Client with 15 iPhones gets GST Notice for Tax Evasion | Here's Why!
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- Опубліковано 28 вер 2024
- In this video, I've shared a practical case scenario with our students to enable them to understand the theoretical provisions of GST in a better fashion.
In this video, we've seen how fake availment of ITC in the case of GST can land taxpayers in trouble.
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Your Communication method....way of explaining is so Good....Your Video's topics are always helpful...we love Learning through your videos....Thank you so much sir🙏🏻
The person can say that I have icecream selling business in which I sell icecream to customer and hand them iPhone for the time they eat the icecream so that they get emotionally connected and my business flourish😅 correct me if this strategy is not good
My previous FY ITR was filed through taxbuddy and the CA filed it through ITR 3 form. That was my first time filing ITR through CA. Before i used to file through form 16 but i quit my job in 2019. Am i required to pay advanced tax before 31st March?
Sir, How do department know if a specific small business is purchasing a smartphone for business use or personal use?
Let us say it is a small jewellery store.
Let us consider that the specific small business is purchasing only 1-2 smartphone and 1-2 laptops in the single year.
Story of my client. I am going to send this to him. Department will explain him in better way than CAs.
Sahi he 😂
I am not CA aspirant but ur videos are very useful for my financial awareness.. Thanks Sir😇
HE IS THE ONLY TEACHER IN CA FETERNITY WHO PLAYS WITH TAX LAWS. 🙏
Recently saw a vid where someone suggested to buy everything on GST account. Something seemed fishy, your vid answered everything. Thanks!
Sir mai apko personally to nahi jaanta hoo but u r the man with wisdom
App ke under vo baat hai hai jo sab mai nahi hota
🙏🙏
Sir why you don’t take taxation classes for CMA inter …sir pls start because your teaching style is unique and easy to understand.
Sir can you please put english sub titles so that, south indians also get benefit out of your lectures🙏
Great explanation sir.. thank you so much! You said lastly that there are more better ways to save taxes.. can please throw some more light on it?
Sir agrr kisi ko knowledge lena ho to aapki videos uske liye bhut usefull hoti hai
Good work, you are educating the public in right direction. 👏
Sir department yeh bol sack te..he.ki mere business ki liye agents ko diye he.....actual me 15 in person dept ki sam ni khada kar do....if need more info....jaha register place baat he....agent are in different cities....for business promotion & sale.....our company policy .we give iphone....so without hassel work is done smoothly....due advance feature capability of iphone....some how dept convence kar sacke....
I would like to Thank you for providing this topic video in fact for a long time I'm searching for this topic video in this video you explain it in an easy way .you are such a good mentor 🙏.
Sir no matter what we say, many clients don't listen and claim ITC on ineligible items. So sir, how will try to mitigate the Loss for your client
Please make a video on Travel expenses and Business Travel expenses if we can claim on that.
The way you teach sir is very great 😊
Sahil sir . I’m very much inspired by you and your personality. Loved the video🙏🏻🙌🏻💖
Sir, How do department know if a specific small business is purchasing a smartphone for business use or personal use?
Let us say it is a small jewellery store.
Let us confirm that the specific small business is purchasing only 1-2 smartphone and 1-2 laptops in the single year.
Sir I like the way you talk ....
We all like him
Hahahah mujh jaise engineer ke liye kafi informative aur fascinating tha 😁....mja aaya sunke
Love your style of explanation!
I have a question: Can we setup a small 2 person company and get ITC for our simple purchases. All office related items: office chairs, tables, some electronics. Nothing too big or expensive like costly iphones. Will we have to show revenue etc for the company to look legitimate?
Yes you can, expenditure related to office work is eligible as ITC!
@@MrELus1ve can a salaried employee also do that? I don't think so bcoz then the entire purpose of the company would be tax evasion. Am I right?
@@priyanshusinghal3084 @Priyanshu Singhal Only suppliers/buyers with GST no. can avail ITC
@@uaeindi ok thnx
How will you get a gst number without having a yearly revenue of 20L?
Simply wow explanation ❤️
Please do make videos in English or add subtitles to your videos.... It would be helpful:)
Can you please explain why TVs are so expensive in India?
For example same Samsung, LG model laptop cost 1L rs in Australia. Then the same model cost 4.5L rs in India.
Because we export all the Semiconductors used to assemble TVs and Laptops.
Thank you sir for sharing practical knowledge
Could u please make a video on tax for doctors if they work on salary for few days and also run their own clinic.
Very interesting & funny case study 😄👍
Sir aapki video me bhuut maza aata hai 🔥🔥🔥
But sir with all due respect
Client toa ahbii vi bch jaaega, he can say ki mujhe ni pta inhone mera gst number kyu dlaah, aur agrr chlo maine dlwaya prr maine toa input inn shb mobiles ka apni GSTR 3B mai liya hi nii becoz Gstr 2B ki invoices ko per invoice tag ni krna hota in 3b , in 3b we just have to write input figures, and for this itc, Take 4 back date invoice of your friend business with ITC n show them the proof of claiming excess itc, n tell ur friend to file these invoices in his subsequent month after notice. n pay interest only, you will be saved from penalties in that case...
Sir can someone use my gstin and PAN Card photo? How will I know if someone is misusing? Please reply
Roz dekhte hain hum ye sab tricks. These words are coming for an income tax inspector 🤪
Is case me Kaya me ye claim kar sakta hu ki mere relative ne ne help Kari business me (like discover/making a new flavour of ice cream ) or wo mere company me employees nahi hai to mene unhe pay Kara as a gift 1 iPhone to 15 people
LOVELY EXPLANATION THAKS A LOT
Can Diwali bumper offer, agency rewards, sales personnel gifts, or business promotion expense be given as an excuse?
You should also add penalty and what happened to him.. How this is handled once it's proved that it's a tax evasion
You can't avail depreciation if ITC is availed on capital goods.
Sir final ki demo vedio kaha milegi
He can save himself by just said that he sold used iphone on olx just using after 1 month. Because work is too much hectic at icecream shop so phone get damaged easily that’s why he have to change phone every month and sell old phone at 50% off
Bhai vo sale books me bhi to dikhni chaiye na .. Vo depreciation claim kar rha h aur tum keh rhe ho ki sale dikha de
Amazing Sir 👏👏loved to watch ur video, Plz share more such kind of stuff 😊😊.
Sir 🙏🏻🌹🙏🏻
thanks of lot for useful information
Wow sir thank you so much ❤️❤️❤️
What if I purchase just one item for self use under my own business GST in this scenario? Will I face same situation ?
4:20 how can he save 20-30k...
He can claim depreciation and his profit will reduce and he has to pay less tax? But how does it comes to 20-30k...it will take him years to get back that 20-30k by paying less income tax
As per IT act mobile phones will be depreciated at the rate 15%, hence on that taxable amount of rs1 lakh of iPhone he can claim depreciation of 15% which comes to rs15000 , also it is just for 1 iPhone, he has shown 15 iPhones in the books of accounts, thus you can calculate how much depreciation benefit he availed by doing this practice PLUS ITC benefits under GST act
We know some how you will save there taxes you just need to give an answer to gst office it is easy in reality you just need to give a letter.
How would he save 20k to 30k from 1lac?
great video. Thanks
sir saare tareke batate rehna
Hi Sir,Bussiness purpose ke liye koi bhi capital good purchase karte h h and normal bill lete h aur apna GST no seller ko batna rah jata h to bbi baad me GST ka ITC le sakta h kya
Gr8 knowledge ❣️
Very helpful and interested
What happened to the buys those who bought the iPhone ~90K
Baap explain kiya...maja aagaya
what if i does not file itr ? for many years
GST me Keya ps5 leya ja sakta he
This will be a pinned tweet for me! I estimate 20-30k cr Monthly GST evasion. That's huge by any estimate...
Khaas itna dimaag government ne netaon ki income pe lagaya hota tho desh kahan se kahan poch jata.
इनको बचाने का तरीका है, अगर ये show कर दे कि इन्होंने दुकान को promote करने के लिए स्कीम रखी थी जिसमें उन्होंने iphone and tv fridges etc बांटे the... तो बात खत्म हो जाएगी
Sir one question. I have hotel business. When I buy cement/rod for my expansion projects. So can I claim GST input from that?
Yes
Sir maine Ek mobile pe ITC claim karne Socha hai by the way of Calling to debtors in my business is it justifiable Amount of phone is around 26000 ?? Please reply sir !
really good information thank you
Sir my firm is partner ship. I am working partner. Suppose my sale 2500000 b2b not cash sale. @6% 150000. My salary 150000 as working partner .firm tax liability aftergp ratio11.02 deducted expenses become zero for firm. Am I right sir.
Net worth 5 cr ka matlab
Sir , if icecream seller says tht he gave such i phones to his vendors or dealers then, is this not justified?
My friends friend was doing this and I told it is not in your favour of doing this.
They will get you stop it now.
Income tax department ka staff CGL, UPSC se select hote ha ।
99% inspector, officer Science background se hote ha ।
Commerce ki inko koi knowledge nhi hoti ।
Isliye inko kuch pata nhi hota।
Bus ye notice bhejte rehte ha aur lawyer aur CA inko notice ka reply bhej dete ha ।
Ye itne kanun bata dete ha ki income tax vale bhi nhi samjh paate ।
I am a big fan of you
my father has registered businnes i want to purchase 1 laptop for my personal use is there any problem
ek se kuch nahi hoga
Sir I love your voice you speak very clearly.
Sir Ek iPhone Kitne me pad Jayega agar gst wale see lu?
Sir CMA Inter k lie bhi classes laiye na plzz
Are cashbacks received when i make a payment for my business expense, taxable?
Woh bol sakta tha maine ek scheme nikali hai jo meri ice cream khayega usko ek ghanta iphone chalane ko milega jinhone kabhi iphone nahi chalaya woh mere idhar se ice cream khaye aur is scheme se bahot sare log ek sath aa ja rahe the isliye maine 15 iphone kharide ca wale pagal hai unke sab rule ka loophole hai aur jab koi tax bachata hai toh uske pichhe pad jate hai mai
Please sir gst me bhi demo class dijiye na income tax ki tarah
Already uploaded on this channel!
Keep it up sar ji 👍
Is tarah ke kaam insan tabhi karta hai jab tax bohot jyada ho..
Yaar seriously imported goods pe Indian government 30% se 125% tak ka tax le rahi hai.. 🙄
Kyu de koi apne hard earned money se double tax + import duty..
Very interesting
I am doing the same but for samsung 🤣🤣
1 iphone tho le e sakte hai
Koi baat nahi woh manage kar legs
There are two ways of saving yourself from legal troubles:
1. The hard way: be adept with laws, read kilos and kilos of literature and thus know what exactly will land you in soup.
2. The easy way: Don't be oversmart. That usually keeps you safe from any and all legal issues.
Woh bol sakta tha maine ek scheme nikali hai jo meri ice cream khayega usko ek ghanta iphone chalane ko milega jinhone kabhi iphone nahi chalaya woh mere idhar se ice cream khaye aur is scheme se bahot sare log ek sath aa ja rahe the isliye maine 15 iphone kharide ca wale
@@pwinsider007 aisa nahi hota 😂 Sir ne pehle hi clear kar diya ki client ki ice cream shop mei mushkil se 4 log bhi khade nahi ho pate 15 iPhone kaun chalayega? how to justify this? nahi kar sakte toh penalty bharo
@@mydogspeakschinese woh bol deta uski dukan pe woh 15 iphone rakh deta aur jo uski icecream khayega use iphone par ring marker use jitne ka mauka milega
@@pwinsider007The relevant part is 'furtherance of business'. If you claim that you have run such a project, you have to give proof in the form of documents that you actually had run such a promotional event. Even in such cases you have to show the iphones in your possession bearing phone numbers that bears sims issued in favour of your business. Remember one thing, if you do such things like manufacturing fake evidence and get caught, you will be charged under Section 122 where in addition to the recovery of ineligible ITC, interest and penalty, you will have to pay equal amount as the ITC as personal penalty. Nobody should try to outsmart revenue officers once the officers have found a wrong doing. It generally doesn't pay well.
@@Jpab_inwhat is the safest no of items that we can use as personal goods while claiming ITC
See, TBH, it's our system fault, not teaching our youngs the finance management and then expecting them to be expert like a CA. This case is obviously too childish and ridiculous buying 15 iPhones for a business. Our system needs a reform where kids are taught finance management and investing rather then promote them to dance and sing. Answer me, where in our life have we ever used any chemistry formula or ever used (a+b) whole square?
Edit: Editing to inform some dumb persons commenting below, it's nowhere mentioned to 'ditch' any subject, Chemistry here for eg. It's about relevancy. You can't force a kid to stuff him with mind boggling formulas who aspire to become a sportsman or a trader. Teach kids what they are interested in, not every kid wish to become a doctor or a scientist.
Exactly
Chemistry formula might not be useful for you but they are everything to a medicine student and Pharma companies....yes I agree stuffing a child every subject is very obsolete system of education and every child should be taught as per their interest.
But fully setting aside other concepts just because they do not resonate with a particular person is foolish thing to do.
Ask a Pharma company who is developing medicines and vaccines, they'll tell about the importance of chemistry formulaes and mathematics equations. :)
you ll be die as soon as you're born
or
your child will die instantly after birth
If,
If you're thinking what's the use of chemistry formula
Who'll make the medicine ??
Don't compare this with any other things
Just talk about financial advice should be given.
@@NITINtainment suppressing any particular subject is obviously stupid. Argument is, these subjects shud be taught to students who aspire to achieve a goal in that field,not to literary stuff insanely complicated formulas.
@@ranjantiwari49 Grow up kid, don't behave like a kiddo. There's nowhere mentioned to ditch ANY particular subject. It's all relevancy. If i wish to become a business for eg, chemistry formulas are totally irrelevant to me.
"Income tax me koi pagal nahi baithe hai" became a common dialouge
Mr Sahil, I am senior officer of the department and I find that these video are very informative for general people. However, I have noticed that you only mention the duty and penalty amount. Please mention interest also which payable on net and which is @24%. This is very hefty.
so interest of 24% will be applicable on the amount of ITC claimed subject to the period lapsed after the claim of such ITC??
@@priyanshusinghal3084 24% for incorrect availment of itc
Isn't it 18%?
It is 18%. Section 50(3) is for debit/credit notes.
Yes you are right
1) I think he can give 15 iphones as lottery or gift to his customers
2) As Iphone camera clarity is very good im using them as cc cameras
3) He can say that he is giving iphone to customers in the waiting time to play games or anything
Legend 😂🔥
(Not in a sarcastic way)
Sir
I am in class 11th and confused between CA vs CFA vs CMA
So kindly make a video on the same like CA vs MBA video
@@tushargarg.7 bhai maine toh cpt ke bad hi CA chodke MBA kar rha hu pune mei
Baki maine bba Indore se ki hai
CA is a great choice nd only requires dedication nd discipline. As for CFA, u can start CFA when u clear CA Intermediate. That way u'll complete CFA within 1 or 2 yrs of completing CA.... Go for it. But also get some professional guidance.
@@mihirgupta6958 Thanks
Agar uss bande ne i-phone ka lucky draw nikala ho apne customers ke liye shop ki anniversary and publicity/promotion ke liye toh??
Then gift to customer will be treated as supply of goods, taxable to GST.
Once it is taxable supply, then corresponding credit can be availed.
@@ps-gh3hu Didn't have any idea bro, thanx for the answer.
Gift pe itc nhi milta h
3:45 sir but as per section 16(3) of cgst act a person can either claim depreciation or ITC not both🙄
bro deprection is on 1lakhs and ITC on 18000, if you take dep on 118000, then no itc
For people that did not understand in simple words, That gst amount was suppose to go to the government, but that person took that gst money, that's why it triggered the tax man.
GST pe 1 iphone thik hai but 15 iphone kon leta hai, pagal ho kya ?? 😂😂😂
Sir, please make one video about CA COURSE AFTER B.COM. 🙏🏻🙏🏻🙏🏻
Your communication skill is of next level....6aa Gaye guru
Sir I got recommended your video by chance and your way of explanation is simple and effective.
Beside this I had a que.
When a consumer buys a flat from builder(underconstruction) then how is gst linked to it? Is it on the instalments of payments or on execution of deed? (I am a medical student) please if you could explain it, it would help me significantly.(in my case I purchased flat in 2016 before gst and registration is still not done).
Gst will not applicable
Appreciate your way of going through the case . But Sir isn't any one of 1) depreciation in IT or 2) ITC in GST is allowed ?
Suppose iPhone cost 100000 and gst @ 18%
ITC will be allowed on gst i.e. 18000 paid by supplier.
Depreciation under income tax will be allowed on 100000 i.e. accessible value
That is as per gst law, that if you claim depreciation on ITC component via income tax act, then ITC can't be claimed.BUT, IF YOU don't claim depreciation on itc, then you can claim both ITC and depreciation.
@@arunkurian9367 1,18,000 ka product 70,000 ka kaise hua ? Please explain?
@@ksumitsah3531 whaat are you saying?
@@arunkurian9367 video me kaha gya hai 1,18,000 ka iPhone 70,000 ka liya GST deke toh 28% discount hoga fir bhi 70,000 kaise 90,000 ke kareeb hona chahiye na ?
well wo 3-5 iphone kr sakta tha par 15 kuch jyada he hai
Can the businessman show those 15 iphones as advancement of business on which we can use the ITC ?
How he got caught..let us know that...how to keep ahead of department ..that what we are interested
If I claim deduction for Internet Bills will they ask for usage history from ISP to check my work usage? I have 2 connections - 1 ACT and 1 BSNL Broadband plan which I use interchangeably as backup in case of other having downtime. I have alot of adult site usage too lol in terms of DATA usage but more usage in terms of TIME on WORK. so I guess I can claim 70% of the bill. I am self employed working from home and I pay the bills and have all the receipt in my name
are u talking about deduction in Income Tax or In GST? btw in either case they will not check your internet usage history
Can anybody explain why the depreciation benefit would be 30% of 1 Lac. I understand the rate - 30% is coming from by assuming tax slab rate. But my question is why 1 lac was considered and how is computed directly?
In his other videos, he has shown that assuming, you are selling the device after 3 years, the depreciation benefit claimed via means of tax savings every year would be:
1st year: 30% of Depreciated Value = 30% of (40% of Original Value) = 30% of 40% of 1 Lac = 12,000
2nd year = 30% of Depreciated Value = 30% of (40% of Retained Value) = 30% of (40% of 60,000) = 7200. [Retained Value after 1 year = 60% of 1 Lac]
3rd year = 30% of Depreciated Value = 30% of (40% of Retained Value) = 30% of (40% of 36,000) = 4320. [Retained Value after 2nd year = 60% of 60,000]
So, total tax saved would be around 12,000+7200+4320.
Is my understanding correct?
The person can say that I have icecream selling business in which I sell icecream to customer and hand them iPhone for the time they eat the icecream so that they get emotionally connected and my business flourish😅 correct me if this strategy is not good
why can't he say that he has several delivery boys and he gave such iphones to them for delivery of products
Sir your voice is so good
I love watching your videos
I play your video listen and sleep