BST Project
Class 11 PROJECT
WORK (2023-24)
NAME OF THE SCHOOL : DAV,
Pokhariput
NAME OF THE STUDENT:
Devansh Dash
CLASS : XI-G
ROLL NUMBER : 5624/12
ACADEMIC YEAR : 2023-24
TEACHER IN CHARGE : Manaswini
Mam
ACKNOWLEDGEMENT
I would like to convey my sincere thanks
to Manaswini mam, my business studies
teacher, who always gave me valuable
suggestions and guidance during the
project. She has a source of inspiration
and helped me understand and
remember important details of the
project. She gave me an amazing
opportunity to do this wonderful project.
I also thank my parents and friends for
their help and support in finalising this
project within the limited time frame.
(Signature)
CERTIFICATE BY
GUIDE
This is to certify that Devansh Dash of
class XI of DAV, Pokhariput, Odisha has
completed his project file under my
guidance. He has taken proper care and
shown the utmost sincerely in
completing this project.
I certify that this project is up to my
expectations and as per the guidelines
issued by CBSE.
Commerce Department
(Signature)
CERTIFICATE BY
STUDENT
I Devansh Dash, student of class XI of DAV,
Pokhariput, Odisha hereby certify that the project
was undertaken by me as per the CBSE
curriculum. I take it to be authentic and reliable.
Devansh dash 12
(Signature) (Roll
no.)
CONTENTS
(a) How does GST work?
(b) What is GST?
(c) Benefits of GST (Advantages for Businesses
& Advantages for the Economy)
(d) GST Registration Process
(e) GST Return Filing (process & deadlines)
(f) GST Audit and Assessment
(g) GST Compliance and Penalties
(h) GST Refunds
(i) Recent Updates in GST
What is GST?
GST (Goods and Services Tax) is a
comprehensive indirect tax levied on
the supply of goods and services in
India. It was introduced to replace
multiple indirect taxes and streamline
the taxation system.
How does GST work?
GST is a destination-based tax, which
means it is levied at the final point of
consumption. It is collected at each
stage of the supply chain and is based
on the value added at each stage. GST
is divided into Central GST (CGST) and
State GST (SGST), which are levied by
the central and state governments,
respectively.
Benefits of GST
Advantages for Businesses
Simplified Tax Structure: GST replaces multiple
indirect taxes, making compliance easier for
businesses.
Input Tax Credit: Businesses can claim input tax
credit on their purchases, reducing the overall tax
liability.
Elimination of Cascading Effect: GST eliminates
the cascading effect of taxes, resulting in lower
prices for consumers.
Increased Efficiency: The unified tax system
reduces paperwork and administrative burden.
Improved Competitiveness: GST promotes a level
playing field for businesses, encouraging fair
competition.
Advantages for the Economy
Boost to GDP: GST is expected to
contribute to the growth of the economy.
Increased Tax Revenue: The streamlined
tax system is likely to increase tax
collections.
Formalization of the Economy: GST
encourages businesses to operate in a
formal and transparent manner.
Reduction in Tax Evasion: The
transparent nature of GST helps in
reducing tax evasion.
GST Registration Process
Step 1: Visit the GST Portal
Go to the official GST portal and click on the
'Services' tab.
Select 'Registration' and then click on 'New
Registration'.
Step 2: Fill in the Application
Fill in the necessary details such as the legal
name of the business, PAN number, email
address, and mobile number.
Provide the required documents, such as
proof of address, identity, and business
registration.
Step 3: Verification
Once the application is submitted, a
verification process will be initiated.
The GST officer may request additional
documents or information for verification
purposes.
Step 4: Approval
After successful verification, the GST officer
will approve the registration.
You will receive a unique GSTIN (Goods and
Services Tax Identification Number).
Step 5: Registration Certificate
Once approved, you will receive a
registration certificate.
The certificate will contain your GSTIN, legal
name, and other relevant details.
Step 6: Commence Business
After obtaining the registration certificate,
you can start conducting business as a
registered GST taxpayer.
Make sure to comply with the GST
regulations and file regular returns.
GST Return Filing
GST return filing is the process of submitting
details of sales, purchases, and tax paid to
the tax authorities. It is a crucial step in
complying with GST regulations and
ensuring accurate reporting of transactions.
Process
The process of filing GST returns involves the
following steps:
[Link] accurate records of sales,
purchases, and tax paid.
[Link] the necessary invoices and
documents required for filing.
[Link] the GST return form, including the
details of sales, purchases, and tax paid.
[Link] the details and submit the return
online through the GST portal.
Deadlines
The deadlines for filing GST returns vary based
on the type of taxpayer and the turnover. It is
important to adhere to the deadlines to avoid
penalties and compliance issues.
Monthly Returns: Due on the 20th of the
following month.
Quarterly Returns: Due on the 18th of the
month following the end of the quarter.
Make sure to consult the GST guidelines and seek
professional advice to ensure accurate and
timely filing of GST returns.
GST Audit and Assessment
GST audit and assessment are important
processes that ensure compliance with GST
regulations and identify any discrepancies or
non-compliance. These processes help in
maintaining the integrity of the GST system and
ensuring that businesses are fulfilling their tax
obligations.
GST Audit
A GST audit is a systematic examination of a
taxpayer's records, books, and accounts to verify
the accuracy of the GST returns filed by them.
The audit is conducted by the GST authorities to
ensure that the taxpayer has correctly reported
and paid the GST liabilities.
During a GST audit, the following procedures may
be followed:
Examination of records, books, and accounts
Verification of input tax credit claimed
Reconciliation of turnover declared
Verification of tax payments made
Examination of compliance with GST laws
and regulations
GST Assessment
GST assessment is the process of determining
the tax liability of a taxpayer. It involves the
calculation of tax payable, verification of returns,
and issuance of an assessment order.
The following guidelines are followed during the
GST assessment process:
Verification of returns filed by the taxpayer
Examination of supporting documents
Calculation of tax liability
Issuance of an assessment order
Importance of GST Audit and
Assessment
GST audit and assessment play a crucial role in
ensuring compliance with GST laws and
regulations. They help in identifying any non-
compliance or errors in the GST returns filed by
taxpayers. This ensures that the correct amount
of tax is paid and helps in preventing tax
evasion.
Additionally, GST audit and assessment help in
maintaining the transparency and accountability
of the GST system. They provide a mechanism
for the GST authorities to verify the accuracy of
the information provided by taxpayers and take
necessary actions in case of non-compliance.
It is important for businesses to understand the
procedures and guidelines for GST audit and
assessment to ensure compliance and avoid
penalties or legal consequences.
GST Compliance and Penalties
Requirements for GST
Compliance
To ensure GST compliance, businesses must:
Register for GST
Maintain accurate records of all transactions
File regular GST returns
Pay GST on time
Penalties for Non-Compliance
Failure to comply with GST regulations can result
in the following penalties:
Late filing penalties
Late payment penalties
Interest charges
Suspension or cancellation of GST
registration
Legal action and prosecution
GST Refunds
Process for Claiming GST
Refunds
To claim a GST refund, taxpayers need to follow
the below process:
[Link] a refund application: Taxpayers need to
file a refund application in the prescribed
format, providing details of the tax period,
amount of refund claimed, and supporting
documents.
[Link] and processing: The tax
authorities will verify the refund application
and supporting documents. If everything is in
order, the refund will be processed.
3. Refund disbursement: Once the refund is
processed, the amount will be credited to the
taxpayer's bank account through electronic
funds transfer (EFT).
Eligibility Criteria for GST
Refunds
To be eligible for a GST
refund, taxpayers must meet
certain criteria:
[Link] of goods or services: Taxpayers who
have exported goods or services are eligible
for a refund of the GST paid on those goods
or services.
[Link] duty structure: Taxpayers who have
paid GST on inputs at a higher rate than the
GST on the output supplies are eligible for a
refund.
[Link] input tax credit: Taxpayers who
have accumulated excess input tax credit
due to the rate of tax on inputs being higher
than the rate of tax on output supplies are
eligible for a refund.
[Link] paid on supplies to SEZ: Taxpayers who
have paid GST on supplies made to a Special
Economic Zone (SEZ) are eligible for a
refund.
Changes in GST Laws and
Regulations
The government has recently introduced
several changes in the GST laws and
regulations to simplify the tax structure and
improve compliance.
Updates in GST Filing Process
The GST return filing process has been
streamlined with the introduction of new
online platforms and simplified forms.
THANK
YOU
