How is GST ITC Scam done? Most Detailed Explanation by CA Sahil Jain
ฝัง
- เผยแพร่เมื่อ 24 ก.ค. 2021
- In this video, I've explained the entire Modus Operandi of Scamsters that engage in GST ITC Scam. Who does what in the scam has been decoded in this video with the objective of imparting practical education to students.
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The tax evasion demonstrated to you in this video is just the tip of the iceberg. We can dive deeper into much more technical stuff by involving reverse charge, mandatory filing of GSTR 3B, ways of making sure that tax collected from you has been paid etc. However, the idea behind making this video was not to make you a GST expert overnight. It was to give you some food for thought. Consider it as a trailer before you watch the entire movie.
Depending on how interested each one of you is to know more details, I'll take this process of learning further. Happy learning ❤️
Sir security services is under rcm and recipient should pay the tax to govt ??
@@n.satyanaryanchoudhury4175 he has took just as Example
Sir i have an idea about how bill trading occur but consequences from sode of supplier not known
Amazing
@@n.satyanaryanchoudhury4175 under rcm only if services provided to other than co.
This guy should be the director of the next season of the "SCAM 1992"!!! 😂❤️
Did u understand at the last tell me
I have less command over Hindi
Didn't understand property can u help me out
Not director ,but hero of scam 1992 next season 😎😅
@@vigneshyadav5076 tell me from which time stamp you don't understand
Last 4 minutes broo
Yes he unveiled the thing which was confusing me from a long time
This guy is really a legend in commerce stream
Absolutely 🙏
He is a ca and passionate in teaching
Agreed cent percent , sahil sir is legend
There are two types of CA,s. Rama CA and Ravana CA. Like Rama Advocate and Ravana Advocates. Many times they interchange thier cast or roll. All for bread,and butter, for many jam and ghee.
@@ramadasprabhu6969 Well Said
Sir , I'm a Final student from NAGPUR. Believe me , the kind of exposure even in the big sized firm is so less , and of the general type only. Your videos not only make us understand basic concepts easily , you give us Practical exposure of the level we only imagine we could have!
SEEING YOUR VIDEOS ALWAYS MAKES ME FEEL WHY DON'T UPLOAD TONNES OF SUCH VIDEOS!
WE can not only boast such things in our office , our image as an article enhances in our office , and will too , when we get into metropolitan cities!
TRULY A LEGEND!
Which firm are you in ?
if u want to learn join any mediocr firm
I am an engineer who just started to managing his own tax, i had no idea of Indian taxation system whatsoever but sir you cover such cascaded concepts so easily that even a leyman can understand. I have left watching any other tc shows or movies in my leisure time . Your videos are packed with so much knowledge and entertainment at same time.
Is it true that big firms barely give such exposure that we think they would ???
Absolutely we love to know such stories.
Criminal Mind😅
20:18 here it is not possible becuz when register they ask for Addhar authentication....even if chintu is successful ..there will be a Visit by Proper officer to the principal place of business he will verify everything...
Further, Chintu Recieved 10 lakh from Customers ( Genuine income ) & 10 lakh from Boby as u said he will return in cash ...so total receipt will be 20 lakh ...will Chintu pay income tax on 20 lakh ? Technically he has to pay extra on 10 lakh which is not his income....so just to avoid 1.5 lakh ITC... chintu will end up paying extra 3 lakh income tax..?
@@cayogeshthenua9004 no bro chintu is not disclosing business with consumers so govt. would not know about it
@@cayogeshthenua9004 he will not pay gst as well as imcome tax...10lakh received from genuine customers was without invoice...so that's black money
@@jaikapoor2201 practically very hard ..it is easy to think on papers only
Yes sir we want to know more about it , its really interesting .
Reallly reallly insightful video Sahil Sir.... I think
i've never seen anyone to create such kind of content for CA students ....would love to know more such scams or cases i must say...!Thank You...!🤞🏻
Yess
Ek sawaal agar maan lo chintu genuine business krta h to uski double income ni ho jaayegi ek to consumer vaali and ek dj vaali to usko to nuksaan hoga overall income tax m even after receving commission
@@theilearn999same doubt tha phir maine socha chalo cash me krta hoga then next doubt is 😅😅😅
Hello sir, i have doubt till 10:49 you said
Chintu ko 1 lakh ka fayda ho gya to sir use 152543 ka loss bhi to ho gya as use utna gst pay krna pdega
Isse bdiya kya krta jo usne 10 lakh kamaye h customers se in cash wo paisa apne pass hi rkhta bank me jama hi nhi krata to fayda tha na
Apke case me to around 948000 hi mile
Aur mere case me uske pass 10lakh rhe
Please reply 🙏
A CA student can get it very easily, and I am one of them 😅
I got it, but not totally
, but it was interesting
@@solitudary abhi tu foundation mai hoga shayad ?
@@yashvadodariya521 sahi mein bhai yo articleship ka rahe hai they can get it easily
@@dhruvsharma9966 right 👍😊
I'm doing articleship and trust me, we see it every fucking day.
Since I am a professional (operations mgt) myself I can appreciate even more the education you provide for others. Well done
Moral of the story
Find an honest chintu😂
Facts 💯😂😂😂
Perfect 🔥
@ayush agarwal..
Honest Chintu don't exist🤣
@@VikramBhatilovekodial they exist😜
@@ayushagrawal4149 😁😁😁
Sir, first of all ur way of teaching example based GST evasion is just amazing. I just loved it.
And... Yeas sir, Please tell us the story of ur client. We need more practical exposure like this.
I think if any Teacher teaches like this then it will be like REVOLUTION in a teaching line... Great Knowledge Hats off to you Sir... Immense RESPECT for you.. We would like to see such Valuables more from you.. Eagerly waiting for the next.. Thanks a lot...
Thanks to ur mother who gave birth to such a legend of our CA fraternity 🔥🔥
Now I got clear idea why govt introduced 17(5) block credit provisions
1) all these businesses mostly have cash receipts
2) are of personal in nature
3) invoices can be traded
Great explained sir 🔥🔥
Marvellous sir, really learned a lot from you sir. 😂And the way you said "Manpower hai kya" really felt like somthing else😂😂, like some illegal stuff
Sir, first of all great video and you have explained in a simplistic manner.
However, I have a question.
Once Chintu has evaded taxes and fled the scene and govt retraces the scam, how will the government ever prove that DJ bobby has not availed security services of chintu?
I mean DJ bobby can say that he had actually claimed security services of chintu (In his defence bobby can say that: maybe he had fooled other businessman but had actually sent security personnel to him)
Like many others, I await your co-curricular videos that greatly enhance the everyday understanding of the topics we learn in our thick ICAI books.
Thank you sir ❤️
I look forward to your next video on such topics.
Sahil sir if possible please post the story of your client here only on youTube
We would literally love to hear those!
GST MADE SO INTERESTING!
Thank you for everything!
Sir has much more experience in his field than others 🔥🔥🔥🔥
Yes sir....we love to know more about such case studies.... Really love your way of teaching sir❤️...
We need more practical exposure like this.
You teach us such a different and practical concepts in very interesting way.. Thank you so much sir..
Hello sir, i have doubt till 10:49 you said
Chintu ko 1 lakh ka fayda ho gya to sir use 152543 ka loss bhi to ho gya as use utna gst pay krna pdega
Isse bdiya kya krta jo usne 10 lakh kamaye h customers se in cash wo paisa apne pass hi rkhta bank me jama hi nhi krata to fayda tha na
Apke case me to around 948000 hi mile
Aur mere case me uske pass 10lakh rhe
Please reply 🙏
By your video , my conceptual clarity increases significantly and makes the indirect taxes more interesting .
Sir you have explained the GST scam very nicely and I learnt the best example of GST scam.. You are a legend in commerce teaching..👏👏
This is what real knowledge is sirr!!! You're the bestest teacher!! Keep Uploading such off syllabus items which are related to our CA fraternity, these videos are soo interesting ❤❤❤
Really nice presentation!! One should realise that one cannot escape from scams in tax evasion.... it's matter of time!!
Hello sir, i have doubt till 10:49 you said
Chintu ko 1 lakh ka fayda ho gya to sir use 152543 ka loss bhi to ho gya as use utna gst pay krna pdega
Isse bdiya kya krta jo usne 10 lakh kamaye h customers se in cash wo paisa apne pass hi rkhta bank me jama hi nhi krata to fayda tha na
Apke case me to around 948000 hi mile
Aur mere case me uske pass 10lakh rhe
Please reply 🙏
Sir ,it's amazing ❤️if you do more videos like this it would enhance our knowledge being a CA article student. when we do the audit it would be easy to find errors and Frauds only if we know how things happen in real life. Looking forward to more such example lectures
Sir is topic ko aap se behtar or koi nhi samjha sakta tha.....Excellent....
Sir aapke videos really worth ful hai , syllabus padha jata hai exams clear karne ke liye but concept clear hone se life change hoti hai .. and you are doing the same. Really practical knowledge pata chalta.
Yes sir,
We want to know about the client,?I sir these vedios are very helpful to understand the concept of taxation thanks for providing theses helpful vedios.
I also want to take class of ca final from you sir.
yes sir please make a video on this
Yes sir we want to know more about this, it's really interesting
Great information ....after a long time watched such a detailed session ...u cannot miss even a single minute of information ...kudos to u .👍
wow this was a really brilliant explanation! much needed and extremely insightful....eagerly waiting for the next video :)
Being a CA Student definitely I just want to idolize you in respect of your Comm. Skills, intellect and professional knowledge and counting.
Sahil - You have been an amazing professor !! I stumbled upon this video and would like to mention that what you covered as part of your video is "GOLD". Please do consider sharing the other story that you were mentioning towards the end of the video. Yes, I am interested to hear that too, and guess many will get benefited. Your ease of explanation and topic selection has made me subscribed to this page and I am going to visit this page again and again !! God bless you dear !!
Sahilji ur narration is simple & super. People should know such scams thereby we can prevent them & increase revenue to government. Waiting for ur next video as discussed by you anxiously ..
Hello sir, i have doubt till 10:49 you said
Chintu ko 1 lakh ka fayda ho gya to sir use 152543 ka loss bhi to ho gya as use utna gst pay krna pdega
Isse bdiya kya krta jo usne 10 lakh kamaye h customers se in cash wo paisa apne pass hi rkhta bank me jama hi nhi krata to fayda tha na
Apke case me to around 948000 hi mile
Aur mere case me uske pass 10lakh rhe
Please reply 🙏
Your such videos are always a cherry on the cake of our knowledge, sir. They are insightful and provides us with practical knowledge and sometimes they clarify some of my concepts as well.
Thanks a lot, sir and keep creating more such videos.
OMG ! ...it boots a lot of practical knowledge...sysllabus ke bahar ka practical knowledge gain karne ka maza hi alag hai...😎
Really interesting session sir I understand each aspect of this case although I have some questions :
1. What if chintu supplied actual services and somehow managed to sale without Invoice and do bill trading with dj bobby also paid the tax to govt. (How govt. can trace this???)
2.If a genuine recipient get services and availed ITC on the basis 2A/2B of suppliers GSTR-1 and supplier didn't pay gst via 3B or become insolvent then why would Govt charge gst amount from a genuine taxpayer who already paid it to supplier.
Nice Question Bro I also won't to know but I think at the time when chintu security file his income tax return he have to show the income which he get form the consumer A whom he does not give the bill i think through this government can trace chintu security
If the consumer A pay amount in cash at that time I think this plan works😅
@@rajeshbehera2632 He will show the income from chintu which will be equivalent to income which he did not record and sale in cash so again it cannot be traced.And yes here both the transactions r in cash.
Your 1st question is also my question.... How govt can trace this if chintu paid the gst..
But in your 2nd question.. govt ask dj bobby to reverse his itc because if chintu didn't pay the gst then dj bobby would not get itc...
@@tirthsomaiya209 maybe vo jisko supply karega usse pata chal jaega
Kyuki usko bhi ITC avail karna hota hai na?
Brilliant video! 😂 Fastest 26 minutes.. very engaging 😅
Sir aap jis trah practical problems k saath theory ko link karte ho wonderful
Please asse hi series laate raho bhut mazza aata chae
Dimag m stick baith jaata hai
Really insightful video... Never seen content like this for CA students...perfect understanding after having theoretical knowledge... Want more and more video...
Earlier I just think about bogus bill and how recipient will get benefit from it but now understood whole things from both point of view chintu and DJ... Thank you so much sir...
Beautiful explanation sir...definitely we would want to watch more of these...
Also in the first case, if Chintu is genuinely supplying services then what would be the income tax implications on the money he would receive from dj Bobby through banking channels?
Good que.
Question for you: As a consumer, how do I handle the situation where vendor is asking me to take item/service without invoice and avoid gst? How do I know vendor is lying about cost being exclusive of GST?
ask for receipt and pay total amount mentioned in receipt .try to pay online.
@@IpsitDhal Vendors can simply give out a bill with GST applied on top of GST-included price....Or give out a fake receipt....Is there any fool-proof way to handle this as a consumer?
Most of the goods have MRP in it, but it may be tricky when it comes to service so we can check the Menu which gives us info regarding the services provided by him (like in a restaurant) but there is no way to totally avoid it.
Legendary style of teching 👌👌life me first teacher i found jo bookish life ko practically itna ache se explain kie ho😄👍
Very interesting video..we want more like that…ye sab koi nhi btata, practical knowledge👌
Hi Sahil, I have a question: if a supplier gives me a bill with his GST number, what is the guarantee that it is an original bill? There must be some check that he is also submitting that same bill to GST authorities
Great videos! Cheers
Sir the concept of 10%/5% Clear ITC shown in 2A is applicable when Supplier didn't declare outward supplies in his GSTR-1 Right??
currently I am in 11th class but able to understand all the things that you explained. really you are a great teacher. keep it up.
Satisfaction ka feeling ata hai Inn videos se... Pls continue rakhiyega🙏
Hello sir,
Now Rule 59(5) & (6) of Cgst rules, 2017 inserted by NN 01/2021 w.e.f 1/1/2021: It says that a registered person shall not be allowed to furnish the details of outward supplies of goods/ services in form gstr1, if he has not furnished the return in Form Gstr3b for preceding 2 months
Thus, this scam is very difficult to do now
Pls correct me if there is any mistake in interpreting
Right 👍
After understanding gst scam : Scam 1992 background music 🎶 aye aye aye he 😎😎😂
Bahut kam log hote hai jo aisi information par video banaate hai
Maalik hats off
Very good teaching method everyone can understood easily GST
Before watching this video really did not know ,the way of telling this video is very simple n easy
Thanks a lot
Fun fact: CA course me sare students ko sbse acha scam hi lgta h😂
Please aur scam sikhaiye sir😂😂
5:13 😂😂😂😂
😂😂
Ha chl chl
@@shyamnathani8160 😂😂😂 bhai bhai bhai.... Yhaa bhi aagya saale tu
😂😂😂😂
4 minutes into the video, being a technocrats with near zero negligible knowledge of commerce, I wanted to compliment the Sahil's cool and clear way of explaining.
This video has been very helpful for not only students but also for professional, sharing good knowledge..
We would really like to have more videos on practical scam over Tax and money laundering case.
Yes sir ....batao please ...
practical knowledge increase hoti hain ....
Awesome teaching skill..
Straight & simple. I just love your videos ❤️
This is very something which students want and sir you are fulfilling it , THANK YOU sir and yes sir we want such Videos in future too . ONE QUESTION sir , Agar Chintu jaise logo ko bhagna na ho aur GST bhi avoid karna ho to wo log kaise karenge ?
Yes sir definitely we want to know that.
And sir there is one request please upload such kind of videos means practical difficulties/scams and all.
Thank you so much for uploading such kind of videos 🎥.
I am not even a CA student but still watching his videos, got addicted to his storytelling(teaching technique)
Practically samajhne mein really sir bahut maza aaya,
We want more this type of videos
Sir we would very much like to dive deep and know more about such scams and arresting. We don't get this practicality in syllabus. Great job sir!
I am foundation student but sir ne aisa samjhaya ki poora samajh aa gya. We want next part.
What did I just stumble upon!
Amazing storytelling Sahil. I am hooked.
Sir please continue this series...we can't learn about these malpractices anywhere else as there's absolutely no information about them in any book or article...on top of that the way you make these things so simple to comprehend is unparalleled to any book out there...we request you to please dive deeper in this concept and do tell us about your client who was caught up in another type of gst fraud.
The best ever presentation I have ever soon. Good Job. Keep it up.
Haa bhayya jarur vedio banayiye . A vedio bahuth acha hay class may tho is jaisa knowledge kabhi milta nahi . Thank you so much aphne bahuth ache tareekhe se hame clear cut se samjha diya 🙏❤️
Sir u earned 1 new subscriber explanation at the simplest level "simplicity at its best"..
Thnaks for such detailed understanding. As an article of a big4 firm, I am exposed to only to audit with negligible exposure to taxation. Tax was my one of the favourite subject in CA Intermediate and your videos are the reason the same is still my favourite...
Please keep sharing such insightful videos with practical applicability.
Zabardast video Sir!! Maza aagaya. Extremely well explained. Eagerly waiting for such type of videos and hope you will share that story too. Thank you, Sir.
Sir keep sharing your experiences like this. Ye mere liye satsang jesa ha with Moral of the story and separate playlist as satsang with sahil. 😄
We love your lecture and we want to know more scam about it....Your lecture delivery is really very good we appreciate your efforts.. love from CMA STUDENTS for u...
What an amazing and simple way of explaining ! Keep it up.
Thank you very much sir. Much awaiting for this type of video.
Your flow of teaching concept is nice...💫💫
Excellent work 🙂🙂
Thank you very much for such a indepth insight of practical world..
Thank you for amazing explanation sir!
Also I would love understand all these things which is related to real world experience.
This is the real life learning which i was waiting for
Sahil bhai , eagerly waiting for the next session and Kudos to your efforts
Yes sir please tell us... This helps alot for gaining practical experiences
I would like to thank you for this video. Mujhe aaj tak samaj mein nahi aaya tha ki local dukandaar bill kyon nahi dete hain. Now its clear. Thats why i prefer online shopping
I like your approach, you always encourage for true and fair business practice.
Sir .....you r awesome 👌...I have searched lots of videos articles news but I haven't got the right answer..but you done it ...
Watching you since 2021 and learnt lot of things from You
Phle mujhe Taxation se bahut darr lagta tha .. phir maine Sahil Sir ki lectures dekhe... Ab mujhe Taxation psnd hai .. ❤️❤️ lots of respect sir 🙌🙌
More like PEHLE MAI BOHOT MOTA THA…😂😂
@@madhuratadhawan7029 haa frame usi ad se kia gya h .. but yha review genuine hai 😂😂
@@mohangoyal5369 haan sir is too good🙌😎
very beautifully explained sir. We as a professional must be very cautious and understand deep more about the subject from these kind of Teachers.. Thank you so much sir for explaining very important tip...
Working in gst department since 1.5 yrs but believe me Sir I understood this concept of ITC scam only by watching your video. All my concepts got brushed up now
It's really interesting sir . Please continue this types of lectures
I was very bored after exams, really enjoyed these real life cases, please make more videos like this in future!
Yes sir please upload more practical knowledge . We need more this type of video.🙂
Very nice n informative video we get to learn many things sometimes unkownly we become victims in this chain just being a customer...thanks keep up the good work...
We need much more practical knowledge like this...
You are teaching so smooth and anyone can understand easily
Sir I asked this question from so many persons but didn't got any valid response. Hats off to your knowledge. Thanku sir
This is first video I watched and you earned one more subscriber.
Quality content…❤️really informative..waiting for more ✌🏻✌🏻
Easily understood sir because of such clarity in your explanation , thankyou sir♥️
We'll love to learn more such stories ❤
You teaching method is best for every learner.thank you so much sir