DECLARATION

I hereby declare that the dissertation entitled "ACCOUNTING FUNDAMENTALS AND GST
IMPLEMENTATION" submitted by me in partial fulfillment of the requirements for the award
of the Degree of BBA to the AMITY UNIVERSITY, KOLKATA is based on the experiments
and studies carried out by me. This work is original and has not been submitted in part or full
for any other degree or diploma of any university or institution.
AMITY UNIVERSITY KOLKATA

NIHAL BAID
A90606415084

AMITY BUSINESS SCHOOL

KOLKATA

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 CERTIFICATE
The research work embodied in this dissertation entitled "FUNDAMENTALS OF
ACCOUNTING AND GST IMPLEMENTATION" submitted by Nihal baid, Enroll
No:A90606415084 in partial fulfillment of the requirements for the award of the Degree of
Bachelor of Business Administration to the AMITY UNIVERSITY, KOLKATA is based on
the experiments and studies carried out by him/her. This work is original and has not been
submitted in part or full for any other degree or diploma of any university or institution.

DATE: 08/11/17
AMITY UNIVERSITY, KOLKATA

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ACKNOWLEDGEMENT

The internship opportunity I had with GRIPEX INDIA LTD. was a great chance for learning
and professional development. Therefore, I consider myself as a very lucky individual as I was
provided with an opportunity to be a part of it. I am also grateful for having a chance to meet
so many wonderful people and professionals who led me though this internship period.

Bearing in mind previous I am using this opportunity to express my deepest gratitude and
special thanks to the MD of GRIPEX INDIA LTD. who in spite of being extraordinarily busy
with her/his duties, took time out to hear, guide and keep me on the correct path and allowing
me to carry out my project at their esteemed organization and extending during the training.

I express my deepest thanks to MR. MANISH SADHWANI, DIRECTOR for taking part in
useful decision & giving necessary advices and guidance and arranged all facilities to make
life easier. I choose this moment to acknowledge his/her contribution gratefully. It is my radiant
sentiment to place on record my best regards, deepest sense of gratitude for his careful and
precious guidance which were extremely valuable for my study both theoretically and
practically.

I perceive as this opportunity as a big milestone in my career development. I will strive to use
gained skills and knowledge in the best possible way, and I will continue to work on their
improvement, in order to attain desired career objectives. Hope to continue cooperation with
all of you in the future,
Sincerely,

NIHAL BAID

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LIST OF CONTENTS:

ABOUT THE COMPANY 1

ACCOUNTING 2-4
ELEMENTS OF ACCOUNTING 5-9
DOUBLE ENTRY ACCOUNTING SYSTEM 10-12
ACCOUNTING CYCLE 13-15
STOCK STATEMENT 16
METHODOLOGY ADOPTED 17
GST 18-21
CGST AND SGST 22-23
GST ITC ON STOCK TRANSITION PROVISION 24-25
GST FEATURES 26
BENEFITS AND DISADVANTAGES 27-28
GRIPEX INDIA LTD. GST PRICE LISTING 29-35
STOCK TRANSITION FOR VALUATION 36-38
CONCLUSION 39
BIBLIOGRAPHY 40
ANNEXTURE 41

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ABSTRACT

Financial accounting is essential to financial accountability, which is essential to a prosperous

society. There are many examples of how improvements to financial accounting, supported by
research, have enhanced financial accountability. Such research requires a strong relation
between accounting academics and practice; this relation has ebbed and flowed during the life
of Abacus. The relation seems to ebb when accounting academics embrace related fields and
flows when the relevance to accounting practice emerges. Economics and finance have
provided new perspectives and meaningful insights about the information investors need to
make informed decisions. Regardless, there are many intriguing and open questions awaiting
accounting research that can provide insights into how financial accounting—and thus financial

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accountability—can be improved. The future is bright for financial accounting researchers who
do research relevant to accounting practice and want to contribute to a prosperous society.

Traditionally India’s tax regime relied heavily on indirect taxes. Revenue from indirect taxes
was the major source of tax revenue till tax reforms were undertaken during nineties. The major
argument put forth for heavy reliance on indirect taxes was that the India’s majority of
population was poor and thus widening base of direct taxes had inherent limitations. But the
Indian system of indirect taxation is characterized by cascading, distorting tax on production
of goods and services which leads to hampering productivity and slower economic growth.
There are endless taxes in present system few levied by Centre and rest levied by state, to
remove this multiplicity of taxes and reducing the burden of the tax payer a simple tax is
required and that is Goods and Service Tax (GST). This paper throws an insight into the Goods
and Service Tax concept, advantages, disadvantages and international scenario.

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