Client with 15 iPhones gets GST Notice for Tax Evasion | Here's Why!

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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[@vivu_chauhan]

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🙏🏻

[@RohitYadav-mw7bc]

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

[@dummyaccount939]

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?

[@theindianexe]

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.

[@payaltahalani2447]

Story of my client. I am going to send this to him. Department will explain him in better way than CAs.

[@66adityabhoine78]

Sahi he 😂

[@Agri_Indian21]

I am not CA aspirant but ur videos are very useful for my financial awareness.. Thanks Sir😇

[@hustle824]

HE IS THE ONLY TEACHER IN CA FETERNITY WHO PLAYS WITH TAX LAWS. 🙏

[@saulgoodman980]

Recently saw a vid where someone suggested to buy everything on GST account. Something seemed fishy, your vid answered everything. Thanks!

[@AjayKumar-wf8mp]

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

[@sujalmendiratta5431]

Legend 😂🔥 (Not in a sarcastic way)

[@patelsahab1636]

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 🙏🙏

[@pratikbhawsinghka]

Sir why you don’t take taxation classes for CMA inter …sir pls start because your teaching style is unique and easy to understand.

[@everything2669]

Sir can you please put english sub titles so that, south indians also get benefit out of your lectures🙏

[@manojitbrahme3731]

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?

[@GouravSharma.441]

Sir agrr kisi ko knowledge lena ho to aapki videos uske liye bhut usefull hoti hai

[@ShadabKhan-jv3px]

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).

[@parthvora944]

Gst will not applicable

[@digvijayitax]

Good work, you are educating the public in right direction. 👏

[@prashantjain2639]

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....

[@PreetiSingh_8130]

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 🙏.

[@WorldPeace1107]

JUST WOW!! WHAT AN EXPLANATION 🔥🔥

[@GeniusAjinkya]

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

[@pragun1993]

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?

[@kushwahagunjit6188]

Sir, please make one video about CA COURSE AFTER B.COM. 🙏🏻🙏🏻🙏🏻

[@istolecookies1501]

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 ?

[@princeprasad2848]

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

[@arunkurian9367]

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.

[@ksumitsah3531]

@@arunkurian9367 1,18,000 ka product 70,000 ka kaise hua ? Please explain?

[@arunkurian9367]

@@ksumitsah3531 whaat are you saying?

[@ksumitsah3531]

@@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 ?

[@vivekkadyan6330]

Agar uss bande ne i-phone ka lucky draw nikala ho apne customers ke liye shop ki anniversary and publicity/promotion ke liye toh??

[@ps-gh3hu]

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.

[@vivekkadyan6330]

@@ps-gh3hu Didn't have any idea bro, thanx for the answer.

[@surajjha7183]

Gift pe itc nhi milta h

[@vaibhavagarwal6071]

Please make a video on Travel expenses and Business Travel expenses if we can claim on that.

[@riyaverma9162]

I felt very much motivated whenever I watched your videos😃

[@Jaishivji777]

Sir your voice is so good I love watching your videos I play your video listen and sleep

[@dishankjain]

But we cannot claim dep and itc for the same product can we?

[@nikhilbhatt4445]

The way you teach sir is very great 😊

[@pratiktaylor5736]

Sahil sir . I’m very much inspired by you and your personality. Loved the video🙏🏻🙌🏻💖

[@theindianexe]

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.

[@johnruben1444]

This same thing when big enterprises does it is fair, but it won't be tolerated when a common man does. All rules are only for common man, very nice.

[@Djkingisback]

Sir your taxation knowledge is super😀😀

[@nehajalan4038]

Sir I like the way you talk ....

[@ArshdeepSingh-ti4nk]

We all like him

[@secret_step]

Hahahah mujh jaise engineer ke liye kafi informative aur fascinating tha 😁....mja aaya sunke

[@goodman3384]

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?

[@MrELus1ve]

Yes you can, expenditure related to office work is eligible as ITC!

[@priyanshusinghal3084]

@@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?

[@MrELus1ve]

@@priyanshusinghal3084 ​ @Priyanshu Singhal Only suppliers/buyers with GST no. can avail ITC

[@priyanshusinghal3084]

@@uaeindi ok thnx

[@k-gos]

How will you get a gst number without having a yearly revenue of 20L?

[@Taxationwithshadab]

Your voice and way of explanation is awesome!💜👍

[@PramodMulgund]

Simply wow explanation ❤️

[@_.vijai._]

Please do make videos in English or add subtitles to your videos.... It would be helpful:)

[@Bhojpuri_love250]

Salute you sir big fan of urs 🙏🙏🙏🙏🙏🇮🇳🥇

[@pranshumishra10350]

Best

[@RaviGupta-hk3iz]

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.

[@imviiku]

Because we export all the Semiconductors used to assemble TVs and Laptops.

[@abhilash4479]

Very interesting & funny case study 😄👍

[@sachinsharma1959]

Thank you sir for sharing practical knowledge

[@cherry2k794]

Could u please make a video on tax for doctors if they work on salary for few days and also run their own clinic.

[@maank5986]

4:20 how he'll save 30%? On what bases?

[@kanchanpandey2155]

Sir aapki video me bhuut maza aata hai 🔥🔥🔥

[@jashangill773]

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...

[@flower7939]

Sir can someone use my gstin and PAN Card photo? How will I know if someone is misusing? Please reply

[@vineets16]

Roz dekhte hain hum ye sab tricks. These words are coming for an income tax inspector 🤪

[@jatinjoseph7792]

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

[@surajgallery]

LOVELY EXPLANATION THAKS A LOT

[@SarthakSharma-qu2zk]

Bro can you make video on how to save tax on investment. Amazing content keep going

[@arpitgoel3061]

Can Diwali bumper offer, agency rewards, sales personnel gifts, or business promotion expense be given as an excuse?

[@mayankkumargupta9601]

You should also add penalty and what happened to him.. How this is handled once it's proved that it's a tax evasion

[@Vj45459]

You can't avail depreciation if ITC is availed on capital goods.

[@Santana_Bharat]

Sir final ki demo vedio kaha milegi

[@rialtho_the_magnificent]

Why is this video suggested? It's in a language I do not understand

[@AmanGupta-ir4rm]

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

[@gautammehta3741]

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

[@sanjay5563]

Aapka dil open h....

[@jainshivi921]

Amazing Sir 👏👏loved to watch ur video, Plz share more such kind of stuff 😊😊.

[@anannyachoudhuri7987]

What is R1 ?

[@dalveerdalveer]

Sir 🙏🏻🌹🙏🏻 thanks of lot for useful information

[@adityavyas8638]

Sir can't we say to the department that iphones were purchased for the expansion purpose but due to some uncertainty in the market business was facing loss due to which we had to sell that iphones to recover from loss...i don't know sir how much correct I am 🤔🤔🤔🤔but was just thinking🤔

[@sumitkuri423]

5 saal se pehle nhi bech sakte... Agr becha consumer ko becha h to itc vaps dena pdega

[@adityavyas8638]

@@sumitkuri423 thank you 😊

[@sahilbhanushali3666]

Wow sir thank you so much ❤️❤️❤️

[@itsmeindilemma]

What if I purchase just one item for self use under my own business GST in this scenario? Will I face same situation ?

[@manishbansal3298]

Please make video on tax for individuals who are using yaper app, where people are purchasing phones for other people using their own credit card, because there is offer on cards. Please make video on yaper app. Please

[@deepakgupta8200]

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

[@CA_Piyush_Ambasta]

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

[@krishnkantbpositive5058]

Sir, if client sell(I phone) after 1 or 2 years, again by new "i phone ", in this case client can justify to department i.e. ITC, depreciation

[@JUSTTRADEBRUH]

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.

[@sawaizniaz1034]

How would he save 20k to 30k from 1lac?

[@parmoksha]

great video. Thanks

[@latestmoviefreak600]

Bina GST sab lafdo ke agar aise resell kar sakta hu kya?

[@VaibhavShewale]

well wo 3-5 iphone kr sakta tha par 15 kuch jyada he hai

[@anshuljain62]

sir saare tareke batate rehna

[@Dheerajkumar-xk2nv]

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

[@NaveenOm786]

Gr8 knowledge ❣️

[@kiaraskitchen4233]

So this means that we can get itc in gst account but we cannot withdraw this in our bank accout

[@Mohammad_Azhar313]

Very helpful and interested

[@Adib127]

Great description 👍

[@SounakRaw]

What happened to the buys those who bought the iPhone ~90K

[@Ron7233]

Baap explain kiya...maja aagaya

[@nischaysinha99]

what if i does not file itr ? for many years

[@ABD-vk9hw]

i am going to get notice for sure then... fridge laptop tv mobile gold ye sab liya hai mene multiple times

[@priyanshusinghal3084]

🤣🤣 Do let us know when that happens

[@bishaldeb5506]

GST me Keya ps5 leya ja sakta he

[@anannyachoudhuri7987]

This will be a pinned tweet for me! I estimate 20-30k cr Monthly GST evasion. That's huge by any estimate...

[@thelooper3976]

Khaas itna dimaag government ne netaon ki income pe lagaya hota tho desh kahan se kahan poch jata.

[@atulmits]

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

[@tushar3476]

Sir one question. I have hotel business. When I buy cement/rod for my expansion projects. So can I claim GST input from that?

[@naumanshaikh5989]

Yes

[@PradeepSingh-ee9df]

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 !

[@AjayKumar-lr9iw]

really good information thank you

[@sandeepdhawan8586]

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.

[@sagargupta865]

Net worth 5 cr ka matlab

[@caannupandey3229]

Sir , if icecream seller says tht he gave such i phones to his vendors or dealers then, is this not justified?

[@manumanoj3801]

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.

[@RizwanKhan-qp7sp]

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 ।

[@harshit9025]

Great knowledge

[@sandeepkalra2895]

I am a big fan of you

[@vijaygoplani4560]

Sir I love your voice you speak very clearly.

[@shantanu5642]

my father has registered businnes i want to purchase 1 laptop for my personal use is there any problem

[@agrimaadarsh]

ek se kuch nahi hoga

[@HarshSingh-cj9sr]

Sir Ek iPhone Kitne me pad Jayega agar gst wale see lu?

[@randomuser4495]

Sir CMA Inter k lie bhi classes laiye na plzz

[@ishansingh7773]

Are cashbacks received when i make a payment for my business expense, taxable?

[@RS-jz1fu]

Atleast captions or English subtitles

[@pwinsider007]

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