S., (2017) in his research paper concentrated on the objectives, purpose and benefits of
GST to our economy and how it will help in strengthening it.

Kapoor Kapil,28 (2017) critically examined GST implementation, models, mechanism, issues
and challenges. Development stages GST in India studied in this paper. Exclusions from GST
which is petrol alcohal, tobacco, Diesel and some benefits such as simplicity, transparency,
cascading effect, reduction in burden of tax tax revenue collection, economic growth and no tax
for exporters are included in this paper. Challenges also studied in the paper. So the paper
concluded that proper implementation of GST will lead to economic growth.

1.4 : OBJECTIVE OF THE STUDY

The research has been undertaken and presented considering the following foremost objectives:

To understand the conceptuality of GST

To understand how GST will work in India.

To study the features of GST in India

To know the advantages and challenges of GST in Indian context.

To find out the weaknesses in the present GST model of India

To furnish information for further research work on GST.

To suggest the measures to correct these weaknesses

1.5 : RESEARCH METHODOLOGY

Research Approach:

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 Quantitative Approach for qualifying the data and analysing the data pattern.

Data Collection:
A combination of Primary data as well as Secondary data was used in making of this
project.

• Primary Data - Primary data refers to data that is collected firsthand, directly from its
source. It is gathered through methods such as surveys, interviews, observations, or
experiments. It is often regarded as more reliable and accurate than Secondary Data.

For this project obtained from creating a questionnaire and accepting responses
from public.

• Secondary Data — Secondary data refers to data that has already been collected, analysed,
and published by someone else, and is available for use by others. It can come from a variety
of sources, such as government agencies, academic institutions, market research firms, or
other organizations. It is often less expensive and less time consuming to obtain than
primary data. but it may not always be as accurate or relevant to a particular research
question.

For this project, it is gathered from reports and research paper published by
various expert, researchers.

Nature of the questionnaire:

The types of questions asked are multiple-choice questions with options in form of
checkboxes, grid-ratio options as well as liner scale options.

Sampling Frame:
1) Data source : Primary Data as well as Secondary Data.

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 2) Research Instrument : Questionnaire.
3) Plan of Action: Collecting data through Google form.
4) Sampling method: Random sampling method is used.
5) Sample size: 100 respondents.
6) Duration of study: One Month
7) Tools Used: Bar Graph, Pic Char, Line Graph and other representation
methods of data are used.

1.6 : LIMITATION OF THE STUDY:

Every scientific study has certain limitations and the present study is no more exception.
These are:
GST is new launched tax system so some complications are faced by the peoples.
The sample size was small and cannot be applied to the entire population.
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.
1.7: CHAPTER PLANNING
CHAPTER 1: INTRODUCTION – In this chapter I have discussed the background of the
topic, need of the study, literature review of the study, objectives of the study,
methodology of the study and some limitations of the study has also been discussed.

CHAPTER 2: CONCEPTUAL FRAMEWORK – In this chapter Concept, Features,

Advantages, Disadvantages, National Scenario, International Scenario has been discussed.

CHAPTER 3: PRESENTATION AND DATA ANALYSIS AND FINDINGS – In this

chapter there are some data presentations based on secondary data and primary data with

11
the help of pie charts, bar graph, etc. are given along with which the findings were also
discussed.

CHAPTER 4: CONCLUSION AND RECOMMENDATION – In this chapter the

conclusion of the study has been provided along with some recommendation.

BIBLIOGRAPHY AND ANNEXURES – This chapter contain bibliography and annexure

including Questionnaire, student declaration and supervisor’s certificate.

CHAPTER 2:

CONCEPTUAL FRAMEWORK
/NATIONAL & INTERNATIONAL

SCENARIO

12
2.1: Concept of GST:
GST is a single uniform indirect tax which was introduced to replace Central and State indirect taxes such as
VAT, CST, and others. GST applies on all types of businesses, small or large. This makes it one of the greatest
tax reforms in the country. The entire nation will follow a unified tax structure. As the name suggests, GST
will be applicable on both goods and services and India will follow a dual system of GST to keep both the
Centre and State independent of each other. The GST council will be headed by the Union Finance Minister
and it will consist of various State Finance Ministers. GST will be devised as a four-tiered tax structure with
tax slabs of 5%, 12%, 18%, and 28% for various different categories of products and services. 0% rate is
kept for most essential goods such as rice, wheat.
(a) GST stands for “Goods and Service Tax” (b) It is
levied on supply of goods or service or both.
(c) It is an Indirect tax.
(d) It is applicable all over India.
(e) Its main objective is to consolidate all indirect taxes into a single tax.
(f) It is a type of value added tax.
(g) Input tax credit is the main feature of GST. Tax (GST) paid on input shall be adjusted with tax (GST)
payable on output.

There are three taxes applicable under this system: CGST, SGST & IGST.

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 1. CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction
happening within West Bengal)

2. SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction
happening within West Bengal))

3. IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., West Bengal
to Bihar)
2.2: SALIENT FEATURES OF GST:
The salient features of goods and services tax (GST) are discussed here under:
(a) GST is an indirect tax.
(b) No distinction is made between goods and services except in certain cases for certain purposes.
(c) For the words manufacture, sale, service, etc. the only ‘Supply’ is used. Supply covers all forms of
supplies like sale, barter, rental, lease, exchange or disposal.
(d) GST is levied on supply of goods or service or both.
(e) It is a consumption based tax. Tax is payable in the State where goods or services are finally consumed.
(f) GST is levied both by Central Government and State Government/Union territory on a common sale (i.e.
supply) according to the relevant provisions of the Act. Thus, GST introduced in India is dual GST.
(g) Tax paid on inward supplies is available as input tax credit against tax on outward supplies subject to
fulfillment of certain conditions.
(h) GST law is applicable all over India

2.3 : ADVANTAGES OF GST:

The chief advantages of GST are mentioned below:
(a) As almost all indirect taxes are subsumed in one tax i.e. GST, it would be easier to handle the single
legislation both by the taxpayer and tax administrators.
(b) It eliminates the cascading effect of several indirect taxes. As a result, cost of goods and services is
expected to reduce.
(c) It eliminates the unhealthy competition among the States. Instead of charging different rates of indirect
taxes, uniform rates will be applied on goods and services by all States.
(d) Under GST regime registration is PAN based. Thus, taxpayer can be identified easily through GSTIN.

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 (e) GST is levied on a common base i.e. ‘supply’ of goods and services. Thus, separate valuation rules are
not required to be followed for changing different indirect taxes.
(f) ‘Place of supply’ and ‘time of supply’ are well defined under the GST Act. Therefore, different provisions
of different indirect taxes are not required to be considered for determining the point of taxation and the
authority to levy tax.
(g) An input tax credit (ITC) is available under the GST Act subject to fulfillment of certain conditions,
payment of GST would not be considered as cost. As a result, cost of goods and services will be reduced.
(h) Composition scheme is available to small taxpayers. In such a case, compliance procedure would be
comparatively less.

2.4: DISADVANTAGES OF GST:

Disadvantages of GST are as under :
1. Increased costs due to software purchase
2. Being GST-compliant
3. GST will mean an increase in operational costs
4. GST came into effect in the middle of the financial year
5. GST is an online taxation system
6. SMEs will have a higher tax burden

2.5 : NATIONAL SCENARIO:

IMPACT OF GST ON EXPORT & IMPORT

Before the enforcement of the Goods and Services Tax (GST), Export and Import were governed
by the Service Tax, Value Added Tax, Excise Duty and Customs Duty. These were imposed on
the Import and Export goods and services. When Goods and Services Tax (GST) was introduced
all these taxes were merged into one. But the Basic Customs Duty (BCD) continues to work on
the import bills.

IMPACT ON THE MEDIUM AND SMALL ENTERPRISES

15
Goods and Services Tax (GST) is building a platform for the new business in the country. It
gives an opportunity to start a new work or business. Before the implementation of the Goods
and Services Tax (GST), there is a requirement of Value Added Tax (VAT) registration for all
the business. The Value Added Tax (VAT) registration was different in every state. As the
registration was different in all the states, the rules and regulations were also different. The entire
process was quite disoriented.

However, after the imposition of Goods and Services Tax (GST), there is a requirement of only
one registration and that too with Goods and Service Tax (GST) which is controlled by the
Central, same as service tax.
IMPACT OF GST ON REAL ESTATE

The imposition of Goods and Services Tax (GST) has some positive impact on the property and
real estate. Property buyers are in profit due to the Goods and Services Tax (GST). 12% Goods
and Services Tax (GST) charges of property value are liable on all under-construction properties.
It does not include the stamp duty and the charges on the registration. Previously this provision
was applied in the properties which are prepared or ready.

There is an increase in the profit for the builders and the developers due to the input tax credit.
This will additionally pass the profit to homebuyers.

IMPACT OF GST ON IRON AND STEEL

Tax Laws relating to the Iron and Steel before GST:
Three types of taxes are applied or imposed on the manufacturing of iron and steel. Those taxes
are:-
12.5% of Excise Duty
5% of the Average Value Added Tax (VAT)
2% Central Sales Tax (CST)
When we see, there is a total of 19.5% net tax which is imposed upon the iron and steel. If there
is an article which is manufactured of iron and steel are charged at the rate of 19.5%. The rate
of the tax charged is similar to the tax rate for manufacturing iron and steel. In Punjab, the Value

16
Added Tax (VAT) is 2.5% for the substances or commodities which are of iron and steel there
the pattern of tax charged is not the same in whole India.
Impact after Goods and Services Tax (GST)
Materials like iron and steel are very useful and utilized in everyday life. Goods and Services
Tax (GST) has a positive impact on the iron and steel and material made up of these. Kitchen
utensils that are useful in day to day life become cheaper than the previous. Utensils like pan,
stainless steel cooker and many more are now charged with 12% of Goods and Services Tax
(GST). Tt is charged 7.5% less than the current tax laws. There are benefits for all the steel-
related companies as there is a 5% low tax rate on all the large inputs used by them under the
Goods and Services Tax (GST). These inputs are iron ore, coal, etc.
IMPACT ON ENTERTAINMENT INDUSTRY
Before the enforcement of Goods and Services Tax (GST), the entertainment section pays many
taxes. They are not limited to one tax. They pay the central tax, state tax and also tax imposed
by the local authorities. But, when Goods and Services Tax (GST) was imposed they were liable
to pay only one tax.

IMPACT OF GST ON BANKING SECTOR

With the imposition of Goods and Services Tax (GST), the banking sector became more
expensive. Previously, the tax on all the services relating to the banking was 15% but after the
enforcement of Goods and Services Tax (GST), the tax rate on all the banking service was
increased to 18%.

IMPACT OF GST ON HOTEL AND TOURISM

Income generated from the hotel and tourism plays a vital role in the Indian economy. They help
in increasing the Gross Domestic Product (GDP) of India. This is why every State Government
keeps on promoting the tourism of there state by various advertisements. Rate of Goods and
Services Tax (GST) differs for the hotels because of the tariffs.

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IMPACT OF GST ON TEXTILE SECTOR
Goods and Services Tax (GST) has shown its positive impact upon the textile and readymade
garments. They are benefited from this new scheme of tax. Some of the benefits which Goods
and
Services Tax (GST) provided to the textile sector are:- 1.
The input credit system or chain is now broken
2. The price for the manufacturing of goods is now lower in comparison to the previous
tax regime.
3. Input credit is now granted in the capital goods
After the implementation of Goods and Services Tax (GST), all readymade garments which
range up to ₹ 1000 are exempted from the terms and clause of the Goods and Services Tax (GST)
and where the garments are branded ranging above ₹ 1000 then 12% of tax will be levied upon
them.

2.6 : INTERNATIONAL SCENARIO

GST was first levied by France in 1954. Today, Malaysia is the most recent country to join the
bandwagon. In countries where GST has been adopted, manufacturers, wholesalers, retailers and
service providers charge GST at the specified rate on price of the goods and services from
consumers and claim input credits for GST paid by them on procurement of goods and services
(raw material).

Globally, the broad principles of GST are as under:

• GST is a broad-based tax .

• GST is a destination based tax .
• GST is technically paid by suppliers but it is actually funded by consumers .
• GST is collected through a staged process i.e. a tax on the value added to goods or
services at every point in the supply chain .
• GST is a tax on the consumption of products from business sources, and not on
personal or hobby activities .

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 • Under GST, input tax credit is provided throughout the value chain for creditable
acquisition.

Let’s take a look at some other GST models:

GST in Australia
In Australia, the GST is a federal tax collected by the Australian Tax Office and then distributed
amongst the states. It was introduced in 2000, and its current tax rate is 10%. There are many
domestically-consumed items that are zero-rated such as fresh food, health services, and
education, amongst others. Government charges and fees are also exempted, considering that
they are themselves in the nature of taxes.
VAT in Brazil
There is a federal and state Value Added Tax (VAT) in Brazil. They also have other indirect taxes
imposed on the supply of goods and services, and similar to India, they have multiple tax slabs
under their indirect tax system.

VAT in China
VAT was implemented in China in 1984, and the standard rate is 13%. However, a reduced rate
of 9% and 6% apply to certain goods.

VAT in Indonesia
VAT was introduced in Indonesia in 1985, and is collected by the Directorate General of
Taxation, Ministry of Finance. The standard rate is fixed at 11%, with plans to raise it to 12%.
Basic commodities have been exempted from VAT.

VAT in France
VAT in France is collected on products or services at each stage of production or marketing and
borne by the final consumer. The VAT rates comprise 20%, 10%, 5.5% and 2.1% slabs. 20% is
the standard rate and is applicable to most goods.

19
GST in New Zealand
GST was introduced in New Zealand in 1986 and from July 1989 to September 2010, GST was
levied at the rate of 12.5%, and 10% prior to that. It is currently levied at 15%. GST collects
31.4% of the total taxation, making New Zealand the highest-taxed country in the OECD in
terms of sales tax as a proportion of the GDP.

VAT in the United Kingdom

VAT was introduced in the UK in 1973, replacing Purchase Tax. The default VAT rate has been
20% since January 2011, with some goods and services attracting a reduced rate of 5% or 0%
and some being exempted.
GST in the USA
The USA does not have any federal Value Added Tax levied on goods and services. Instead,
there is a sales tax governed at a state level. 45 states, the District of Columbia, as well as the
territories of Puerto Rico and Guam have imposed a general sales taxes that apply to both the
sale or lease of many goods and some services. The states may also grant local governments the
authority to levy additional general or selective sales taxes.

As of 2017, five states, i.e. Alaska, Delaware, Oregon, Montana and New Hampshire, do not
levy a statewide sales tax. The highest base rate of sales tax is levied by California at 7.25%.

Unlike India, other countries have a much higher threshold for GST applicability thus reducing
the burden on small businesses. This brings in challenges for SMEs.

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There are about 160 countries in the world that have some form of Value Added Tax (VAT) and
GST. It becomes important to note that GST rates in the Organisation for Economic Co-
operation and Development (OECD) countries is higher than it is in India and other emerging
markets. For instance, in Canada, Japan, South Korea, Malaysia, Philippines, South Africa,
Switzerland, Thailand, etc, the GST rates are in the range of 5-14 per cent while countries like
Argentina, France, Italy and United Kingdom have higher GST rates varying between 20 and
22 per cent.

VAT/GST RATES OF SOME COUNTRIES:

VAľ/GSľ Rates
Advanced Implementation Initial
Economies Yeaí Rate
Austíalia 2000 10

Canada 1991 7

Fíance 1954 20

Geímany 1968 11

Italy 1973 12

Japan 1989 3

Koíea (South) 1977 10

United Kingdom 1973 8

Emeíging
Economies
China 1994 17

India 2017 (GSľ) 15

21
 Mexico 1980 10

Russia 1991 28

Saudi Aíabia 2018 5

Souíce: OECD and RBI

CHAPTER 3:

PRESENTATION OF
DATA, ANALYSIS
&
FINDINGS
PRIMARY DATA ANALYSIS AND INTERPRETATION

Table 3.1: How do you get know about GST?

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 No. of Respondent Percentage

Friend/Family 15 30%

Mass Media 50 50%

Online source 20 20%

Other 15 15%

TOTAL 100 100%

(Source : Primary Data)

Interpretation:
From the above data , it can be analysed that most of the respondents got to know about GST through
mass media . Hence , mass media has played a major role in providing the awareness of GST .

Table 3.2: GENDER

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 Particulars No. of Respondent Percentage

Male 70 70%
Female 30 30%
TOTAL 100 100%
(Source: Primary Data)

Diagram 3.2:

(Source: Primary data)

Interpretation:
From the above data it can be said that most of the respondents are male which comprise of 70%
of the data whereas 30% of the respondents are female . This tells us that the topic GST resonate
more to a particular gender i.e., male , leading to differences in participation rates .

24
 Table 3.3: Education

Option No. of Respondents Percentage

SSC 10 10%

HSC 20 20%
Graduate 30 30%
Post-graduate 40 40%
Totals 100 100%

(Source: Primary Data)

Interpretation:
From the above diagram it is stated that most of the dealer are literate and that most of the
respondents are post graduates .

25
 Table 3.4: Monthly Income

Option No. of Respondents Percentage

Less than 10,000 10 10%

10,000-30,000 61 61%
30,000-50,000 15 15%

50,000 & above 14 14%

Totals 100 100%
(Source: Primary Data)

Interpretation:

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 .

26
 Table 3.5: Do you support the implementation of GST in India?
Particulars No. of Respondent Percentage

Yes 70 70%
No 30 30%
TOTAL 100 100%
(Source: Primary Data)

Diagram 3.5:

(Source: Primary Data)

Interpretation:
From the above data , it can be said that 70% of the respondents are in favour of
implementation of GST . This shows that most of the people are glad with the decision of

27
the Government of implementing GST . This also shows that most people agree that there
must exist transparency in the line of conducting of businesses .

Table 3.6: Do you think implementing GST will cause higher price of goods & services?
Particulars No. of Respondent Percentage

Yes 65 65%
No 35 35%
TOTAL 100 100%
(Source: Primary Data)

Diagram 3.6:

(Source: Primary Data)

Interpretation:
Most of the Client think that implementing GST will cause higher price of goods & services
. These respondents can be the same persons who were not in favour of implementation of
GST and fear that the price of the goods and services will go higher .

Table 3.7: Do you think all businesses need to be registered under GST?

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 Particulars No. of Respondent Percentage

Yes 80 80%
No 20 20%
TOTAL 100 100%
(Source: Primary Data)

DIAGRAM: 3.7

(Source: Primary Data)

Interpretation:
80% user think that all businesses need to be registered under GST . This tells us that most
of the respondents agree that the businesses should be registered with GST and they should
be liable to make records and file returns on time .

Table 3.8: Which system do you think is more beneficial to both Government and people?

Particulars No. of Respondent Percentage

29
Goods & Service Tax 65 65%

OTHER 35 35%

TOTAL 100 100%

(Source: Primary Data)
DIAGRAM: 3.8

(Source: Primary Data)

Interpretation:

65% user think that Goods & Service Tax is more beneficial to both Government and people.
This is justified because the latest collection from CGST are 84,304 crore rupees and 85,371
crore rupees from SGST .

Table 3.9: GST is a very good tax reforms for India?

30
 Option No. of Respondents Percentage
Strongly Agree 10 10%

Agree 15 15%

Neutral 40 40%

Disagree 25 25%

Strongly Disagree 10 10%

(Source: Primary Data)

Diagram: 3.9

(Source: Primary Data)

Interpretation:

From the above data , it can be said that 40% of the respondents are agreeing with the decision
of the Government of implementation of GST .

31
 Table 3.10: Whether there is increase in duplicate billing?

Option No. of Respondents Percentage

Strongly Agree 40 40%

Agree 15 15%

Neutral 30 30%

Disagree 10 10%

Strongly Disagree 5 05%

Totals 100 100%

(Source: Primary Data)

32
 (Source: Primary Data)
Interpretation
From the above data , it can be interpreted that 40% of the respondents strongly agree that
there exist fake bills in the market . The data suggests that Government should amend laws
relating to issuance of bills .

Table 3.11: GST has increased the various legal Formalities

Option No. of Respondents Percentage

Strongly Agree 25 25%

Agree 10 10%

Neutral 35 35%

Disagree 20 20%

33
 Strongly Disagree 10 10%

Totals 100 100%

(Source: Primary Data)

Diagram: 3.11

legal

25

(Source:
Primary Data)
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 customers are agree about that GST
Has Increased The Various Legal Formalities .

Table 3.12: GST has increased the tax burden on common man ?

Option No. of Respondents Percentage

Strongly Agree 45 45%

Agree 20 20%

Neutral 10 10%

34
 Disagree 15 15%

Strongly Disagree 10 10%

Totals 100 100%

(Source: Primary Data)

Diagram: 3.12

(Source: Primary Data) 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. This tells us that majority of the people are still not in
favour of implementation of GST .

Table 3.13: GST has increased the tax burden on businessman ?

Option No. of Respondents Percentage

Strongly Agree 55 55%

Agree 25 25%

Neutral 10 10%

Disagree 5 5%

35
 Strongly Disagree 5 5%

Totals 100 100%

(Source: Primary Data)
Diagram: 3.13

(Source: Primary Data) 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 not Agree. This is becuase GST enables the businesses to follow various legal
formalities like filing of return , maintaining records .

Table 3.14: GST has increased the inflation in the country?

Option No. of Respondents Percentage

Strongly Agree 60 60%

Agree 20 20%

Neutral 5 5%

Disagree 10 10%

36
 Strongly Disagree 5 5%

Totals 100 100%

(Source: Primary Data)

Diagram: 3.14

in

20 60

(Source: Primary Data) Interpretation:

From the above data , it can be said that most of the respondents are actually of the opinion
that the GST has increased the inflation in the country . This can be due to the higher tax
rates but this not holds true only for the rates . The increased in price level can also be due
to the various economic factors such as price of the commodity , currency fluctuations etc.

Table 3.15: GST has increased the Tax collection of GOVT ?

Option No. of Respondents Percentage

Strongly Agree 75 75%

Agree 20 20%

Neutral 5 5%

Disagree 0 0%

37
 Strongly Disagree 0 0%

Totals 100 100%

(Source: Primary Data)

Diagram: 3.15

(Source: Primary Data)

Interpretation:
75% customer are Strongly Agree that GST will increase the Tax collection of GOVT .This
holds true because as per the latest reports the collection from GST has been 12% higher
in April 2023 as compared to April

Table 3.16: GST is affecting small business very badly.

Option No. of Respondents Percentage

Strongly Agree 65 65%

Agree 27 27%

Neutral 8 8%

38
 Disagree 0 0%

Strongly Disagree 0 0%

Totals 100 100%

(Source: Primary Data)

Diagram: 3.16

(Source: Primary Data) 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 not
Agree.

Table 3.17: GST has make day to day purchases more expensive?

Option No. of Respondents Percentage

Yes 85 85%

No 15 15%
Totals 100 100%
(Source: Primary Data)

39
 Diagram: 3.17

(Source: Primary Data)

Interpretation:
From the above graph shows that most of our respondents are agree that GST will make day
to day purchases more expensive. This shows that there exist higher tax rates in the market .

Table 3.18: Is the composition scheme of GST is preferable?

Option No. of Respondents Percentage

Yes 25 25%

No 75 75%

Totals 100 100%

(Source: Primary Data)

40
 (Source: Primary Data)

Interpretation:
From the above graph shows that most of our respondents are not agree that composition
scheme are preferable. This is due to the fact that businesses registered under section 10 of
the act are not able to claim the Input Tax Credit (ITC) benfit of this act .

Table 3.19: GST has increased the tax burden on the service sectors.

Option No. of Respondents Percentage

Yes 70 70%

No 30 30%
Totals 100 100%
(Source: Primary Data)

41
 Diagram: 3.19

70

(Source: Primary Data)

Interpretation:
From the above data , it shows that most of our respondents are agree that GST has
increased the tax burden on service Sector. This tells us that there exist demand for
services in the market and considering those demand the government has increased the tax
rates on various services.

Table 3.20: How was your experience using GST?

Option No. of Respondents Percentage

Poor 10 10%

Satisfactory 20 20%
Good 30 30%
Excellent 40 40%
Totals 100 100%

42
 Diagram: 3.20

(Source: Primary Data)

Interpretation:

From the above graph , it shows that Most of customer says excellent for Using GST but
there exist other business which are not of the opinion that using GST is excellent .The
reason for this can be that most of the businesses might not fing the GST portals much
user friendly and therefore the Government should take steps for making the portals
much more user friendly .

43
 FINDINGS:
Most of the Client know about GST From Mass Media.
Most of the Client agree about the implementation of GST in India.
• Most of the Client think that implementing GST has cause higher price of goods & services.
• 80% user think that all businesses need to be registered under GST.
65% user think that Goods & Service Tax is more beneficial to both Government and people.
62% user think that GST is burden for the people/consumer.
From the above graph shows that Most of customer says excellent for using GST.
From the above graph shows that Most of customer are neutral about that GST is very good tax
reforms for India. 25 % customer are disagree about that GST is very good tax reforms for
India.
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 Agree about that GST Has
Increased The Various Legal Formalities.
45% customer are Strongly Agree about GST has increased the tax burden

44

45
 CHAPTER 4:

CONCLUSION
&
RECOMMENDATION

46
4.1 : CONCLUSION
The aim of the government is to bring India in an umbrella of one tax promoting the “One Nation
One Tax” system. Implementation of Goods and Services Tax (GST) substituted the regime of Value
Added Tax (VAT) in India. It merged all the indirect taxes which was prevailing in the country during
the Value Added Tax (VAT) regime. With the imposition of Goods and Service Tax (GST) was a big
task in a country like India where new changes are not easily accepted. It was a complex system to
understand at first but later it is coming out as a long term benefit for the country. There is the various
sectoral impact of Goods and Services Tax (GST). Some sectors show a positive impact while others
show a negative impact. Due to a long term benefit scheme, there is a less immediate positive impact
on Indian society and economy.

At the end we can say clearly with no doubt that it is the biggest ever change in tax structure of India.
There is a fall in prices of Auto Commercial Vehicle, two wheelers, small cars, midsized cars and
SUV, essential items, Footwear, Building Materials etc. and education, healthcare are going to be
exempted from GST but on the other hand, price of some other goods and services increased after
GST like Hotel room rental, Restaurants & fine dining and Branded Apparels. There was threat of
inflation before GST rolled out. It can be concluded that GST has been historical record for its full
fledge implementation and this is biggest historical reform in ease of doing business in India.

47
4.2 : RECOMMENDATION:
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 taxon 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.

48
 BIBLIOGRAPHY
Books:

• Kumar, N. (2014) Goods and Services Tax in India: A Way Forward. Global Journal
of Multidisciplinary Studies, 3(6), 216-225

• Sherawat, M., & Dhanda (2015) U., GST in India: A key tax reform. International
Journal of Research Granthaalaya, 3 (12), 133-41

• Mujalde, S and Vani, A (2017) Goods and Services Tax (GST) and its outcomes in
India,
Journal of Madhya Pradesh Economic Association. 2017, Vol. XXVII. No. 1, pp.)

• Nath, B. (2017) Goods and Services Tax: A Mile Stone in Indian Economy,
International
Journal of Applied Research, 2017, Vol. 3, No. 3, pp. 699-702.)

• Nayyar, A. and Singh, I., (2017) A Comprehensive Analysis of Goods and Services
Tax (GST) in India. Indian Journal of Finance

• Gupta, N. (2014) Goods and Services Tax: Its implementation on Indian economy,
CASIRJ Volume 5 Issue 3, pp.126-133.)

Websites:
• https://cleartax.in/s/gst-law-goods-and-services-tax
• https://cleartax.in/s/gst-law-goods-and-services-tax
• https://businessjargons.com/goods-and-services-tax-gst.html
• https://slidetodoc.com/goods-and-services-tax-gst-simplified-by-csc/
• https://www.slideshare.net/ruparajan1/gst-in-india-73581632
• www.gstindia.com
• www.gstn.org
• www.cbec.gov.in
• www.gstcounsil.gov.in

49
 QUESTIONNAIRE
Hello people, I am SUNNY KUMAR SINGH a B.Com (H) 6th Semester student of THE
BHAWANIPUR EDUCATION SOCEITY COLLEGE. This google form is a part of my
research project. It would be really helpful if you just spare out 5 minutes to take a part in
this survey and share your experience on the “GOODS & SERVICE TAX” Your response
will be highly appreciated.
*Required

SECTION A
1. Your Name: *
Your Answer:

2. E-Mail ID: *
Your Answer:

3. Contact No: *
Your Answer:

4. GENDER* o
Male
o Female

5. STATUS: * o
Married
o Unmarried

6. Age: * o
Below 25 o 25
– 40 o Above
40

7. Occupation:* o
Businessman
50
 o Serviceman
o Professional
o Any other

8. Qualification: *
o Graduation
o Post
Graduation o
Any other
Qualification

51
 SECTION B
Kindly Tick your perception regarding the Goods and Service Tax .*

Sr. Statements Strongly Agree Neutral Dis Agree Strongly

No. Agree Dis Agree
1 GST is a very good tax reforms for
India.

2 GST has increased the various legal

formalities.

3 GST has increased the tax burden on

common man.

4 India is really ready for

GST implementation.

5 GST has increased the tax burden on

businessman.

6 Govt has imposed GST on people

without any preparation.

7 GST is very difficult to understand .

8 GST will increased the inflation in

the country.

9 GST is beneficial in Long Term.

10 GST will increase the Tax collection

of
GOVT.
11 GST will affecting small business
very badly.

12 GST is impacts the customer

purchasing power in effectively.

52
13 GST affects the Indian capital stock
market operations.

14 GST will cause an increase in the cost

of living.

15 GST is a good method to replace the

sales and service tax.

16 The implementation of GST will

result in the products and services to
be more expensive.

17 The newly Implemented GST

confused the customers.

18 The Goods and Service Tax system is

a way for the government to collect
revenue to manage an economy.

19 The Sentences and wording in the

Goods and Service Tax guide is
lengthy and not user friendly.

20 Goods and Service Tax (GST)

encourage individuals to save part of
their Income.

53