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Project report on implications of Goods and Service Tax (GST) on Automobile Industry of India

Placement-SIP-IILM

Project report on implications of Goods and Service Tax (GST) on Automobile Industry of India
Submitted by  –  Roshan Roy (PGDM 2016-18)

Executive Summary :

The internship report on implications of Goods and Service Tax (GST) on automobile industry of India was assigned by Mr. Vikas Tuteja, the Branch Manager at HDFC Bank, GK-1 Branch. The objectives of the study were to find implications of Goods and Service Tax (GST) on automobile industry of India, whether it will act as a boon or bane for the industry.

The other sub-objectives are as follows:-
> To study how Auto loans will get impacted by GST implementation.
> How GST will affect Indian Economy.

Only secondary data was used to prepare this report. This report is divided into few chapters such as introduction to the banking sector, an overview of company profile (HDFC Bank), introduction to tax and elaboration of GST insights, the impact of GST on automobile sector and Indian economy. The last chapter is about conclusion and recommendations which are drawn from analysis of the whole study.

The main findings of the study are as follows:

Automobile industry is looking forward to the introduction of GST. However, there are quite a few concerns in GST model, which need to be addressed. Restrictions and conditions on eligibility to tax credits on assets used for business is also a major area of concern, and the credit mechanism should be more liberal. Overall, GST will be boon for the automobile industry.

Some recommendation of the study are:

Companies need to upgrade their enterprise resource planning (ERP) – a category of business management software — so as to accommodate the complexities of calculating GST. ERP helps companies manage and monitor everything 2 in the organization, including supply chain, finance, and even human resource functions. SAP and Oracle are the big players in the Indian ERP space. Overall learning from internship duration: It has been one of the most important learning curves of my life, working with HDFC Bank, one of the leading banks in the industry. I have gained insights regarding sales pitch, building relationship with customers. I got to know about the real market and how to make customers feel benefitted with their investments. This experience has helped me to grow my personality and taught me about not only the position but also industry goals and initiatives.

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