What helps GST Officers easily catch your tax evasion?
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- Опубліковано 22 сер 2024
- In this video, I've explained how GST Department is easily able to detect GST Evasion using wrongful availment of ITC. The examples shown in the video will help you understand the entire chain of events which Departments undertakes to detect and take action against an evasion.
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A wise man once said, if you think compliance is costly, try non-compliance!
Sir what if I amend my GST reg. certificate and add Toys' HSN in my description of G&S sold? Further, amend my MOA's object clause in case of a company.
@@DH12UV If you take input on toys, you have to show the stock (fake)in balancesheet, You may think that it's easy to hide income or do window dressing in non-audited case. But as a professional, we project that our clients will definitely cover under Tax-Audit or GST-Audit in coming 3-5 years. So, take chance only if You (as a professional) & your Client have funds to pay penalty, interest & Legal Charges to settle case.
@@ManishSharma-ny4od Hi Manish.
I understand the goods would reflect in BS, but the solution/suggestion is in the context of the problem.
Ps. We all know how people avail cash credit/loans from banks because of Drs(fake) in the BS.
@Taxation with Ca Sahil Jain .... sir wo iphone wali video jo hai jisme aapne cash concealment ka btaya hai .....yhi baat maine apne freind ko khi thi .....usne bhi nya phone liya hai input claim kr ke ......pr uska khna hai ki esa ho nhi skta itne saare tax payer hote kin kin ko dekhenge or waise bhi gst ghar k number hai ....pr woh mana hi nahi
sir mai usko kaise vishwas karwa sakta hu ki gst officers pta lga lete hai .....please help 🙏🙏
I suppose its a watch showroom we are talking about here .... if thats the case then cant we say that we purchased the toys to make a play area in the showroom like the ones we have in shopping malls? And if its a factory ... cant we say its for a play area for employee's kids? would they physically check the premises?
Many things can be learned from your videos , Thanks for sharing !!
You are a CA still you need Sahil sir's video ! Strange
@@jasmeerkumar That's a very wrong thing to say. I'm sure there are a lot of things which I can learn from Mohit too. Irrespective of your qualifications or your experience, there's always something to learn from everyone. Try and be open to learning irrespective of what the source is!
@@TaxationWithCASahilJain Very Right sir
@@TaxationWithCASahilJain Sir I'm not disrespecting him. mai bas ye soch rha tha ki unko ye sab pta hoga. But aapke reply se ye smjh me aaya ki Taxation bahut wide area . Har kisi ko har chiz maalum ho ye jruri nhi
@@jasmeerkumar even lawyers have to study case studies of other lawyers and courts....this is just same....
I am selected as GST inspector. Learning a lot from you before joining.
Ssc cgl crack krli bhai tune 🔥
U r selected in Govt Department ??
Pls dont take personally 🙏 but ye sab toh apko pehle se pata hoga na ?
As its basics which r part of Inter Ca syllabus...
Just curious....
@@shubhamvakharia GST inspector is selected through an examination conducted by staff selection commission and the syllabus of the same contains mainly comprehension, reasoning and aptitude and general awareness. So, I'm not aware how GST department functions. Successful candidates get training regarding this only after joining.
@@bk12373 Ohh Congrats on u getting selected 👏
But I think Govt should keep eligibility criteria like only Ca, Cs or related professionals having knowledge of that field can only apply for Gst/ Income Tax Officers...
Varna aisa koi Random banda jise knowledge na ho voh log Dept mai ayenge....
I'm not taking abt Qualifications of Officers selected as their exams r also highly competitive....
But unke Syllabus me Irrelevant chiz padha ke pass kiya
@@bk12373 Ab koi Tax officer ko entrance exams me koi faltu ka History ka Questions syllabus me hoga toh kya kaam ka officer
Like jo admi ne Aurangzeb ke bare me padhke pass kiya exams n usse Job mili Taxation ki 😅😂
Your lectures give those serial movies chills! Keep making these real life based case study videos! Loving it!
The level of knowledge this Man has is commendable.Thanks a lot sir ; love your practical explanations 👏
Bro i have watched many many videos on finance and these tax sectors, but the way you described is far better man , keep growing we are here to support you always.
Sir are you from Nepal?
@@joydevmukherjee Yes , why?
I am a ca foundation student! Your videos are a stressbuster! You explain in a way ki mujhe bhi smjh as Jata h! Even Abhi tak taxation ka koi idea nhi h😄😄thanks sir!!
For everyone thinking about why it can't be claimed as gift to customer, here is my understanding.
As per Sec17(5), GST is blocked on goods lost, stolen and given away as free gift and sample.
Moreover their is no consideration received in case of gift, so it doesn't fullfill basic requirements of sec7 to be termed as Supply. If it is not a supply, it can't be charged to GST and thus, ITC cannot be claimed.
Correct me if I'm wrong🙂
following
What if i received a gift without any form of consideration from my vendor and i sell it.. Would gst be applicable on such sale even tho i dont get gifts normally and so i dont trade away those gifts in normal course of business.
Also does receiving a gift on achievement of certain purchase target(i.e. That target achivement can be called as consideration) makes any difference in above case
@@yashkhatri6638 in my opinion u can't avail ITC on the goods you sold , u received as a gift cause it wasn't ur purchases.
Instead of showing it as free gift show it as rs 1 in bill
@@someswarroy8193 I have seen such thing in real life. They were distributing free promotional t-shirts and there were charging rs 1 and availing ITC on it.
I really enjoyed these cases especially with sahil sir love his teaching style and communication skills ❤️❤️❤️
Sir please make one long detail video on tax planning of income tax & gst legally to save tax & one long detail video on ways to save tax illegally so that we should not use that way. Your videos are just awesome. All faculties are making a videos on therotical part of income tax & gst , but you are the only one who are giving us practical examples . Please also make a video on how to do tax audit , gst audit & statutory audit practically . Please make a video on this topic . I required this knowledge as i am doing my articleship from small firm & i am not getting proper exposure . So make a video on what kind of work done in ca firm . If you will make please reply on my comment . I am eagerly waiting for the reply
My background is not related to Finance because I do sales. But still I watch your informative videos about GST and other accounting. Thanks.
By profession i am scientist but i found your videos amazing . Now i am also interested in finances .
mujhe income tax gst ye sab k baare me janne ka filhaal to koi kaam nahi h...magar bohot interesting lagta h... jis tarike se aap samjhate ho ...mujh jaise nasamajh ko bhi samjh aa rha
Sir ke Khushi jab sir ne bola loophole nikal kar aa je jaata hai😂😂
I actually insisted my CA to get GST number for my poultry farm business... He just told u will land in trouble.. congratulations to you💐💐💐 where i see most CA's Auditors Will not have patience to explain in the way your doing.... Thanks a lot for educating👏👏👏👏. I will refer this channel to my friends
I m 12th and following u since past 8 months, ur all vidios are just awsome sir❤🔥
"2 of my 3 employees are married female with small kids which they have to accompany to my company as there is no one else they can leave them to, the employees are very capable and have been handling the business operations very well. To entertain and not bother their moms too much, the toys were purchased and used in our office."
Valid reason? Maybe. But I got the point, cannot run everytime.
I couldn't thank you enough for explaining the availment of final itc. Thanks a ton for this info.
The way you explain is awesome sir😎😎
Sir you are just awesome teacher with lot of logical examples.
Toy store owner can tell her gifts toys to kids watch buyers 😂😳
Can can bill that for 1₹ for showing it as sell
Can the client say that he had gifted them as promotional gifts with the sale of watches, then can he also show that cost in books and also save on profits too? How will such evasion be caught?
Well in that case Businessman cannot claim ITC on such.Sec17(5) Block Credit comes into picture.
@@nagarajanmurli5526 what if shown as Buy1 get1 free - Mixed Supply - in that ITC is available na ??
The Tax Evasion series 👏 !
In love with taxation only because of you sir😁. Thanks for this
Received great knowledge from this video. Thank you sir ji.
Sir Please come with this type case studies
So that we will learn from that
Please cover the new budget and 30% tax on crypto
The person who design those thumbnails is really good.🔥🔥
Sir! Can we have a video on 30% Tax on Crypto. And it's impact in Income Tax and under what heads and can it be considered as Winnings or Capital Gain?
simple, i was running an offer for my clients to buy watches and with that we were giving free children's toys for them to build trust and boost the sales.
Show cause notice aaney do, bta denge 🤣🤣🤣
Sir aap aise hee case studies on tax late raheiye Or hum dekhke seekthe rahenge Or mei doctor k saath saath ca bhi ban hee jaaonga 😂😂😂 nice info sir 🙏
Thank you Sir! For sharing practical aspect of the subjects. Thank a lot Sir😀
Best pratical knowledge in the whole world in this channel thank you sir to give the pratical knowledge for your students thought your clients cases
I like your all case study and think new innovative idea to mee related to Taxes
You always give us something to learn the new and practical things
Your clarity of concepts is awesome.. thanks for making us aware..
Hnjii gud evening..... Always on nxt level 🔥❤️
Loophole bol kar usko discuss nhi karna is not cool sir.
Very lucid way of explanation...appreciate depth of Gst
Sir, great video.. please make more videos like this.
Sir eager to know your views on Union budget 22 ☺️
I've came to realise that people in India still think they can evade tax even after high automation and tech, maybe they can somewhere at some point but logically speaking ITC on business oriented products are better than rot in jail or pay hefty amount of fine.
Sir ,I am a deaf student .I like your videos. My brother sees your video and explain it to me.
Sir,can you please add English subtitles so i can watch videos independently.
awesome sirji to the point videos no nonsense like other YTubers. simply awesome
Thank you sir for this gift full of knowledge. It's actually spreading awareness too amoung whosoever is watching. Waiting for the next one..
Shopkeeper be like - jab bacho ke parents shopping karrhe h toh unhe bache disturb na kare isliye toys purchase kare the 😂😂😂😂😂
Scheme start kri thi usme free gifts distribute kre the 5k+ ki watch ki sale par
GST officer be like :
Jor jor se bolkar sabko scheme btta de 😉
"Sir mehngi watch k sath ek toy free". Sir can this be a good counter to IT dept?
your teaching is good sir. please add subtitles as it can help ppl from south
Really such a Nice Information sir, and small suggestion from my side that add subtitles too in English such that it would be helpful for those who will not understand Hindi.
Thank you so much your videos are so informative for us.
Amazing content
And case studies is very informative
So keep sharing keep posting
Thank you
Sir, what your view on NFTs 30% Tax?
Sir your videos are very informative it helps a lot. Thank you so much sir.🙏
Thanks for the video sir , make more such video's they are of great value addition to knowledge.
Mare alag jaoge ghasita alag jaoge🤣
Thanks a lot sir.....interesting knowledgeable
Sales promotion can be a way to overcome. If concern person convince that he gifted fowlings items to his royal customers a way to recover, and same amount can be booked as expenses in P/L Accounts also his profit from business reduce, also effects his IT files too. Well you have to prepare your self and make ready for backups well in advance. So that you r reply receive well.
Excellent Sir...
Great learning from your videos🙏🙏
Thank you so much sir... You are a gem person
Very beautifully explained 👏
What is itc?
He can say that he sells toys too ...or want to knw the response from customers ..so it was trial to open a new business . Lol
Even if it is B2B supply, the recipient ought to reverse the said input as per secrion 17 of GST act as 'blocked credit', this is good for inter state sales because when the IGST is reverse by Recipient the centre will allocate half of it (technically sgst portion..to the State of the buyer.)
Many taxpayers vaguely quote the law that itc on supplies for furtheramce of business is allowed..then food is also essential for LIVING and being alive is necessary for running business..and a taxpayer had availed ITC on purchases made in a departmental store. 😂😂
2:09 best scene btw😅...
Thanks @CA Sahil Sir
Our client claimed ITC on beard trimmer, even charged depreciation.😅
Very very informative.....sir🙏
If a watch store sale children's watch as well and he claims he will give it as free along with children's watches . Then what ?? I am very curious to know
sir ji eska part 2 deijiye 🥰🥰🥰🥰
Very helpful video
Please make a video on building and maintenance.. like when we get painting done .. buy furniture etc
Sir can you please make a video about the BharatPe investigation?
sir when we show toy as decoration item for shop. then what can do assessee officer😀😀😀😀😀😀😀😀😀😀😀😀😀😀😀
I have a watch ki dukaan. All children who enter my shop get toys free so that their parents can enjoy their shopping without having to worry about their children.
Thanks for such video
Keep uploading 🙏
Good evening sir
I know it may be incorrect
But if Watch/Clocks business person can buy toys for entertainment of kids who comes alongwith their parents to purchase watch. Parents may take an hour or so to finalize the watch then watch showroom owner may buy toys to make a small kids area at the entry of showroom . This is also helpful to him during discount season. Showroom owner can also prove this by showing photographs. Your views please.
In such scenario, the watch outlet owner could replied department " I had scheme of free toys offer on watch purchases ". 😂😂😂
Very informative analysis 👌👍
Sir as I know that only 5 HSN can be listed on the assessee GST portal, but the client can deal in more than 5 HSN articles. In such case we can explain that the toy store is dealing in watches business too.
Am I right?
please out the light on the same🙏
Why would the toy store agree to your fake story? They wouldn’t lie to GST Department just to save you!
@@TaxationWithCASahilJain
I definitely agree upon your point.
Thank You so much sir for taking out the time🙏.
What if i get the bills of watches but watches are not shown in seller's HSN. Then if department ask me how you purchase from him?
I agree bro, but where is the justice for corrupt politicians ???? How come they always come out of this and live long Among us
Aka question tha sir !
Wo watch shop owner a bhi bol sakta ha ki ma apni customer ko watch ka sath toys bhi gift karta hu ( rere case ma expensive watch latter sath)
Then ITC clam Kar sakta ha?
Sir what are your views on crypto mining and its tax aspects ? Can one be able to show it as a manufacturing business and claim deductions of expenses like electricity and depreciation of costly machines involved in the process of crypto mining ? Pls advise
Thank you sir .... Sir please loophole wali video bhi jldi bnana
We can justify like this also for example watch seller can say that he has a scheme in his shop for kids watches those who purchased particular watch will get free toy as a gift
Great video
Sir what if the person who is selling watches shows the the toys as gifting item along with childrens watch in his business (In show cause notice) ?????
I thought same thing.
Sec 70 me notice ka kya hoga batao
ITC cannot be denied merely on the ground that inputs have no nexus with outward supply. Recent Case Law for the same is there.
Haanji Good Evening 😊
Sir, us loophole par video banao
waiting for that loopholes of the gst dept as u said in this video
In response to SCN. Can we say ki SJ Watches has gifted it to customer's (toys)????
good question
No Itc allowed for gifts u/s 17(5)
Form is Temporary , but Haanji Permanent
Thank you so much
make videos about jewellery sector also.
When do employees get caught generally? Are there cases where salaired person while filling ITR have mentioned insurance or things for which they don't have proof?
When the whole system is corrupt , everything is possible 🤷♂️🤷♂️🤷♂️🤷♂️
Sir ,
Aap extraordinary in creating and explaining this.... Thanks..
What's application you use for screen share and camera.... Please share details
Hi if we show that we have brought that gift as an offer for the sale of children's watches that it is a target for the costumers who sell goods above a limit then it can easily be shown and be safe. It's just my opinion and please let me know your suggestions and if there any loop hole in this or any other way. Thank you
That i think would be covered as a mixed supply, so it would raise the output tax liability, even though you took itc, you would have to pay tax as your output supply.
So it makes no sense that for availing ITC , you are showing it as an offer.
@@GamingDragon07 Ooh I didn't know that. Well now I know . Thank you very much and there might be even bigger loop hole that we are missing out.