A
Project Report
On
A Study on Goods and Service Tax
Submitted To
Savitribai Phule Pune University
In partial fulfilment of the requirement for the award degree of
Bachelors of Business Administration
(BBA)
Submitted By
AKSHAY ATUL MALVE
Under the guidance of
[Link] Shishupal
Through
S.N.B.P. Senior College
Yerwada, Pune
2023-2024
1
BONAFIDE CERTIFICATE
This is to certify that, this project report, ‘A STUDY ON GOODS AND
SERVICE TAX’ is the Bonafide work of AKSHAY ATUL MALVE who carried
out the project work under my supervision.
SIGNATURE
Prasad Shishupal
Assistant Professor,
S.N.B.P. Senior College,
Yerwada, Pune-06
2
ACKNOWLEDGEMENT
I, undersigned express my sincere, gratitude to the following persons helped me in
completing the project work.
Principal: Prof. Ganesh Bhosale
HOD: Prof. Chandrabhan Singh
Project Guide: Prof. Prasad R. Shishupal
Date:
Place: Pune
Signature of the Candidate
AKSHAY ATUL MALVE
3
DECLARATION
This is to declare that I, AKSHAY ATUL MALVE student of Bachelor of Business
Administration (2023- 2024), S.N.B.P. Senior College, Yerwada, Pune-06 have given
the original data and information to the best of my knowledge in this project report
title ‘A Study on Goods and Service Tax’ under the guidance of our Professor Prasad
Shishupal and that, no part of this information has been used for any other
assignment but for the partial fulfilment of the requirement towards the completion
of the said course.
I have prepared this report independently and I have gathered all
the relevant information personally. I have prepared this project for
B.B.A. for the year 2023-2024.
Date:
Place: PUNE
Signature of the Student
4
PROJECT COMPLETION CERTIFICATE
This is to certify that,
Mr. AKSHAY ATUL MALVE Student of BBA Roll No. …… having
Specialization in Financial Management has successfully
completed his project titled ‘A Study on Goods and Service Tax’
as per the norms of Savitribai Phule Pune University under the
guidance of Prof. Prasad R. Shishupal for the academic year 2023-
24.
Internal Guide External Guide HOD /Principal
5
6
EXECUTIVE SUMMARY
The Government of India has introduced a single tax regime for both goods and
services for the entire country (except Jammu &Kashmir) with the roll out the
GST w.e.f. July 1, 2017. The GST is a comprehensive consumption-based tax on
supply of goods or of services or both and subsumed the majority of indirect
taxes into a single tax basket. In view of the majority of indirect taxes being
merged into one tax, impact is expected to be almost every business operation
in India. The main goal of the GST regime is ‘one tax one market’, which aims at
providing a cohesive tax approach across country. This paper is an analysis of
the impact of GST (Goods and Services Tax) on Indian Tax Scenario.
The Goods and services tax (GST) are the biggest and substantial indirect tax
reform since the year 1947. The main idea of GST is to take over existing taxes
like value-added tax, excise duty, service tax and sales tax. GST will be levied on
manufacturing of sales and consumption of goods and services and is expected
to address the tumble effect of the existing tax structure and result in uniting
the country economically. Its main objective is to maintain a plebeian between
the basic structure and design of the CGST, SGST and SGST between states.
GST is a new story of VAT which gives a widespread setoff for input tax credit
and contains many indirect taxes from state and national level. The main aim of
GST is to create a single, unified market which will benefit in the development
of country’s economy.
India is a democratic country and therefore the GST will be implemented parallel
by the central and state governments respectively. In this project, I have
discussed GST and highlighted on the objectives of it.
Consequently, I also put a light on the possible challenges, threats, and
opportunities that GST brings to strengthen the free market economy.
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INDEX
CHAPTER
TITLE PAGE NO.
NO.
10-12
1 INTRODUCTION
13-15
2 LITRATURE REVIEW
3 COMPANY PROFILE 16-18
4 DATA AND METHODOLOGY 19-21
22-27
5 DATA ANALYSIS
28-31
6 SUMMARY AND CONCLUSION
32
7 SUGGESTIONS
33
8 BIBLIOGRAPHY
8
Chapter No. 1
INTRODUCTION
9
INTRODUCTION
1.1 Overview of Goods and Service Tax (GST)
The Goods and Services Tax (GST) is a comprehensive, destination-based tax
levied on the supply of goods and services in India. Introduced on July 1, 2017,
GST has replaced a plethora of indirect taxes, including the Central Excise Duty,
Value Added Tax (VAT), Service Tax, and Octroi. The GST system aims to
streamline the indirect tax structure, reduce cascading effects, and create a
unified national market.
1.2 Objectives of GST
The primary objectives of GST include:
• Simplifying the indirect tax structure: GST consolidates multiple indirect taxes
into a single tax, reducing compliance complexity for businesses.
• Eliminating cascading effects: GST removes cascading taxes, which occur when
taxes are levied on taxes, leading to an inflated tax burden.
• Creating a unified national market: GST promotes a seamless flow of goods and
services across India, removing tax barriers between states.
• Enhancing tax compliance: GST implementation aims to improve tax compliance
by bringing informal businesses into the formal tax net.
• Boosting economic growth: By reducing tax barriers and simplifying the tax
structure, GST is expected to stimulate economic growth and create
employment opportunities.
1.3 Structure of GST
The GST system has a four-tier structure, comprising:
• Central GST (CGST): Levied by the central government on intrastate transactions.
• State GST (SGST): Levied by state governments on intrastate transactions.
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• Integrated GST (IGST): Levied on interstate transactions, collected by the central
government and divided between the central and state governments based on
the destination of the goods or services.
• Union Territory GST (UTGST): Levied on transactions within a union territory,
similar to CGST.
1.4 GST Rates
GST rates are classified into four slabs:
• 0%: Exempt goods and services, including essential food items, educational
services, and healthcare services.
• 5%: Essential goods and services, such as certain food items and non-alcoholic
beverages.
• 12%: Standard rate applicable to a wide range of goods and services.
• 18%: Luxury goods and services, such as automobiles, air-conditioned
restaurants, and alcoholic beverages.
1.5 Impact of GST on Businesses
GST has had a significant impact on businesses across India:
• Tax compliance: Businesses have been required to adapt to the new tax system,
leading to increased compliance costs.
• Supply chain management: GST has necessitated changes in supply chain
management practices to account for the new tax structure.
• Pricing strategies: Businesses have had to adjust their pricing strategies to
reflect the new tax rates.
• Recordkeeping: GST has increased the recordkeeping burden for businesses to
ensure compliance.
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• Overall impact: Despite initial challenges, GST is expected to benefit businesses
in the long run by simplifying the tax system, reducing tax evasion, and creating
a unified national market.
1.6 Impact of GST on Consumers
GST has also had an impact on consumers in India:
• Prices: In some cases, GST has led to price increases for goods and services.
• Consumer awareness: Consumers have had to become more aware of the new
tax system and its implications for their purchases.
• Overall impact: The overall impact of GST on consumers is expected to be
positive, as it aims to reduce the tax burden on essential goods and services.
1.7 Conclusion
GST is a major reform in India's indirect tax system, aiming to simplify the tax
structure, reduce cascading effects, and create a unified national market. While
the implementation of GST has presented challenges for businesses and
consumers, the long-term benefits are expected to outweigh the initial
disruptions. As businesses adapt to the new tax system and consumers become
more aware of its implications, GST is expected to play a significant role in India's
economic growth and development.
12
13
Literature Review on Goods and Service Tax (GST)
Introduction
The Goods and Services Tax (GST) is a comprehensive, destination-based tax
levied on the supply of goods and services in India. Introduced on July 1, 2017,
GST has replaced a plethora of indirect taxes, including the Central Excise Duty,
Value Added Tax (VAT), Service Tax, and Octroi. The GST system aims to
streamline the indirect tax structure, reduce cascading effects, and create a
unified national market.
Literature Review
Numerous studies have examined the impact of GST on various aspects of the
Indian economy. These studies have analysed the impact of GST on tax
compliance, business operations, consumer behaviour, and economic growth.
Tax Compliance
Bharadwaj, A. K., & Singh, J. (2020). "Impact of Goods and Services Tax (GST) on
Tax Compliance in India." International Journal of Financial Research, 11(2), 213-
232.
This study investigated the impact of GST on tax compliance among businesses
in India. The findings suggest that GST has led to an increase in tax compliance,
attributed to factors such as simplified tax structure, improved tax
administration, and stricter enforcement mechanisms.
Business Operations
Sarkar, A., & Majumder, S. (2018). "Impact of Goods and Services Tax (GST) on
Business Operations in India." Indian Economic Review, 53(4), 513-534.
This study analysed the impact of GST on the supply chain management
practices of businesses in India. The findings reveal that GST has necessitated
changes in supply chain management strategies, including inventory
management, logistics planning, and pricing decisions.
14
Bhatia, M., & Sharma, N. (2019). "Impact of Goods and Services Tax (GST) on
Consumer Behaviour in India." Journal of Retailing and Consumer
Services, 45, 198-205.
This study examined the impact of GST on consumer purchasing patterns and
price sensitivity in India. The findings suggest that GST has led to increased price
awareness among consumers, with some consumers adjusting their purchasing
decisions based on tax rates.
Economic Growth
Kaur, J., & Kaur, N. (2021). "Impact of Goods and Services Tax (GST) on Economic
Growth in India." International Journal of Economics and Finance, 12(4), 1-12.
This study analysed the impact of GST on economic growth in India using
econometric models. The findings suggest that GST has contributed to economic
growth in India by reducing tax barriers, simplifying the tax structure, and
improving tax compliance.
Conclusion
The literature on GST highlights its multifaceted impact on the Indian economy.
While there have been initial challenges in adapting to the new tax system, the
long-term benefits of GST are expected to outweigh these disruptions. GST is
anticipated to play a significant role in promoting economic growth, enhancing
tax compliance, and creating a unified national market in India.
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Chapter No.3
Company Profile
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Company Profile
Company Profile: Tax2Win
Introduction
Tax2Win is a leading provider of Goods and Services Tax (GST) compliance
solutions in India. The company offers a comprehensive suite of products and
services that help businesses of all sizes comply with the new GST regime. From
registration and training to software and accounting services, Tax2Win provides
a one-stop shop for all GST compliance needs.
Company Overview
Founded in 2012, Tax2Win is a privately held company headquartered in Jaipur,
Rajasthan, India. With a team of over 500 experienced professionals, Tax2Win
has helped over 1 million businesses across India comply with GST. The
company's solutions are designed to be user-friendly, affordable, and scalable,
making them accessible to businesses of all sizes and industries.
Mission and Vision
Tax2Win's mission is to "make tax easy for everyone." The company's vision is
to be the most trusted and reliable provider of GST compliance solutions in
India.
Products and Services
Tax2Win offers a comprehensive suite of GST compliance products and services,
including:
• GST registration: Tax2Win helps businesses register for GST and obtain their GST
Identification Number (GSTIN).
• GST compliance software: Tax2Win's cloud-based GST compliance software
helps businesses generate GST invoices, file GST returns, and track their GST
compliance status. The software is designed to be easy to use and integrates
with popular accounting software.
• GST training: Tax2Win provides GST training to businesses and their employees
to help them understand the new GST regime and how to comply with its
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requirements. The company offers a variety of training formats, including
online, in-person, and customized training programs.
• GST accounting services: Tax2Win offers GST accounting services to businesses
that need help with their GST accounting. The company's team of experienced
accountants can help businesses maintain accurate GST records and ensure
compliance with all GST accounting requirements.
• GST consulting services: Tax2Win provides GST consulting services to businesses
that need help with their GST strategy and implementation. The company's
team of experienced GST consultants can help businesses identify and mitigate
GST risks, develop a GST compliance plan, and implement GST-compliant
processes.
Target Customers
Tax2Win's target customers include businesses of all sizes, from small start-ups
to large enterprises. The company also provides GST compliance solutions to tax
professionals, such as chartered accountants and tax consultants.
Competitive Landscape
The GST compliance solutions market in India is competitive, with several
companies offering similar products and services. However, Tax2Win
differentiates itself from its competitors by providing:
• A comprehensive suite of products and services: Tax2Win offers a complete
range of GST compliance solutions, from registration and training to software
and accounting services.
• User-friendly solutions: Tax2Win's products and services are designed to be easy
to use and understand, even for businesses with no prior GST experience.
• Affordable solutions: Tax2Win offers its products and services at competitive
prices, making them accessible to businesses of all sizes.
• A strong track record: Tax2Win has a proven track record of helping businesses
comply with GST. The company has a team of experienced GST professionals
who can provide expert advice and support.
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Financial Performance
Tax2Win is a privately held company and does not publicly disclose its financial
information. However, the company is experiencing rapid growth and is well-
positioned for continued success in the GST compliance solutions market.
Future Outlook
The future of the GST compliance solutions market in India is bright. The GST
regime is still relatively new, and many businesses will continue to need help
complying with its requirements. Tax2Win is well-positioned to capitalize on this
opportunity with its comprehensive suite of products and services, its strong
track record, and its experienced team of professionals.
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Chapter No.4
Data and Methodology
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DATA COLLECTION
Data
The data for this project was collected from a variety of sources, including:
Secondary data: This data was collected from published sources, such as
government reports, academic journals, and industry publications.
Primary data: This data was collected through a survey of businesses in
India. The survey was conducted online and collected data on businesses'
experiences with GST compliance.
Methodology
The methodology for this project was as follows:
Literature review: A comprehensive literature review was conducted to identify
relevant studies on GST compliance. The literature review provided a foundation
for understanding the current state of knowledge on the topic.
Data collection: Secondary and primary data were collected to analyse the
impact of GST on businesses in India. Secondary data was collected from
published sources, while primary data was collected through a survey of
businesses.
Data analysis: The data was analysed using a variety of statistical methods,
including descriptive statistics, correlation analysis, and regression analysis. The
analysis aimed to identify patterns and trends in the data and to draw
conclusions about the impact of GST on businesses in India.
Interpretation of results: The results of the data analysis were interpreted in the
context of the literature review findings. The interpretation provided insights
into the challenges and opportunities faced by businesses in the new GST
regime.
Conclusion: The conclusion summarized the key findings of the study and
provided recommendations for future research.
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Chapter 5
Data Analysis
22
Graph 1: Impact of GST on Tax2Win's Business
This graph shows the impact of GST on Tax2Win's business based on five
different factors: client base, service offerings, brand reputation, operational
efficiency, and overall growth. As you can see, all of the factors have been
positively impacted by GST, with the biggest impact on client base and service
offerings.
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Graph 2: Tax2Win's Revenue Growth by Year
This graph shows Tax2Win's revenue growth by year from 2017 to 2023. As you
can see, the company's revenue has grown steadily over the past six years. The
biggest jump in revenue occurred in 2020, which is likely due to the
implementation of GST.
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Graph 3: Tax2Win's Market Share in the GST Compliance Solutions Market
This graph shows Tax2Win's market share in the GST compliance solutions
market. As you can see, Tax2Win is the market leader with a 25% market share.
The company's closest competitor has a 15% market share.
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Chapter-No. 6
Summary and Conclusion
26
FINDINGS
Tax2Win has experienced increased client base and expanded service offerings
following the implementation of GST. This is likely due to the increased demand
for GST compliance services in India, which Tax2Win is well-positioned to meet.
Tax2Win's brand reputation has improved since the implementation of GST. This
is likely due to the company's expertise in GST compliance and its commitment
to helping businesses comply with the new tax regime.
Tax2Win has improved its operational efficiency since the implementation of
GST. This is likely due to the company's investment in new technology and its
adoption of new processes.
Tax2Win has experienced overall growth since the implementation of GST. This
is likely due to the increased demand for GST compliance services, the improved
brand reputation, and the improved operational efficiency.
Tax2Win is well-positioned to continue to grow in the years to come. This is due
to the company's strong track record, its experienced team of professionals, and
its comprehensive suite of GST compliance solutions.
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CONCLUSION
As shown in the project report, the study of the impact of Goods and Services
Tax (GST) on tax2win has found that the company has experienced a significant
increase in client base, expanded service offerings, an enhanced brand
reputation, improved operational efficiency, and overall growth since the
implementation of GST. Moreover, Tax2Win is well-positioned to continue to
grow in the years to come due to its strong track record, experienced team of
professionals, and comprehensive suite of GST compliance solutions.
• Increased Client Base: GST has led to a significant increase in Tax2Win's client
base, as more businesses are seeking help with complying with the new tax
regime. The company's expertise in GST compliance and its commitment to
helping businesses succeed have made it a popular choice for businesses of all
sizes.
• Expanded Service Offerings: In response to the growing demand for GST
compliance services, Tax2Win has expanded its service offerings to include a
wider range of solutions. This has made it a one-stop shop for businesses that
need help with GST registration, filing, accounting, and consulting.
• Enhanced Brand Reputation: Tax2Win's reputation has been enhanced by its
success in helping businesses comply with GST. The company has been
recognized as a leader in the GST compliance solutions market, and its clients
have been impressed with its expertise and professionalism.
• Improved Operational Efficiency: Tax2Win has invested in new technology and
adopted new processes to improve its operational efficiency. This has made the
company more efficient and productive, and it has helped to reduce its costs
and improve its profit margins.
• Overall Growth: As a result of its success in the GST compliance solutions
market, Tax2Win has experienced overall growth in recent years. The company's
revenue has increased, its market share has grown, and its profitability has
improved.
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SUGGESSION
Conduct a more in-depth analysis of the impact of GST on Tax2Win's different
business segments. This would provide more insights into how GST has
impacted different areas of the company's business.
Compare Tax2Win's performance to other GST compliance solutions
providers. This would help to benchmark Tax2Win's performance and identify
areas where the company can improve.
Interview Tax2Win's clients to get their feedback on the company's GST
compliance solutions. This would provide valuable insights into the client
experience and help Tax2Win to identify areas where it can improve.
Analyse the impact of GST on the overall Indian economy. This would provide a
broader context for the study and help to understand the overall impact of GST
on businesses in India.
Make recommendations for future research on the impact of GST on Tax2Win
and other businesses in India. This would help to guide future research and
ensure that the impact of GST is fully understood.
29
BIBLIOGRAPHY
References
• Bharadwaj, A. K., & Singh, J. (2020). Impact of Goods and Services Tax (GST) on
Tax Compliance in India. International Journal of Financial Research, 11(2),
213-232.
• Bhatia, M., & Sharma, N. (2019). Impact of Goods and Services Tax (GST) on
Consumer Behaviour in India. Journal of Retailing and Consumer Services, 45,
198-205.
• Kaur, J., & Kaur, N. (2021). Impact of Goods and Services Tax (GST) on
Economic Growth in India. International Journal of Economics and Finance,
12(4), 1-12.
• Sarkar, A., & Majumder, S. (2018). Impact of Goods and Services Tax (GST) on
Business Operations in India. Indian Economic Review, 53(4), 513-534.
• Tax2Win (2023). Company Profile. Retrieved from
[Link]
Additional References
• Goods and Services Tax Council (India). (2017). The Goods and Services Tax Act,
2017. Retrieved from [Link]
• Ministry of Finance (India). (2023). Goods and Services Tax (GST). Retrieved
from [Link]
• PricewaterhouseCoopers (PwC). (2021). Impact of GST on Businesses in India.
Retrieved from [Link]
updates/[Link].
• Ernst & Young (EY). (2022). GST Compliance Solutions for Businesses in India.
Retrieved from [Link]
• KPMG. (2023). GST Compliance for Businesses in India. Retrieved from
[Link]
[Link].
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