This document provides an overview of Goods and Services Tax (GST) in India through a report on two companies, Britannia Industries and Argo Tech Foods. It discusses what GST is and how it works, the history of GST in India, tax laws before GST, types of GST, registration and returns, calculation of GST, advantages of GST, and the GST Council and GSTN. The report appears to be analyzing the impact of GST implementation on the two food companies.

1. A REPORT ON
BRITANNIA INDUSTRY AND ARGO TECH FOODS
BY
Enrollment Number:
IFHE for Higher Education and
Foundation
ICFAI BUSINESS SCHOOL(IBS),
Hyderabad.

2. A REPORT ON
BRITANNIA INDUSTRY AND ARGO TECH FOODS
BY
The report was written to
A report submitted in partial fulfilment of
the requirements of BBA Program of IBS
Hyderabad.
DATE OF SUBMISSION:

3. TABLE OF CONTENTS
Chapter 1: Introduction
Chapter 2:Company Profiles.
Chapter 3: Companies Tax rates before GST
Chapter 4: Companies Tax rates After GST implementation
Chapter 5: Summary of Findings and Conclusions
Bibliography

4. Chapter 1
Introduction
What is GST & How it works?
GST stands for Goods and Services Tax. It is an Indirect tax which introduced to replacing a
host of other Indirect taxes such as value added tax, service tax, purchase tax, excise duty, and
so on. GST levied on the supply of certain goods and services in India. It is one tax that is
applicable all over India.
How will GST works:
 Manufacturer: The manufacturer will have to pay GST on the raw material that is
purchased and the value that has been added to make the product.
 Service Provider: Here, the service provider will have to pay GST on the amount that
is paid for the product and the value that has been added to it. However, the tax that has
been paid by the manufacturer can be reduced from the overall GST that must be paid.
 Retailer: The retailer will need to pay GST on the product that has been purchased from
the distributor as well as the margin that has been added. However, the tax that has been
paid by the retailer can be reduced from the overall GST that must be paid.
 Consumer: GST must be paid on the product that has been purchased.
History Of GST
On July 1st 2017, the Goods and Services Tax implemented in India. But, the process of
implementing the new tax regime commenced a long time ago. In 2000, Atal Bihari Vajpayee,
then Prime Minister of India, set up a committee to draft the GST law. In 2004, a task force
concluded that the new tax structure should put in place to enhance the tax regime at the time.
In 2006, Finance Minister proposed the introduction of GST from 1st April 2010 and in 2011
the Constitution Amendment Bill passed to enable the introduction of the GST law. In 2012,
the Standing Committee started discussions about GST, and tabled its report on GST a year
later. In 2014, the new Finance Minister at the time, Arun Jaitley, reintroduced the GST bill in
Parliament and passed the bill in Lok Sabha in 2015. Yet, the implementation of the law
delayed as it was not passed in Rajya Sabha.

5. GST went live in 2016, and the amended model GST law passed in both the house. The
President of India also gave assent. In 2017 the passing of 4 supplementary GST Bills in Lok
Sabha as well as the approval of the same by the Cabinet. Rajya Sabha then passed 4
supplementary GST Bills and the new tax regime implemented on 1st July 2017.
Tax Laws Before the Implementation of GST
 The Centre and the State used to collect tax separately. Depending on the state, the tax
regimes were different.
 Even though import tax was levied on one individual, the burden was levied on
another individual. In the cases of direct tax, the taxpayer must pay the tax.
 Prior to the introduction of GST, direct and indirect taxes were present in India.
Types of GST
The four different types of GST are given below:
1. Central Goods and Services Tax : CGST is charged on the intra state supply of
products and services.
2. State Goods and Services Tax : SGST, like CGST, is charged on the sale of products
or services within a state.
3. Integrated Goods and Services Tax : IGST is charged on inter-state transactions of
products and services.
4. Union Territory Goods and Services Tax : UTGST is levied on the supply of
products and services in any of the Union Territories in the country, viz. Andaman and
Nicobar Islands, Daman and Diu, Dadra and Nagar Haveli, Lakshadweep, and
Chandigarh. UTGST is levied along with CGST.
Who is Eligible for GST?
The below mentioned entities and individuals must register for Goods And Services Tax:
 E-commerce aggregators
 Individuals who supply through e-commerce aggregators
 Individuals who pay tax as per the reverse change mechanism
 Agents of input service distributors and suppliers

6.  Non-Resident individuals who pay tax
 Businesses that have a turnover that is more than the threshold limit
 Individuals who have registered before the GST law was introduced
Registration of GST
Any company that is eligible under GST must register itself in the GST portal created by the
Government of India. The registered entities will get a unique registration number called
GSTIN.
It is mandatory for all Service providers, buyers, and sellers to register. A business that makes
a total income of Rs.20 lakhs and more in a financial year must be required to do GST
registration. It takes 2-6 working days to process.
Know the GSTIN – GST Identification Number
A 15-digit distinctive code that is provided to every taxpayer is the GSTIN. The GSTIN will
be provided based on the state you live at and the PAN. Some of the main uses of GSTIN are
mentioned below:
 Loans can be availed with the help of the number.
 Refunds can be claimed with the GSTIN.
 The verification process is easy with the help of the GSTIN.
 Corrections can be made.
GST Certificate
A GST Certificate is an official document that is issued by the concerned authorities for a
business that has been enrolled under the GST system. Any business with an annual turnover
of Rs.20 lakh or more and certain special businesses are required to be registered under this
system. The GST registration certificate is issued in Form GST REG-06. If you are a registered
taxpayer under this system, you can download the GST Certificate from the official GST Portal.
The certificate is not issued physically. It is available in digital format only. GST Certificate
contains GSTIN, Legal Name, Trade Name, Constitution of Business, Address, Date of
liability, Period of Validity, Types of Registration, Particulars of Approving Authority,
Signature, Details of the Approving GST officer, and Date of issue of a certificate.

7. GST Returns
A GST Returns is a document that contains information about the income that a taxpayer must
file with the authorities. This information used to compute the taxpayer’s tax liability. Under
the Goods and Services Tax, registered dealers must file their GST returns with details
regarding their purchases, sales, input tax credit, and output GST. Businesses are expected to
file 2 monthly returns as well as an annual return.
GST Rates
The GST Council has assigned GST rates to different goods and services. While some products
can be purchased without any GST, there are others that come at 5% GST, 12% GST, 18%
GST, and 28% GST. GST rates for goods and services have been changed a few time since the
new tax regime was implemented in July 2017.
How do I calculate GST?
Calculating the amount that needs to be paid as GST when filing your returns can be quite
tedious. Several aspects and factors must be taken into consideration, such as ITC, exempted
supplies, reverse charge, etc. Failure to pay the entire GST amount can see you slapped with
an 18% interest on the shortfall, thereby making it necessary to ensure that you pay the right
amount towards GST.
The GST Calculator makes it simple for taxpayers to calculate the amount that needs to paid
as GST. You will have to enter all the required details such as the month for which you are
calculating GST, the due date for filing returns for the particular month, the actual date on
which the returns are filed, the tax liability for the month, the purchases that attract Reverse
Charge Mechanism, the opening balance of your cash ledger as well as your credit ledger and
the eligible ITC.
Here is an example showing how you can calculate your GST liability:

8. Particulars Amount
Overall value of interstate sales Rs.20 lakh
Overall value of intrastate sales Rs.25 lakh
Advance received Rs.8 lakh
SGST Rs.25 lakh x 9% = Rs.2.25 lakh
CGST Rs.25 lakh x 9% = Rs.2.25 lakh
IGST
Rs.20 lakh x 18% = Rs.3.6 lakh
Rs.8 lakh x 18% = Rs.1.44 lakh
Total = Rs.5.04 lakh
GST Payments
Currently, the GST must be paid every month. The GSTR-1 and GSTR-3B must be filed. In
the case of refunds, the relevant forms must be submitted as well. GST payments can be made
both online and offline. Once the payment has made, a challan must be generated.
GST E-Way Bill
An electronic document that is generated to show proof of goods movement is the E-Way bill.
You can generate the bill from the GST portal.
Advantages of GST
The following are the advantages of goods and services tax in India
1. Regulation of the unorganized sector
2. E-commerce operators no longer suffer from differential treatment

9. 3. Fewer complications
4. Composition scheme
5. Registration process and filing of returns are simple
6. Higher threshold
7. Elimination of the cascading tax effect
GST Council
Any recommendations that are made to the State and Union Government regarding any issues
that are related to GST is done by the GST Council. The chairman of gst council is Union
Finance Minister of India. The other members of the GST Council are the Union State Minister
of Revenue or Finance of all the states.
GSTN - Goods and Service Tax Network
The GSTN is the Goods and Services Tax Network which is responsible for managing the IT
system concerning the GST Portal. It is a non-profit, non-government organization and is the
database for the official GST Portal.
The current structure of the GST Network can be summed up as follows:
 Central Government – 24.5%
 State Governments and EC – 24.5%
 LIC Housing Finance Ltd. - 11%
 01ICICI Bank, HDFC, NSE Strategic Investment Co., and HDFC Bank – 10% each.
Features of GSTN
The salient features of the GST Network can be listed as follows:
 Keeping the information of all the taxpayers safe and secure.
 Maintaining confidentiality of the taxpayers’ information.
 It is a trusted National Information Utility (NIU).
Functions of GSTN
The main functions of the GST Network or GSTN can be summed up as follows:

10.  It is responsible for handling the invoices
 It is responsible for handling the registrations
 It is responsible for handling the payments and refunds (if any)
 It is responsible for handling different types of returns.

11. Chapter 2
Company Profiles
BRITANNIA INDUSTRY
Britannia Industries is one of India’s leading food companies with a 100 year legacy and
annual revenues in excess of Rs. 9000 Cr. Britannia is among the most trusted food brands,
and manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and
Marie Gold which are household names in India. Britannia’s product portfolio includes
Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and
Yoghurt. Britannia is a brand which many generations of Indians have grown up with and our
brands are cherished and loved in India and the world over. Britannia products are available
across the country in close to 5 million retail outlets and reach over 50% of Indian homes.
The company’s Dairy business contributes close to 5 per cent of revenue and Britannia dairy
products directly reach 100,000 outlets.
Britannia Bread is the largest brand in the organized bread market with an annual turnover of
over 1 lac tons in volume and Rs.450 crores in value. The business operates with 13 factories
and 4 franchisees selling close to 1 mn loaves daily across more than 100 cities and towns of
India.
We have a presence in more than 60 countries across the globe. Our international footprint
includes presence in Middle East through local manufacturing in UAE and Oman, are the No
2 biscuit player in UAE with a strong contention to leadership and have a similarly strong
market position in the other GCC countries. We are also the market leaders in Nepal and are
in the process of investing a manufacturing facility in the country.
Our foot print spreads across North America, Europe, Africa and South East Asia through
exports and we are investing in a state- of- the- art facility in Mundra SEZ, Gujarat, to service
the exports markets.
Our strategic expansion plan is based on the principle of ‘One new market a year’. We plan
to expand through local operations in Africa and South East Asia in the coming years.

12. Britannia takes pride in having stayed true to its credo, ‘Eat Healthy, Think Better’. Having
removed over 8500 tonnes of Trans Fats from products, Britannia became India’s first Zero
Trans Fat Company. Over 50% of the Company’s portfolio is enriched with essential micro-
nutrients which nourish the body.
The company set up the Britannia Nutrition Foundation in 2009, and began working on
public private partnership to address malnutrition amongst under-privileged children and
women
ARGO TECH FOODS
Agro Tech Foods Limited is a company with a dominant market position in the edible oils
and branded foods sector in India. ConAgra Foods Inc of USA world's third largest foods
company along with Tiger Brands of South Africa holds a majority stake of 51.3 percent in
Agro Tech Foods Limited through CAG Tech Holdings Mauritius. The company was
incorporated in 1986 as ITC Agro-Tech to enter the oil seed and edible oils business. In
October 1997 ConAgra acquired a 51.3 per cent stake in the company through its investment
arm CAG-Tech Mauritius. At present CAG-Tech Mauritius holds 49.24% of the total paid-up
capital of the company . ConAgra is a diversified international food company operating
across the food chain in over 35 countries. ITC Agro-Tech's name was changed to Agro-Tech
Foods in July 2000. The company with ConAgra firmly at the helm plans to emerge as a
major player in the foods and edible oils business. The Company plans to launch a new
branded food product in the country every six months. The company has well known brands
like Sundrop Health World ACT II and Rath in its portfolio. The company has two business
segments namely Branded Foods Segment and Bulk and Processed Commodities Segment.In
1992-93 the company came out with a rights issue on preferential basis aggregating to
4084257 Equity Shares of Rs.10/- each at a premium of Rs.90 per share.In 1994-95 the
company acquired the use of Brands Trade Marks & Logos of the edible oil business from
ITC Ltd in March 1995 for a consideration of Rs.25 crores.During 1995-96 the company has
disinvested the entire equity stake in its subsidiary ITC Agro-Tech Finance and Investments
Ltd.In association with ConAgra of the US its parent company ATFL has already forayed
into the dry grocery category with the launch of Healthy World atta in the Tamil Nadu and
Andhra Pradesh markets in November 1999. In the next 3-5 years the company would be

13. spending Rs. 50-60 crores on expanding its distribution network and market base apart from
promoting its products.As per the Agreement between ITC Affiliates and CAG-Tech
(Mauritius) Ltd upon expiration of a period not exceeding three years from 7th October 1997
use of the 'ITC' prefix was to be discontinued from the name of the company. Accordingly
the name was changed from ITC Agro-Tech Ltd to Agro Tech Foods Ltd with effect from
29th June 2000.The Company entered the hard fats business with acquisition of the Vanaspati
brand Rath in June 2000. Healthy World Green Peas was launched in June 2000 in northern
markets and subsequently extended to the rest of the country. The Company divested its
entire equity in Palmtech India Ltd in favour of Kumpulan Emas Berhad (KEB). During
2001-02 the company has commenced implementation of an integrated IT solution and this
latest solution is being offered from Oracle Corporation.The Company has disinvested its
equity stake in Advanta India Limited on 31st of July 2005. A new initiative for
manufacturing Instant Popcorn (IPC) in an excise-exempt location in Uttaranchal was
successfully completed in February 2006.

14. Chapter 3
Companies Tax rates before GST
BRITANNIA INDUSTRY
In an economic environment, wherein revenue growth in the FMCG sector has slowed down,
your Company achieved a sales growth of 11.4% and added ` 828.55 Crores to sales. Your
Company focused on profitability, capital productivity and working capital management to
generate cash flow from operating activities of ` 877.69 Crores compared to ` 515.33 Crores
in the previous year. Earnings per share (of ` 2/- each) increased from ` 51.90 to ` 62.44.
During the year, your Company focused on product innovation, brand building and
distribution to grow faster than the market. Your Company’s brands have become iconic over
time due to the combination of superior product and endearing communication. Your
Company’s focus on building new capabilities and a robust pipeline of innovation resulted in
new launches in the form of Pure Magic Chocolush, Pure Magic Choco Deuce, Tiger
Glucose Chocolate and Tiger Cashew Cookies. Coupled with leading edge go-to-market
approaches, these innovations tap new sources of growth and profitable revenue, while
building brand differentiation and relevance.

16. ARGO TECH FOODS
Meeting of the Members of Agro Tech Foods Limited will be held on Wednesday, the 27th
July, 2016 at 10.00 A.M. at The Manohar, Old Airport Exit Road, Begumpet, Hyderabad – 500
016, Telangana to transact the following businesses: ORDINARY BUSINESS 1. To receive,
consider and adopt the Audited Financial Statements for the Financial Year Ended 31st March,
2016, the Consolidated Financial Statements for the said Financial Year and the Report of the
Directors and Auditors thereon. 2. To declare a dividend for the Financial Year ended 31st
March, 2016. 3. To appoint a Director in place of Ms. Anna Elizabeth Biehn, who retires by
rotation and being eligible, offers herself for reappointment. 4. To ratify the appointment of
M/s. B S R & Associates LLP, Chartered Accountants (ICAI Registration.No.116231W/ W-

17. 100024), as the Statutory Auditors of the Company and to authorize the Board of Directors to
fix their remuneration.

18. Chapter 4
Companies Tax rates After GST
BRITANNIA INDUSTRY
When humanity looks back on 2020 in a few years, it will be relegated to being one of the most
challenging years that mankind has ever seen. The world witnessed a health, a humanitarian
and an economic crisis of a gargantuan scale which was hitherto unimaginable. The pandemic
confronted us all with overwhelming challenges every single day, and as one of the largest
essential foods organizations in the country, we resolved to put our best foot forward. We
mobilised and augmented our manufacturing, supply chain and sales systems to ensure that
every fellow Indian across the length and breadth of this country, had easy access to affordable
nutrition. While there were unrelenting constraints facing every member of the Britannia
ecosystem with no known protocol of operations, we demonstrated immense agility and rallied
together in unison to ensure that we deliver value to our shareholders, sow the seeds for a
sustainable future, and most importantly, serve the country in these dire times of need. We
liaised with government organizations & civil society groups across the country to lend a
helping hand to the vulnerable sections of the society by providing hot meals, ration kits and
packaged food products.
We realize that today, more than ever, ESG (Environment, Social, Governance) standards are
of paramount importance and need to be integrated into our core business philosophy, product
portfolio & the entire value chain. Through the course of the year gone by, we made certain
that we do not lose sight of the importance of delivering sustainable and responsible goodness
by helming our initiatives in energy & water conservation, sustainable packaging and
community nutrition; amongst others. And thus, we took strides every day to enliven the
Britannia of today, the one which proffers exciting goodness through its products, but more
importantly, the one that works towards making every day, a better day.

19. Britannia Industry (Standalone) The turnover and profit / (loss) figures of Tata Steel Limited
(Standalone) are given below: (` crore) FY 21 FY 20 Turnover 64,869 60,436 EBITDA 21,952
15,096 Profit before tax (PBT), before exceptional 15,022 8,315 Profit before tax (PBT) 17,795
6,611 Profit after tax (PAT), before exceptional 10,834 8,447 Profit after tax (PAT) 13,607
6,744.
 Debtors Turnover Ratio: Increased primarily on account of increase in debtors mainly
from group companies.
 Interest Coverage Ratio: Increased primarily on account of increase in operating
profits. 3) Debt Equity Ratio and Net Debt Equity Ratio: Decreased primarily on

20. account of prepayment and repayment of borrowings during the year. Net debt further
decreased due to higher current investments and cash and bank balances.
 EBITDA Margin: Increased primarily on account of increase in operating profits due
to higher prices and decline in raw material costs.
 Net Profit Margin and Return on average net worth: Increased primarily on account of
increase in net profits mainly attributable to higher operating profits and higher
exceptional gains as compared to charge in the previous year. 2. Britannia Industry
(Consolidated) The consolidated profit after tax of the Company was ₹8,190 crore as
against ₹1,172 crore in the previous year.
ARGO TECH FOODS
The last 15 months have been perhaps the most eventful in living memory. The COVID-19
pandemic has impacted the lives and livelihoods of people across the world in what might be
one of the most significant black swan events of our time. However, through these
unpredictable times, we have witnessed remarkable scientific progress, multilateral
cooperation, government responsiveness, and rapid global transformation – many of which
will impact the way we live and interact with each other. Several countries, including India,
are now emerging from the throes of a brutal second wave of COVID-19. I am hopeful that
the worst is behind us and that better days are ahead.
We are committed to a circular economy and it is with that focus that we strive to
consistently optimise our water, waste, carbon and energy footprint. For example, we have
resolved to improve net carbon emission intensity well beyond India’s Nationally Determined
Contributions as per the Paris Accord commitments, with an aim of achieving more than 41%
reduction by 2030 (from the base year of 2005).
Emerging Market and Developing Economies (EMDEs) Following a 7.2% growth in CY
2020, EMDEs are expected to witness a y-o-y growth of 9.7% in CY 2021, indicating a V-
shaped recovery. The trend lines on forecast also align with those of the AMEs.

21. Percentage of GST charged on each product.

22. Chapter 5
Summary, Findings and Conclusion
While some products can be purchased without any GST, there are others that come at 5%
GST, 12% GST, 18% GST, and 28% GST. Here is an example showing how you can calculate
your GST liability: Particulars Amount Overall value of interstate sales Rs.20 lakh Overall
value of intrastate sales Rs.25 lakh Advance received Rs.8 lakh SGST Rs.25 lakh x 9% =
Rs.2.25 lakh CGST Rs.25 lakh x 9% = Rs.2.25 lakh IGST Rs.20 lakh x 18% = Rs.3.6 lakh Rs.8
lakh x 18% = Rs.1.44 lakh Total = Rs.5.04 lakh GST Payments Currently, the GST must be
paid every month. Elimination of the cascading tax effect GST Council Any recommendations
that are made to the State and Union Government regarding any issues that are related to GST
is done by the GST Council.
While some products can be purchased without any GST, there are others that come at 5%
GST, 12% GST, 18% GST, and 28% GST. A REPORT ON BRITANNIA INDUSTRY AND
ARGO TECH FOODS BY The report was written to A report submitted in partial fulfilment
of the requirements of BBA Program of IBS Hyderabad. GST Rates The GST Council has
assigned GST rates to different goods and services. In 2012, the Standing Committee started
discussions about GST, and tabled its report on GST a year later. GST Certificate A GST
Certificate is an official document that is issued by the concerned authorities for a business that
has been enrolled under the GST system. Chapter 3: Companies Tax rates before GST Chapter
4: Companies Tax rates After GST implementation Chapter 5: Summary of Findings and
Conclusions Bibliography Chapter 1 Introduction What is GST & How it works? Elimination
of the cascading tax effect GST Council Any recommendations that are made to the State and
Union Government regarding any issues that are related to GST is done by the GST
Council. Under the Goods and Services Tax, registered dealers must file their GST returns with
details regarding their purchases, sales, input tax credit, and output GST. GST Returns A GST
Returns is a document that contains information about the income that a taxpayer must file
with the authorities. ARGO TECH FOODS The last 15 months have been perhaps the most
eventful in living memory. If you are a registered taxpayer under this system, you can
download the GST Certificate from the official GST Portal.A A REPORT ON BRITANNIA
INDUSTRY AND ARGO TECH FOODS BY Enrollment Number: IFHE for Higher

23. Education and Foundation ICFAI BUSINESS SCHOOL(IBS), Hyderabad. GST went live in
2016, and the amended model GST law passed in both the house.

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