CA Final IDT Lecture 1 | Basic Introduction About GST | Fastrack Batch May'25 | CA Akshansh Garg

0:28 Hi Everyone Am I Audible M aa Audible and Notum Visibly Perfectly fine very good Morning First day of fast lecture and already more then 250 people are in waiting is good The good thing is that early morning means cold weather time you 350 or 250 or 300 people so right now class Before it starts you are sitting in live very good thing

1:16 And firstly about 10 minutes for overall discussion what you need to do next what not to do what can you can What You Can Expect From Mean everything is ok i want at most transparency between you I Brother, the next attempt will be yours 100% Then you should at least pass IDT So it will be 6570 without any hindrance If you want then do some things for him Let's take it, everyone listen to me carefully People, the first point is this lecture this is live lecture will be starting today like eth of jan Our expected date is 25th from now Last if you agree to Nana then it will be a fab end By the time your lecture is over, all the lectures

2:04 It will be live but mostly suppose it will be many times what is going on, is there some urgent work somewhere If you have to go, you should assume that it is at 10 Lectures can be from any chapter because I don't do random work every day Generally I have found some such work in the batch It just happens So in that case I will give you the recording So you can assume the maximum that is three to four Assume the recording of the session is more If you don't get the recording, I'll give you I am telling you in the beginning I want to be at most transparent with you so that's who i am Should I tell you that I will give you more or less If I don't give it, okay, then they want clarity between themselves. The session was fine from start to finish will be live i am expecting you Guys you come early in the morning and

2:51 Session will start around 735m 7:30 There is a target but it goes up to 735 And you guys come early in the morning and from 735 M By 10:30 AM your break will also come in it. it will take 20-15-20 minutes then your Approximates I'll take about 30 minutes, that means it's ok If you look at me you will see two things These are the classes that you are looking for In addition to live, you will get 1.5 You will get more x views of course There is an option to watch the recording end to end very honest Meaning of Approximates

3:38 People are seen live, I wish that would happen What is it, in the beginning there are people but Suppose in the beginning if initially 500 If people had not come live till the end, only 300 would have remained 200 people disappear if you Consistently next one and half month next 1.5 Will you sit with me live for a month, brother? I am not enjoying teaching live, really I am telling you, class of any faculty You will see that he will give you the recording whenever If amendments come then take a new live batch I will take it but to be very honest I live So now I take another live batch of mine Chal Raha Hai Regular Which Is About To Over In the next seven to eight days I will repeatedly Live why do I take my regular fast There is not much difference in the track either If I want, I can do just one batch IDT batch ok the point is that's why I'm doing this

4:25 I am sure that the kids who live with me consistently they sit down even if they feel that We are unable to make the class speed 1.5 but which is a two and a half hour class in live. and the child who dies He learns, he learns the next level. I always insist that you come early in the morning It will take you seven days to get up with discipline It will get harder then you will enjoy it please [ __ ] live every day see there is no one in me I am not interested but I am telling you The different level of results you get After attending the live class, try to stay live, okay, it's regular Our batch also works, you will believe it No, it has been four years since I started teaching and four My 22nd batch over the years It's my 22nd batch today, now you can see that too live

5:13 I want five batches in four years If I record as many as possible If recording mode is on then it is the 22nd batch So you can say that I look young to you But my experience is that the faculty you It must have been 1015 years or even more than that my batch is done i always believe in One thing is that if you do the same work If you do it consistently then you will reach this level You will reach perfection, not yourself No one will even know what is happening I can feel this thing right now that you guys Look how many people all of a sudden know me why do I join classes this is because Ofcourse the same thing applies to you as well if you keep the same thing like i i i What can I get you to do? Get a concept Get it questioned and then revise it Then I took your class test and mock test So when we do the same thing over and over again So let's take this, assume it to be 110 and 15.

6:00 At most within 110-115 hours You think about so many concepts, many people think about it I keep thinking that when sir will take the class then there will be time I don't have that much time, I will go in 25 It is an attempt, brother, if you have empty ITC Even if you solve these questions yourself, you will still get 50 Even if you have given hours, perfection will be achieved If it does not come, then think about it, in such a short time, The point to be questioned is that consistency In practice is the only thing that can help You to crack any exam and I have done this In teaching with mantra you guys are my are you saying let's go okay apart from that I gave many exams on my own too And according to this mantra, I have extracted it Exams are fine, no matter how many exams you take I have here that CA, Cat, Annie, Annie One of the many government competitors I cleared the exam just by using this mantra

6:45 If I wanted, I would have done this by not doing it till now 2 If there wasn't a second batch I would have been teaching intermediate It happens because all the faculty teaches intermediate And things are going well in Intermediate too but today I Maybe this wouldn't have happened if this was my 22nd If there is no batch then one learns consistency getting it okay so the first thing is this that I'm expecting you to be live every Day by day you have the option of recording As soon as the class gets over, an hour later The recording will be uploaded to it You can check it anytime, okay, next point y comes Sir this is the next point what can you expect from me and what am I expecting from you I only expect one thing from you I have been consistent with everything else I am not even expecting it if it is in your control

7:32 If yes, then within the whole day after the session is over If you can revise for 20 minutes at home then It is very good, even this much cannot be done Never mind, I'll get it done the next day But there will be a chapter on ITC in which I will ask you some questions everyday This homework procedure will last for five days In which I will teach you 40 minutes of half an hour every day I will give you work of 10 minutes which I will do in class I got the same thing written in my homework for return practice because there If it is necessary then I will write to you. again saying i want to be extreme Transparent with you these things that I I keep telling you to keep doing this IDT No one can stop me from getting 70 marks in ok let's go to the next point whether there will be class tests etc. There will definitely be class tests in the regular batch

8:17 You guys also have class tests Class tests will be the first in life try this time this is your last time You will have to take an exam sometime after the graduation no and this is the last time right this time bring discipline in your life for once trust me This will be your last time, next one will be like this There must be a demo lecture going on, you will come to that sir thank you because of you i am clear ca Like you see in many chats right now messages will appear ok today your demo if you stay disciplined You will always follow discipline Find me as a friend that you won't feel Some faculty is teaching you from IDT I will fall in love with you only That you remain consistent for 10 to 12 days I don't expect much from you It's ok you will fall in love with IDT

9:03 and you will find that IDT is one such The subject is so scoring that It is very easy to get numbers in it and it is your can create aggregate of both groups, it is ok come on sir now if i talk about paper The pattern is of IDT which is the result this time There was a little bit of checking inside of him It was difficult so the children's marks were always This time I get 8 to 10 marks from him There is generally less opportunity for every child to be seen exceptions are there ok bhabhi I am 80 I was expecting him to score 72-73 this time ok so that means approximants now

10:00 Come on I'm feeling absolutely good for 400 people Mak is sitting live in the cold early in the morning this consistency Everyday Second Thing Now let's move on to paper patterns if you don't like the video first If you hit then like all of them once because Now these people have to live as a family for the The next 1.5 months will be a good journey Assume your likes will spread the video It goes a little better then all the people one by one Just hit like this once, ok now listen Pay attention to what I say or else you won't kill me yet So after a while you will automatically understand the lecture. If I come, you will kill me yourself, let's go now The point is what is the scene of the books Do you want to make a copy or not? Look, two books will come with one concept A book will come which we call a summary book And you will get a question bank for this

10:48 You don't need to read anything other than A question bank like this will come and a summary like this The book will be a summary book of 350 pages And there will be a question bank of 520 pages It will remain inside, everything is covered There is no need to read anything other than this This book of ours is completely on ICI which Even if it is a regular batch, the same thing happens in it It goes even if it is a fast track batch This is where someone goes and buys Only Books The same goes for that too, many people change it Is there any other book with the regular batch Any other book with fast track bro Sir, tell me one thing, everyone's paper is the same It will come even if you buy any regular batch Buy fast track or buy only books So when the paper will be same for all the children then Every child should have the same book So all the children have a book and this book is for this designed in a way that your last

11:33 You can get your revision done in 1.5 days Ultimately the game is this, The result that decides you is The result is for your last 1.5 days if you 100% complete in last 1.5 days You can revise your result on only two things It depends whether you will agree or not If multiple attempts have been made then maximum Children are not able to do 100% revision of the last paper In 1.5 days, many more children will have their exams 100% paper cannot be solved if these two Things should happen in last 1.5 days Revision should be done and 100% paper should be done If you attempt, you cannot fail It's okay in trust, you can't fail If you understand what I am saying with trust then this Our focus is on both things that we I will do multiple revisions so much that brother will be the last

12:20 Our revision can be done easily in 1.5 days and This book is also designed in the same way and We will practice so that we can give our 100% If I attempt the paper then it is ok and 100% The paper will be attempted only when we get the answer In which questions will you know about writing? No matter how necessary a part is, what mistake do we make? We make the mistake of answering four questions in a question. If it is of number then we write this much that One and a half or two pages get filled, but in none of them do we unable to write sufficient content or That's why I am not able to write useful content we think we're expecting 70 why did only our 45 come because they There is a difference, okay so I will ask you questions I will also be telling you the keywords inside that this This is the keyword, this is the keyword, this word is inside it If it is mentioned then you will get marks. That you will know this by knowing the concept The hour itself is nothing, so the concept is yours You can also see this from my revision video it about the question practice it about the

13:06 Question practice which we cover in it do bit is ok yes next point comes Now the paper is IDT what is the scene inside it sir tell me responsibility is there well you guys know that There are two components, one is GST and the other Your Customs Plus FTP major which is your component is at 80 GST comes in 80 marks GST and this is 20 When it comes to Mark, his major focus is on It remains on GST and Customs end FTP is not that much of a difficult part Isn't this a tricky part, score easily here Mainly two or four can be done inside it Chapters remain as valuation is done Ty types of duties ho gaya ye na Some chapters are baggage, please refund

13:52 If so, you have to keep this in mind and Work gets done fine Those who are studying GST from here It will help 100% in his IBS also So for IBS also you will get some relief in IDT There is no need to refer separately will be more than sufficient for ibs ok Hey let's move on Let us move ahead, now first of all we will talk about GST will start from mainly under GST also There are two components, now you will see what happens There is one portion of 50 marks and one of 30 The portion with marks is of 50 marks Yours generally 50 to 55 practical concepts remains and what about 25 to 30 marks The threat concept remains I can say 25 to 30 and I can say this I can do 50 to 55 okay now whatever is mine

14:40 Major time of classes will be spent in this Concept will be discussed in practical form If you look at the book that is in front of you, it is kept inside this if you open the index Neither inside the index will you find that Like chapter number 3 4 5 6 7 8 Neither this chapter two to nine is yours This is your major component Time will be taken to complete chapter number 2 to 9 Major time will be spent in these and these are your chapters, these are yours Approximates It also makes it seem like your Approximately 70% class time Occupied 50 to 55 marks come in the exam and

15:28 This is 100% conceptual if any If these chapters of the child become strong then Let us assume that in IDT one can achieve perfection. has arrived in GST and this is my It is our responsibility to do this in detail you will do all the questions very well will do everything we will do it ok now the rest of the chapter is yours Demand Assessment Inspection with Theory Appeals, offences, advance gender, all these one day There are chapters of this, these are small chapters The chapter is very scoring if you are going to study this If the portion also becomes strong then IDT It has already gone through your mind If so, you won’t feel any problem hoti it's a very scoring part this Theory and this theory we also call multiple I will revise the times because of the theory It is difficult to bring income without agency in GST If there are two components then the class time Where will he go more, I have seen that, I

16:15 I saw it ok let's go Now first of all we will start with GST And we'll start with the practical potion We will start from the supply chapter only and then end In Customs Plus FTP your only It's a seven day job, not more than that It will take seven to eight days It's ok brother, next point is coming whether we need to make a copy or not I have to make more books, I think there are enough People must have received the batch, it was assumed start from fifth of jain but we started from eight The reason is that we wanted to that many people can get books, still many If people did not get the books then they read the first chapter We will give you the PDF right now. 4102 people are visible in the chat, so am I

17:02 what do i want you guys to do with the class There is a telegram channel, join it now Till now only 550 children had joined him. the rest of you have done it, join him once okay to the class tegra channel because You will get all the updates in that You will get everything, notes will come in it And you can send a request to join the team. Verify you and your application will be accepted Request is ok, any time in future you If you ever have any doubt then you can ask me You will be able to connect directly like this It won't feel like anyone is in between your walls if you keep your touch then this is your paper The pattern was to get 70 marks in IDT, why? It is easy because one who is practical The portion is 55, I will ease you there I will get 35 plus for even an average kid And the one who has some brain is in ISL 55

17:48 he will touch 45 because completely This portion is conceptual If the concept is good then the place is fine Supply's MCQs come time off ITC supply MCQs come If the first question comes then it means bare minimum Even if the toughest paper comes from MIM, minimum Even if we are talking about toughest paper I got you 35 marks out of 55 I will give it in the conceptual part and Thorets is your number 25 there you are You can easily get 20 marks without any Second Thought and the one with Customs and FTP This is part of 20 which one is the worst Any child may get 14, 13, 14 marks So it is easy for you to understand all this. Even if you do it, it will still be 65 to 70 This is the situation when the level of paper is high look, I will maintain some transparency The sun is coming, I did it intentionally It's cold, let me know if you face any problems

18:34 okay in the video so I started this I have told him that I like to maintain transparency I will not do this to you, I will not hope for you I am giving you 90 marks, so I will give you this I will get you nothing, it's not just a pretense it's about your career okay it's not about Are you buying my class or not? You are not buying all this, it is your career It is important, other things do not matter If it does, there should be transparency from the beginning okay let's start first sir The next point that comes with the lecture is that Do you want to make a copy or not? Look, you don't have to make it like me, but Generally those children told me whose batch it's over i would like you guys to And arrange a zoom meeting with your seniors. I will give you those who have passed, who have studied from me So I generally get it done so that People could give you some tips and some other things

19:21 could tell me what might not be on my mind So those people say like this that Sir you are the one Do you give examples in classes? Many examples are good, so is the mind Now if he sits in the same example We will click while revising, right? If it clicks very well then either you book Write it down somewhere or in a book Just write it down somewhere or you can You can also make a smaller copy, brother. Put the heading inside the supply chapter This example is an example of this so please help me if she goes then she gets help, okay jin It doesn't matter if people didn't get the books Brother, you just did a batch purchase I will meet you a day before, don't worry at all Till then you will get the PDF of the first chapter. You will get today's class which will be there today The class will be a basic class, take this class

20:09 What is important in this class today Is there any class as per his exam? There will be no relevance but this foundation Class is like home, now whatever is there in home There is a foundation, it is not visible, but its A house cannot be built without today's class Basic There are classes, many times you will go ahead and learn the basics I will give you the reference of the class, you will feel that Yes brother basic classes were necessary then exam There is no direct question according to It will come inside the basic class but taking this It is necessary for the basic class and every time I I take the same lectures in basics Amendment does not happen in the basic because the basics are the same ok so now let's START IDT FIRST WE READ GST and this is your basic concept okay

20:56 is for the next one are you listen to me I will tell you everything after next one hour I will give you some things from here for the exam. she comes for us we will keep listening it is ok The line you see behind is sunlight and No problem with that I don't think If it doesn't happen then let me know, I I'll close the curtain ok ok sir will I get backup at all You will get backup for the class today is ok If the lecture is still on then someone will give it problem now the point is ok that what is tax you will say it again friend Listen, you can see all this by reading it from anywhere. When you come here in the beginning you will feel, oh my friend All this is lying there, it will happen that you will become a hero No, after three or four days you will You will feel good brother, no matter where we study from

21:43 yes we will understand that you If your number comes out to be 35, 40, 45 then your number is not 50 Why did only this many come and not more? You will understand it in four to five days. But it will take you 4 to 5 days to I will have to have patience now you think that I Let me teach you some rockets in the first lecture You will not get that, you will not get the basic things You might know it but keep patience and listen It's okay to go, don't lose your patience, not like this that hey everyone knows this don't remove it now start listening to me carefully Because maximum people will be my repeaters be careful and whether it is repeaters or first If you have time, both of you will understand 100% then there will be no difference i am myself I speak in my regular fast track There is not much difference, just 10-15 the difference of an hour The next point is, sir what is the tax

22:29 it happens if we are starting from here Donation tax is a compulsory charge it doesn't happen or you'll have to pay It is not that if you feel like it then you give it, otherwise I did not pay, it is okay, there are two types of taxes Yes sir, there is a direct tax Indirect tax is direct tax What happens sir, the money that is being earned I am giving you a job I am getting salary as much as I was earning I am paying tax accordingly He will earn more and pay more tax If it has different slabs then It directly affects you You earn tax and direct tax is imposed on you What is indirect tax will be imposed What is an indirect tax sir? It doesn't seem like a direct attack on you What is indirect tax? Levy on someone And it's up to you to collect from someone else you are doing it right it's ok as you suppose listen carefully

23:18 I'm teaching you guys idt you guys bought the class okay so what is the scene brother tax You are depositing indirectly I am coming to submit it to the government What happens in direct tax is that He who earns, deposits it indirectly What happens in tax? Money belongs to someone else If someone else makes the deposit then it is ok like any other Indirect tax depends on your income Does not levy direct tax on your income It depends, for example, you have biscuits Bought a packet of Pad Lease now brother someone's No matter whose income is Rs 10 crore per month Income should be Rs. 00 per month as much as per parley ji Tax is levied but it is same for everyone The direct tax which is there, brother, is yours If it depends on the income then it is indirect Tax If I do direct tax like this If I draw a graph, you

24:04 Look, this is the tax amount and this The amount of income is okay so like As your income increases, your tax increases This direct tax will keep increasing It is progressive in nature, what is its nature I have a progressive nature but if I Graph of indirect taxa This is your tax, this is your income If it happens then income does not matter The amount of tax will always remain the same no matter who Whatever your income is, what is it Regressive is ok sahab now direct tax What happens when it appears on your income On whom indirect tax is levied It seems like turnover is something you guys should suppose bought my class direct tux kiss It seems like there is profit, it seems like there is income Suppose my class is like this batch of 000 Ok

24:52 And GST is also included in this. Imagine GST included under 8000 Amount of Rs 1200 plus GST What is the amount basic price is 6800 I am giving Rs. 1200 to the government and you I am taking 8000 from people ok So this was the price of my class Rs 6800 Correct Now I have some expenses in this Suppose like I have 000 software pay the one I paid Rs. 00 to the bookseller 00 I pay the back hand guy who handles the technical okay and let's say 300 rupees for me and

25:40 Have Expenses What did we do that brother how many of you When the expenses were incurred you said that Sir Ji this Your expense of Rs. 3100 is deducted from Rs. 6800 Your expenses are already Rs. 3100 If you have Rs. 3700 left then send me my direct There will be tax, I will pay it by paying income tax I will pay at 3700 because this is my profit It's okay but I will pay GST I will do it for 6800 rupees which means 1200 rupees for GST I will do it, GST will be charged to you Rs 6800 GST is never about profit on turnover But direct tax affects your profit Direct taxes look good on your profits it's ok

26:26 Brother, why did GST come from GST now? The weight works as before Tha VAT and CST Central Sales Tax and But before that empty cell trucks used to run The point is why GST came into existence i you Let me tell you that GST is India's biggest tax. Reform has never meant so much in history till date A major tax reform has just happened GST is not the biggest tax reform ever Listen to me today country The central government has the most The money that comes is income from GST It does not come from taxes and from no other source

27:13 Now GST is the highest revenue sector Of the government, the way this country is running today This is from GST That's why the government's full attention is on GST But everything is there now, just look at the income as it was before It was going on, IT rates were for IT Now all this notice has been sent to IT department Secondary Its focus is on secondary mode First attention has already been paid to GST Because the Government has also realized that this If there is a hen that gives milk then it is the property of the government What is the full focus of the egg-laying hen If it is there then what is the full attention of the government GST department is on this GST But because very good revenue comes from there And the provisions of GST are also big It is strict, okay sahab, now the point comes

27:59 that you can see the GST today, now look Friend, if you know the base of anything Why did you come here? Look, you know everything. It should be like you read CGST SGST You go to a hotel to eat food If yes, then CGST would be applicable on 50 and SGST would be applicable on 50 why does it look like 5050 and not 6040 I wonder what could be the reason for all this If you know logic then in exam If someone asks you any small thing then yours too The mind will answer it easily because you If you have studied like a law maker, you should understand its base. If I come then you can do anything So it is important to understand the base, so today's foundation Classes to build your base a bit okay your class today is the base just to build okay let's listen

28:48 pay attention to what I say The real point is that before GST there was VAT what was before wait then i will tell you complete I will tell you about the background, want to know the background It is important that your family tree is running smoothly Their family tree is working fine sa right now we are studying before wait meaning Look, GST is there today, the son of today Her father was in a position where her father was wet What was the scene of grandfather before? So grandfather What did grandfather do? What was the problem? The papa who came and what was the problem with papa We are seeing the GST that has come. ok see all that First let's go over to Grandpa okay what problem were you facing before and

29:35 People will understand why this is so Before okay let's take an example Every time I take the same example because this is the best way to explain it est way stays ok today you don't need any book today when You just have to look and listen is the first as suppose manufacturer Is ok now what does the manufacturer do If he makes the goods then there is no purchase He is making it and purchasing the raw material what do you suppose 000 everyone 100% attention everyone whenever I If I tell you to pay 100% attention in class, then focus Do it, otherwise you can walk in the normal way also

30:20 Okay now he purchased the material for Rs. 000 of he employed labour to make the goods late Suppose he applied overheads okay overheads rest The expense is ₹10, ok sir, this is his I spent the money and then he said let's go to mine I will also take the profit of Rs. 50 took the profit and this stuff was of its became the basic selling price within which His expenses were covered and his profit was made The basic sum which is cost plus profit The selling price has become 00 sir now what did it do suppose that the sales There was tax which means sales tax which means VAT We are talking about the past, right now that was % let's go and a tax of ₹10 was imposed and this

31:05 What did you do that the total selling price became Sir its manufacturer is 1680 sold the goods to a wholesaler The manufacturer gave the goods to the wholesaler sold it and at what price did the wholesaler purchase it did you purchase these goods in 1680 1680 Sir what should I purchase the goods do it ok The wholesaler made the purchase in 1680 now What did the wholesaler do? Will he sell the goods further? If wholesaler is fine for retailer then The wholesaler is not making anything, he is If it is purchased then the raw material and labour are its I didn't feel anything, a little over head over, meaning the rest Expenses like loading and unloading expenses or some other small expenses were incurred When the expenses were incurred, he charged the overhead

31:50 Suppose I put an overhead all of ₹10 and The profit it made, it also thought that I The more people who earn Rs 50, the more they will evolve That means they will take the same profit margin ok 50 this also added its profit So how much has it become 2050 What should be its basic selling price The year 2050 has arrived and the sales tax that has been imposed How much will it cost if it costs 246 in 2050 then this how much has come 2296 The children of the last fast track are very stubborn are doing it once Now tell me, you people will think that this is useless The drama is visible in every comment now

32:36 If you come in batch then you will you understand come on listen to what I have to say with the bat I told you what used to happen earlier I told you now look at one thing, pay attention inside it Hear from all People listen carefully everyone this is of 0 This amount was the tax mentioned in the price It has been included, whether you believe it or not and Tax is imposed here again on top of this 0 So what was happening was tax on tax Everyone 100% attention what is happening here Sir, the tax on tax is being done at Rs. 0 The amount has been carried forward and it will be taxed again Invested the same amount multiple times You are imposing tax, this is called tax on Tax is one of the problems

33:21 Sir, there were two types of problems, basically one There was tax on tax and there was double Taxation was one thing, tax on tax was a double thing Taxation: Now we have talked about tax on tax Has anyone discussed tax on tax? problem someone Does anyone have any problem with tax on tax? brother yes or no everyone please answer Bhaiya, I have only one child, stay interacting with them The problem is he doesn't speak, he doesn't interact This is the reason why there are less jobs Your less means less money is ok what did we say that the tax of bhaiya 0 r The manufacturer has collected the amount If tax is imposed on wholesalers again, then this what happened this amount of 0 was carried forward But tax was imposed again, tax on

34:13 Now tax is getting doubled, taxation is also getting doubled This is the basic way of taxation The selling price was 00 This basic selling price went further If we look at it, this 00 will be taxed once It got applied here and then again on this 1500 Tax is being levied here, aren't you feeling it? Look, you should understand that this is a 1680 component There are two amounts included in this, one is 180 and one more 00 then 180 was the amount of tax on which Tax has been imposed again and this Rs 1500 also Why don't you impose tax again bro, even if it is 1500 rupees Has tax been imposed again, yes or no Brother, I have invested 180 rupees and got 1500 rupees back Tax from

34:58 If it is imposed then brother double tax will be imposed and Tax on tax is also becoming double tax It is happening and tax on tax is also happening Is it happening here or not? Yes or Don't tell me brother, double taxation is also happening It is happening and tax on tax is also happening If yes then practically on whom should the tax be levied It should have been spent only on this ₹ 70 But what did they do on the same thing Taking tax multiple times and also doing tax on tax You are taking it and at the price you are getting one You have already taken the tax here once, now take it here once again once here taking it now what This price will be retailer for Rs 2296 What will the retailer do if he buys it for Rs 2296? Will buy it ok, retailer will buy it for 2296

35:45 Understand this and suppose the retailer also Example of overhead expenses of ₹ 70 The retailer incurred the expense and this one incurred 50% This one also made a profit of 50 Retailer added margin So how much did it cost the retailer 2516 The retailer had to pay Rs 2516 again will sell further 30 1.92 Tax has been levied on it and it is 281 7.92 Did you understand my point about tax on tax and What is the difference in double taxation Listen carefully, what does tax on tax mean? This means that the ponent of 0 is carried forward. It was forwarded and tax was collected back on this 180

36:31 It got affected because this is the price for 2050 No, 180 is not included in it, how did 2050 come about? came by adding 1680 came by adding 1680 And if 180 is included in 1680 then pay tax Tax has been imposed on 180, tax is being imposed again This is called double tax on tax What is the meaning of taxation that this Rs. 00 The price is not the basic price, pay this once Tax has been levied here at the manufacturer level Now this was carried forward and now in this But tax is being imposed again because by 2050 1500 is also included in 2050 1500 is also included indirectly It is being taxed again on Rs 1500 They say double taxation at the same price If tax is imposed twice then it is called double taxation and the tax will be levied on it again They say tax on tax, so we are saying

37:17 both are working here Tax on tax is also getting doubled Taxation is also happening, I understand Varsha tax on tax is also being doubled Sir, taxation is also happening like this now If you go to the retailer step then This is happening in this case also, tax is being imposed for the third time It seems that this 00 will now have tax on it Here also it will be installed on the retailer's step The tax of ₹10 was there here as well It has already happened, now it will happen here too and whatever There is a wholesaler step, its also installed here Meaning now it's the third one at the same price Bar tax is being levied in the same manner as Once again you will keep moving forward, now you are a consumer If the final person buys this product then how much will he I will buy it for 2817 He will buy it in 92 at such a high price that you will see How much tax is levied on the same price

38:04 Now you will say that it is good isn't it The Government only wants that the tax You will get more and more fun in life The more the tax, the more the development of the country You have a wrong mindset and you are reading the wrong economics. You are in all the developed countries, brother Sir you should see what is the tax in Dubai Right now only VAT 5 has been imposed but rest of the taxes are same No, how much of a developed country is India the situation is the same as before when his grandfather There was grandfather, this is grandfather's tax, this is India Do you know what the situation was? If a developed country takes this much tax from the public Then how much inflation will be there in that country Our neighboring country will be destroyed you can see about it Neighbors can give the example of Sri Lanka Tomatoes in the country 00 kg When Ambani ji got married, right Nita? When Ambani ji wore a necklace, people said

38:50 were thinking that the neighboring country is Neeta Ambani ji has it hanging around his neck GDP Ambani's necklace Why equal because there is inflation if there is extreme inflation If you levy so much tax then there will be inflation I was having these problems before the wait Right now we are studying about grandfather and then about weight Then we will read about GST Now you will understand these two problems We were realizing that tax on tax And double taxation is two problems going on and Both these problems should have been resolved only then the price will come down only then the price will come down It will happen brother Sir, now to remove these problems

39:38 Wet aaya wait aaya 2004 I am ok Yes now listen to me, there were two problems, one So double taxation and tax on tax I had to remove it now, suppose you and I if there were officers, law makers and we Let us tell you how to get rid of these problems in weight loss tell me what should i say that let's go back brother from this manufacturer which is Ok tell me one thing, what is the difference between consumer and customer? What is the difference between any one consumer and customer What is the difference? I went to the retailer You wrote consumer but no one wrote customer Can you tell me what is the difference between a consumer and a customer? Difference if you have understood this concept yet So hit like and I will understand

40:25 you guys have come Tell me in the chat box about the consumer and what in customer [ __ ] consumer is the one sir who finally consumes it and then sells it further The chain stops, you are absolutely right After that people stopped the chain of selling further Consumer is an end user customer. Consumer can also be a customer retailer is also customer wholesaler is also The customer who buys the goods is a customer but the one who consume it and at the end the consumer said You go and buy chocolates for her be the customer he is empty

41:16 Consumers are able to understand are you able to understand the difference between consumer and customer The difference is understood Let's go ahead and move on Now you should move ahead and wait. go to your vet what will happen if we go everybody will sit in the wait R Correct manufacturer wholesaler The retailer and

42:02 The consumer was facing two problems and The wait came to remove the ok same Weights to remove Come, now let us write what we have written above It was written that suppose the purchase price is something There was no raw material for the manufacturer My brother had purchased it for Rs. 1000 but the labour cost was Rs. 130 Everyone 100% Attention Where is the Attention Quilt come out of me come out brother dodo People who are sitting under the blanket, unite means separate one from one everyone focus 100% If the attention is okay then the purchase price is something There is no raw material 1000 and labour 130 Overhead 120 and profit was 250 now we are running if this situation were to happen and these Both problems had to be resolved and

42:49 You are officers, you have a task before you If it had happened what would I have done? I would have done this sir So what should be the basic selling price The basic selling price has become 00 now I I am telling you that you need to solve two problems Tax on tax is to be removed, tax on tax If you want to remove it and remove double tax then you how to remove it so if i say that sir sales How much did you weigh? Wait here now wait I came, the name of the tax changed If I changed it then the wait came, suppose it was the same at 12 If we take it then this weight comes to 0 and 1680 ok now i will tell you brother i have no my Elimination of double taxation and tax on tax if so how If I remove the purchase price then wholesaler's

43:38 Should I write only 1500 or 1680 which I wrote here if I just write 1500 instead of 1000 Meaning I carry forward the tax amount If I don't forward it then tax on tax will be it will be removed oh yes or no if I pay the tax What if I do not carry forward the amount There will be no tax levied on this again below So tax on tax will be abolished if I If I write the purchase price here directly as 1500 If I show the purchase price as 1500, then brother If the tax on tax on me will be abolished then If I show 1500 here and the overhead Suppose I will show a profit of 250 for 120 I will show you okay if the profit is 250 I will show you how much it is for you 1500 + 120 + 250 it is coming

44:24 187 and then I on that if then I on that If I impose tax on 12 then it is coming 24.4 and what is the final price Your final price has come to this much 2944 Now you will say O Sir ji tax on tax So double taxation has been removed, where has the double taxation been removed from? Section double taxation has not been removed at all Taxation has not been removed, tax on taxi So how can you remove double taxation now? Tell me, just accept it as the government has You are an officer The government has made you an officer Tax on appointments is being removed easily But tell me some way to eliminate double taxation. Now what will you tell me that the government wanted that

45:10 Tax should be levied only on value addition What about tax? Value Added Tax I was saying that the price of this is 00 But tax has been levied once, tax has been levied again don't think this is 187 in this 1500 rupees back How is he getting double taxed? Now you tell me to remove it, you suggest it, you officer yes there is a task in front of you, now we will wait and read we are coming to father, we have come what was the problem in grandfather double Taxation of Tax on Tax from Grandfather When we came to the Father, we called the Father both The problem of double taxation of tax had to be removed If there is tax on tax then it is better to remove it I found an easy way to carry this amount forward don't forward it Do many children give their suggestions

45:55 They are saying sir impose tax only on 370 Sir, just impose tax on 370 Where are you feeling unnecessarily shy, see what they have to say like there is Himanshi in my class Is he Himangi or is he Rishit? What are these people saying? is everyone paying 100% attention or not Look here brother, what is he saying? they are saying this sir look Wholesaler, what is a wholesaler 00 He bought 0 He sold the overhead I had given that the profit was Rs 250 so these people said Sir you are there, basic selling price right? So it has become 187 but whatever tax you impose How much tax should you impose, impose it on 370 rupees What does 370 mean on 12? take tax of 44.4 means sir wholesaler when

46:43 If you sell the goods to the retailer then it will be in the bill 44.4 Show me like this Now tell me one thing Imagine that you are a wholesaler and I am a retailer you handed me the bill in which you I was given a bill of how much that the selling price The amount of 18702 is 44.4 I will ask you Sir how did this come t 44.4 or now you will tell That sir, our value addition was so much that Brother, you have come this far, let me tell you one thing You don't know your profit margin how much value added did you do How much did you buy it for and how much from you Value addition did I get your profit I did not know the margin, I am telling you oh 44.4 This tax is your value addition If I divide this by 12, then I Then I will take out your profit margin

47:29 How much is it I will negotiate with you I will say, brother, you are earning so much, at least do something give me a discount give me some discount T Practically possible is it practically If possible for me then your profit If everyone gets to know the margin then every Find out someone's profit margin It will go well, tell me brother Now what should you do, what should the government do She told the wholesaler, look brother The wholesaler is asking me to pay tax only at Rs 187 Then double taxation, hey, listen to me, 187 p How much tax should I pay for 12 and how much did I get?

48:15 24 Let's go brother 24.4 So much tax has come but you 24.4 Taxi, I am telling you that you should go ahead You collect so much tax and we will give you ₹10 will give a refund of Meaning you give us 24.2 24.4 at least once But for the tax that you paid later We will give you a refund for that will give refund to this, will give cashback from this What will happen if the amount in the bill is 24.4 Your margin will be written to the other person The person in front of you won’t even know about you If you don't even know the margin then you do one thing Pay tax on this full price but at the back Whatever you have come by paying tax, we will take it We will give you cash back for it I will give you the credit for that, what should I give you?

49:01 I will give you credit I will give you credit now What will happen if the government gives it to the wholesaler How much tax will it charge 24.4 Tax will be charged minus If she gives him a credit of ₹10 then how much Tax has ultimately become the same 44.4 And 44.4 this was the value addition tax This much tax was coming on ₹ 70, 12 If you do 370, it would come out to be only 44.4 So what will the government say that brother Value Add Do you understand Tux or not? aa getting t I understand the nuts

49:47 Do you understand how double taxation works? o tax no tax removed double taxation then how look remove the tux no tux so how did you remove it that this was it Nor is the tax component carried forward in it We did not even forward it like we did here We carried forward the tax component No, I did not do any carry forward here and How did you get double taxation removed sir, who is behind this You have paid the tax and I have given you its cashback If I give him credit then the final is as good as it gets If tax is imposed final then that much tax is imposed The government has imposed the same amount of tax at every stage collected as much value addition as was There was value addition and hence the name of this tax is value added tax weight its name is weight Why value added taxes are required at every step Take tax on the amount of value added Look brother, one price, one time tax

50:34 It should be 00 p Tax has already been levied here 0 Once the government has received the price, Tax should be levied once on Rs 1500 The government has already received 180 rupees, now here But the price has increased due to 370, so the government There should be only 370 pct tax, just one One time tax on price Otherwise there will be double taxation, tax on If tax is levied then the value that will increase here If it is only 370 that has increased then tax is on that only It should be applicable and tax is levied on the same 44.4 In the same way, when the goods reach the retailer You will understand what I am saying when the retailer If the goods are sent then how much will it cost Look how much it cost 187 P

51:19 24.4 So what will the retailer do now? Just Only the selling price is carried forward If the amount of tax is paid then it will be carried forward If you do not carry the tax amount then will not forward it like total amount How much is being made, look here, where is the attention it will not carry forward to 2094 This 187 will carry forward tax on tax To escape from this now suppose how many He spent ₹ and 50 Its profit was Rs. so now its price is how much has it been 187 + 70 p 150 it is coming 2090 Look what the Gatt is saying right now Bhaiya pay full tax on 2090, you are fine Pay full tax in 2090 it is coming 2.8

52:06 But you have come after paying the tax How much tax have you paid behind 24.4 look this much comes on 2090 p 12 and How much tax have you paid in the past 24.4 If you give me 24.4 then finally we will give you We will only take this much tax 26.4 26.4 and You will check that only this much value addition has happened It is 70 + 150, which is 2220, you can do it at 12. It is coming 26.4 means every step Tax should be levied indirectly on value addition There has been indirect value at every step Tax is being levied only on addition and at what price will the consumer get it Consumers will get the goods 2090 2.8 Consumer will get 23 40.8

52:52 I will get the stuff there which costs this much I was getting it for this much there so this is this much There is a difference in the price approximations I was going because the intention was the same that only one tax should be levied at one time There should be only one tax per bar 00 p here If tax has been imposed, it should never be imposed again. 00 There should never be any tax on value addition here If it becomes 370 then 370 tax will be levied here Value addition was only of Rs. If it becomes 0 then tax of Rs. 220 will be levied and tax They took the tax and gave it credit for the past tax They kept taking and giving credit for the latter The system is also inside our GST ITC what we call what we call ITC Who all should understand this example? even if i don't know then you can do basic basic

53:38 Understand overall because there are some You are not going to ask, just understand that What was the problem with tax before VAT? This comes under tax and double taxation and VAT if both the problems are solved then you will say If both the problems are solved then what is GST Sir, what was the need for GST? What is the need of GST When both tax on tax and double taxation If the problem is resolved then you can apply for GST. The work is being done from Tell me GST If you understood then hit like ok to give Hey let's go

54:29 Ok brother, you have understood this much, now wait What problem was there in VAT and CST The GST which had to be introduced in VAT CST what in Look at the problem, know the tax of the wet state of the state Do you know what used to happen in tax weight here? Everyone is not paying 100% attention and listening to what I have to say What was VAT, state tax? Tha State what used to happen in the weight that whichever state He neither sold the goods nor did he get any tax Meaning Origin Base Tax was Origin Base Tax For example, Rajasthan sold goods like

55:16 Tax to Gujarat and Rajasthan Rajasthan will get the tax, okay? GST is destination base tax Destination tax means that Rajasthan has If it was sold to Gujarat, Gujarat would get tax It is in GST but Rajasthan is in VAT You used to get tax, now you will say GST Why is the destination base wet was the origin base You will understand everything, listen to me very much be careful like what used to happen in the wait that You sold goods from Rajasthan in Gujarat So Rajasthan will get tax on VAT The money is fine, the origin base tax was Rajasthan if it is sold in Rajasthan then there will be no problem no, Rajasthan will get it from Rajasthan Even if sold in another state, it is still original Taxes in the State of Origin are payable to the State of Origin The state of origin will get the tax

56:03 very much great very much Great now this was CST along with VAT CST Central Sales Tax now carefully Listen why this CST was born when there was wait So it used to happen that for interstate supply CST was applicable on top and with in the state P The wait seemed to be intra meaning with in the state and inter means between states like our used to say in school today in our school There is an inter school debate competition, meaning two There is an inter-state match between the schools Meaning an international match between two states means between two countries and intra means intra school competition means within school it's okay inside brother let's enter

56:48 If there is any work among the people then it should be done inter- I will say let's go Sir now why did you come to CST, see understand my Suppose it was the year 1956, once upon a time in 1956 I have been having this concept ever since it's been going on Central Government imposes tax on Intermediate ok son what is it you leave this scene now listen what is the scene once upon a time it's real I had a case once, okay It was like suppose there is a person like your who is in the class mithali Mithali now imagine Mithali is from Delhi

57:37 And to whom did Mithali sell any goods? Mithali sold some stuff, Dheeraj Mithali is from Delhi and Mithali has Sold the stuff to Dheeraj and Dheeraj is from Mumbai If yes then you will say sir Dheeraj give money to Mithali Dheeraj will definitely give money to Mithali and Mithali will wait for Delhi Government will give the money now you will say CST It will seem right if you listen to it, why CST I am telling you that he has come, Mithali Delhi give the VAT money to the government You will get important class, you are feeling GST It is not of any use brother, all the future Fund from here Develop Dheeraj will give money to Mithali and Mithali

58:23 The tax will be deposited to the Delhi Government Now what happened once a similar transaction happened between Mithali and Dheeraj and there Do you know what Mumbai Government said? The government said that we will also have to pay tax If we also want tax then it is Central The government said hey are you mad, what are you waiting for The selling state gets the money If the state gets it then the money goes to Delhi why will you get it You will find out what happened this time in Maharashtra The government went to court and the Supreme What did the court do? Opened the Constitution Sir and articles inside the constitution happens and you know what is written in the article It happened that it was written in the article that Wait is it not wait that selling oblique purchase

59:09 The state can put such obliques written as well Tha oblique purchase state now the question arises that People were thinking of Delhi for so long What he meant was that either he should start selling Any purchase state can apply like this written in the articles in the constitution It did happen but we shouldn't have said that the trend was that The selling state seems to be the trend Suppose you went on a date and now the bill has come If any alien comes and asks you what is its Who will give the money? You will say anyone can give it. there is money, there is no point in talking about money can also give it, then it is written in the constitution Was that wet selling oblique purchasing state Anyone can give it, it's all about money and trend What was the trend that the boy himself is paying the bill this is going on And the society has also accepted this thing that was right no problem okay

59:56 The society has also accepted this thing that there is no problem If not, then what happened at that time in Mumbai? The government also got the tax and then Brothers are worried that brother is also in a selling state levying tax and purchasing state too Central government is taking tax in between I came and what would the central government say look bhaiya if interstate The transaction is taking place between two states I am having a transaction right, so now you can do a Work hard and Dheeraj will give money to Mithali Mithali, suppose it is tax money Mithali sold some goods to Dheeraj for 000 And the tax money was ₹1 in 00

1:00:42 This is ₹10,00,000, right? You can give this to the Delhi government. Don't give this money, give it to us Central Give Central Sales Tax to the Government You give the money to the central government Do not give it directly to your government Give it to us and the central government itself will Now the government itself takes that money with its own hands. Do you know she is coming to Delhi with such a gift Why is the government fighting this? no mumbai and delhi people what happened first It was said that Mumbai also demanded tax and Delhi was saying that I will definitely take it Because taxes are levied by the origin state only Sailing state itself puts it on Mumbai beach I have come, Maharashtra government says We also need it and go to the Supreme Court went and the court opened the constitution and the edge But they had to burn the Constitution The central government had to bonfire them He said, brother, I will have to intervene If anyone comes in between then it is the Central Government what did he say that which of you two taxes

1:01:28 Don't give it to anyone, neither Delhi nor Mumbai will take it We will take the tax, the central government will take it She took the tax and went and paid it to Delhi herself So that Mumbai cannot fight anymore mumbai could not fight, it is ok as if man Come on, your grandmother will gift you 000 I went to my grandmother's house and gave her a 00 rupee note Now you are two brothers, you are two brothers now, grandmother You were older you felt It is my right, granny gave it to me, granny said Eat toffees, eat chocolates, now your little one Your brother is also fighting with you, I also want you Now you are saying that I need it Your mother said you two should fight Then the note will tear, your mother took 00 from you and said now it is for either of you Then quietly when your little one

1:02:14 When your brother fell asleep I came and gave it to you Now keep it, don't show it to him like this The central government said that both the fighting I was asking for tax, the Delhi guy said It is my right, our trend is going on Mumbaikar said that we will have to break the trend We also want tax from the central government Where are you? Your government removed both of them. The government called this Mithali a supplier You give me the tax money and keep quiet went and gave it to Delhi Government at Central Now whatever is happening is yours, the government's I was still doing the same thing that I was doing before the trend that was going on Government intervenes to continue came and gave him the money give him the money okay diya, you are understanding what I am saying Now understand how CST came into the picture My point is just now we saw that brother from the weight What was the problem earlier regarding double taxation and There were two kinds of problems with tax on tax which

1:03:00 How did we resolve the issue inside the wait? We resolved tax on tax like this Resolved that the amount of tax be carried forward Did not forward and double taxation How we resolved the issue If credit is given then double taxation will be resolved Then sir it's tax on tax and double We saw how taxation was resolved Now question arises that Sir VAT and CST what was the problem i was having what was the problem GST which was inside VAT and CST If I have to bring it then now I can imagine two-three cases listen carefully you will understand You will know what is the problem with VAT and CST too This was case number one, now you will see my part a little It must be boring, I can understand but trust me my classes are damn interesting You will never miss your first lecture what should you do youtube0 After 20 minutes you will find it interesting

1:03:45 When the part starts, build your patience now Keep it and keep listening that in VAT and CST Sir, listen carefully to what the problem was. ok ok first timer idt you can join fast of course you can join can do it without any second thought Let's go now Listen to the case number one up is coming no problem no, let me imagine in case number one For example, let us assume that our who is in the class abhinav is in his class Abhinav Bans or the person who is doing Abhinav ka person na Sir Abhinav Babu Abhinav Babu who is he Let's imagine where Abhinav Babu of Jaipur is

1:04:33 I am from Jaipur this is what I got in the chat box from 400 420 people Which cities are you appearing from? I will tell you again I am from Jaipur Rajasthan Tell me where are you from bha hey big one An interesting topic is coming up, be serious In the first chat box, you can select the name of your respective cities Write your name, we can see where you are from belong to Delhi Bangalore Bombay Raipur Faridabad Surat Delhi Delhi Delhi There are many people from Delhi, Delhi, brother. This time we are going to have fun in Delhi Faridabad Delhi Faridabad Delhi

1:05:19 mumbai udaipur rajasthan delhi looks like this The whole of Delhi is mine Bangalore Bangalore Lucknow Hyderabad OK Whole India is covered, Kochi, Bathinda, Gujarat Agra Assam Jhansi UP Indore Jharkhand Ghaziabad Nagpur Punjab your chat Ujjain is going very high Pune is very nice Bihar Ahmedabad Bhavnagar Hathras Let's go very Nice, means the whole of India has come, you guys too You must be seeing who all are from our city Let's go live, no one is coming Go to Nepal, Dubai, come here and someone from Lahore is it there also everybody na 100%

…