CA Final IDT Lecture 2 | Supply under GST | Fastrack Batch May'25 | CA Akshansh Garg

0:26 so hi everyone very good morning am here Visible and not visible All Good, so sir, let's start today's today's day session it's very good to see that even today Everybody live is very good I felt like living every day like this only you and

1:15 keep on live like this till then truss Me who maintains consistency and discipline he does he can do anything yes there are many children who take classes also Classes are not seen with consistency Saw a lecture today after three days I saw that this is the option in recordings Or just pause the class which is going on are you seeing someone's call came then pause If you do that then you know what happens The link is broken, believe it or not Meaning if a child consistently does something watching like watching a class without pause if you are watching the recording also so or watching with the same pose then Its effect is different and of the same class if you are looking at it in 10 pieces then

2:01 Its effectiveness is different because that link breaks or are you watching a class today and The next class is related to that, like tomorrow. Whatever we have read, we will read it today, come on, today something new Now there is a chapter, what we will read today and what we will read tomorrow Now we will study tomorrow's class of what we studied today If you check after three days, the link is broken. If the memories become three days old then Try to be consistent and it will just I am not asking you to do IDT, I am going to tell you everything Do some small things within the subject It's mistakes that we keep making He doesn't understand me, I think I have taken classes I have seen it completely, completed it, but still why are the numbers not coming are the region ok let's go Sir, yesterday we had a little I saw all the basics which are for this exam It was not important from the point of view Because the basic chapter was there first

2:47 So it was in your syllabus as well then the institute has just removed it, removed it means supply I put it in the end of the chapter Basically it is not important in the exam yes it was necessary to tell you why Brother, what problems arose before GST? What was the weight before CST If there were problems, then first of all whatever problem came It was double taxation and tax on tax The problem that was coming up was double taxation And there was a problem of tax on tax First of all, then the wait reduced it to a great extent did double taxation and tax on tax but Still could not remove it completely in many places Key to Double Taxation and Tax on Tax There was a problem because the states were intertwined There was no gathering among the Central States I was not with the club that's why these problems occurred was going on and we looked and then we saw that

3:32 How is GST applicable from 1st July 2017 Jammu and Kashmir is accepted all over India Eth of Kashmir and Jammu and Kashmir I saw that it became applicable from July tomorrow is ok let's go for those whose this is their first attempt or Bars are also reading IDT they can blind go for the fast track because mine Asus difference between fast track and regular It is not necessary to take the same people regularly Those who think that we need classes now brother We need to finish the recording quickly we will not wait till february because Fast track will be uploaded daily, ok As of now today's lecture will be uploaded today Tomorrow will be tomorrow if it keeps getting uploaded like this everyday One would think this would last until February no no I will finish it quickly so let's go again Regular because regular in duration no much difference ok

4:19 hey let's go Yes So we saw all this and we said how How many difficulties were there in introducing GST? All the troubles are over in today's date, this is one off The highest source of revenue is GST There were a lot of difficulties in the beginning and how th of july 2000 on 1st of july Because of Article 317 was imposed in Kashmir We also saw about and heard it ok This is all the thing that we have You see, then we told you that GST Whatever is there in India works on dual basis The center and state control it together It is not that an empty centre can control the

5:07 It is not that only the states If you are controlling then dual GST model It works, both of them collect it, both of them collect it GST is the only thing that controls this The council is a meeting, not a meeting in this Panchayat where all the people take decisions together In the same way GST Council is working There are meetings where the centre's People sit and people from the state also sit they represent their respective states and what do they do with GST take decisions related to whether GST what should be the rate what should not be All the decisions related to GST everything every single decision of Whatever GST will be implemented, it will be decided by the GST Council As you suppose, there is an institute Every decision related to our institute Brother, you will take the final attempt in a year Do it three times or not in MCQ Should I apply negative marking or not?

5:53 Bring the result percentage from 4 to 10 that you did not bring your stipend which should he increase it or not for you people Should you people reduce your articleship or not? Should the packages be improved or not? In total all the designs are ICI No High Court will take it, not the Supreme Court This will be related to GST in the same way Whatever designs there will be, they will be approved by the GST Council Sir, who will take it? GST council will take it. All designs related to GST will be perfect Have we told you this The government told GST compensation cess applied because when Merge the Government States with itself If the States were to remain silent, the fear was that their so that there is no loss of revenue The major revenue source was petroleum

6:40 They had products and alcohol He kept alcohol out of GST Forever slammed out for GST but Petroleum products may come in future when that trust will be formed but the rest Whatever the products were, so was the age of now There is no GST on petrol and alcohol But whatever other products There are all the other products They have been merged in GST there too They were afraid that we might lose revenue So that's why the government insured them that brother your assisting revenue is We will give you compensation so that it is not less than that Therefore GST compensation tax was imposed And a separate act was also made for this The GST Compensation Act is gone, you guys What you will study in the syllabus of CGST You will read the act and some topics are IGST

7:25 If we look at the Act practically, then a Your CGST Act is different for each state 31 states have their own SGST Act 31 The Act provides for the five Union Territories to have their own UT GST is okay it is your GST There is a compensation act and one is yours IGST is ok there are so many acts but we don't need that There is no need to go into any details brother what is it No, we will start the next section now. etc. will also come rule numbers etc. will also come So I'll tell you which ones Which section numbers should you remember? No, I won't say that even a single section Don't pay attention to the numbers, everything is relevant yes mostly it is only 15 to 20 which

8:10 You have to keep in mind what I tell you let's go ok Then this point was that look you wrote everything in it All two have just finished some exam points I want to work with views but I need to know That Delhi is the 31st state in GST Pondicherry and Jammu and Kashmir too It is considered a status now why not what this is a very detailed conversation don't go And there are five union territories in front of you I have given you the question, listen carefully will try everyone is ok Everyone Everywhere 300 people plus live seating Brothers, please give me likes as well, from tomorrow onwards If there is PP then there will be a like system no today is the last yup and from tomorrow as soon as The class will end within an hour It will be uploaded ok supply chapter I will upload the PDF shortly, even today.

8:56 If you have to listen to Major then don't worry about it i will get it fixed ok is now carefully See Su Brother, suppose you are with the state same If we sold you goods within the state I told you that GST is That is the destination base tax that wherever The goods will be delivered no matter where Detailed discussion on whether the person will buy the goods It will be in the chapter on place of supply But what is GST? It is destination based. Wherever there is tax, the receiver will be the one who

9:42 The one who purchases the goods will have to pay the tax because the government believes that Tax should be levied on the person who is spending it It's obvious that your parents taught you this If you make money by educating yourself, then your salary will increase Only they have the right in it, so within the state If you are living and spending then The state will have the right to collect tax from you, right? it's ok brother listen to me carefully What is half the money in GST Half the money goes to the central government Now this question goes to the state government Which state government gets the money If it goes then whichever state the person is from, That state government must have been bought with money Let's go sir, try to listen carefully Please suppose there is someone from Mumbai And he sold the goods to someone from Pune

10:30 Like who is in your class in Mumbai Sagar is a person and what he has done Is Anshul in Pune? What does Anshul know? sell goods Sagar who sells lamps and Anshul who buys them What will happen in this transaction Meaning intrastate transaction will happen With in the state transaction will be done and In this case what will happen which CGST SGST will be levied directly along with CGST AG It will seem that CGST on 50 on 50 SGST because it is being divided into states Half of this money went to the central government will go and which half of the state government State Government Maharashtra because zone Where is he from? He is from Pune and in Maharashtra If there will be tax then how will the transaction be Listen carefully to what the scene will be like Everybody listen Anshul ji, what is it

11:17 Will Anshul give money to Sagar? It is obvious that he will give money to Sagar Suppose I purchased goods worth Rs. 10,000 and On which let's assume GST of Rs 1200 So what will Anshul ji do, he will give 00 Sagar what else will sagar do with this 00 rupees tax Those 600 CGST forms have been collected and Rs. 600 for SGST. will deposit it in the form meaning Sagar himself Pay tax to Maharashtra Government will deposit CGST and SGST money he will get it done getting it not okay getting it not very good Let's listen carefully to the next point

12:04 All People look inside GST, everyone is 100% It is okay if you do not pay attention to what is inside GST It happens that you feel like the ocean is the ocean How to deposit GST to Maharashtra Government He will get it done, he will have to get it registered You will have to get registered under GST It will have a GST number like yours The address in front of the house is your Aadhaar GST must be deposited in case card number is required There is a GST number for this also, then you You will say that you need to get GST registration What basic thing is the man teaching you? You know everything hey have patience let three four days pass two you will get to know such things that you You will understand that yes we will get only 40 marks why did you come till today it's okay brother Sir, why would Sagar have to pay GST?

12:52 will have to register and The registration that happens under GST It happens state wise, like suppose it is Sagar If you want to pay tax in Maharashtra then He should get Maharashtra registration You will have to be with me for two and a half to three hours and two and a half hours. You are sitting for hours, at that time you are 100% That time of your day should be your attention it should be the best time because if you You were not productive at that time either or your If your attention is somewhere else then brother you will be alone I will have to read it, then it doesn't make any sense If taking classes is okay then what will Sagar do now Sagar sold the goods to Anshul and Sagar What should Sagar do with Maharashtra? Sagar does business in Maharashtra Registration in and inside Maharashtra It will take it and the registration that happens, brother Registration is done state wise is there any such thing state wise

13:37 There is no concept that you have registered If you take it then it will be pan India wise Meaning it will not be like this for the whole of India Single registration is ok as you suppose I am in Rajasthan so I am in Rajasthan I will get registered with Rajasthan Government I will deposit the tax, it's ok It doesn't happen that I If I get registered then I will go to UP I can also pay tax to the government I can't do anything like that now let's go to another one Let's take the transaction to another one taking transactions we suppose Do that this sea of ​​Mumbai is Mumbai the sea of what did he do in his class Jayesh is sitting, where is Jayesh from, Indore, MP what is this goods Sagar from Mumbai sold the goods to Jayesh

14:23 Now which government will get the tax if we sell it? Look, the central government will get half of it but half of the tax on 50 will be Where can I get it then you will say Sir MP Indore will get half tax MP Indore You will get half the tax, I think you will agree You must be doing this, who will get half the tax to MP Indore You will get a point whenever the transaction is completed How can it be that brother the goods were worth 00 and the goods were worth 00 If there was tax then Jaysh would have to go to Sagar 00 he will do it 000 he will do it 20000 now The question arises that this 00 is Sagar will have to be deposited to the government in which Half of this money should belong to the central government But half the money went to MP government

15:10 You will have to pay 50 rupees to this MP The government will have to give the middle State Now the question arises that near Sagar The registration is from Maharashtra If yes then how can this be paid as tax to MP Government If brother Maharashtra government will give it If he had to pay tax then he would have paid it But it has registration from Maharashtra and tax has to be paid to MP government Now how will he give it to Modi ji Modi ji, if this problem is coming then Modi ji He said son, do one thing for the MP also If you register then this is what Sagar is saying that sir ji in this way even the registration of MP will be done Someday I will have to take the Kolkata one If I sell goods then it will be from West Bengal also If you want to take registration then you will have to take Rajasthan I will also have to register for this I will sell the goods to any person from whichever state You will have to get registration done there

15:56 I would have registered all over India Then brother if I have this much I have to get the registration done if that is all I have to get registration done and what am I going to do about all this Should I go around filling up returns for all this? If I file returns then my business will be done I will just keep playing GST GST Tell me how difficult this process is I will not do any business Business Mun Hey brother don't worry, do one thing You let it be, don't give it to the MP government Do one thing and you will get ₹1000000 Give it to me in the name of IGST now The amount that Sagar will collect from Jaish will be ₹1 12200 Will collect IGST in the name of IGST

16:42 That means all the money goes to the central government Now the central government will take 50% of it But she will keep the money with herself and sell it for 50 rupees. go and give it to that respectable government Central Government Indore will go on 50 It will be given to the state, therefore IGST concept came this is igst concept is here are you guys getting it Why did the concept of not IGST come up Because brother, then every person in every state I will have to register wherever His customers are so customers India can be anywhere, then they Will not file GST return and will continue to be troubled yes he will get upset so that's why they what did you say bhaiya this is in that IG picture

17:32 Okay, the government said that you are troubled Do not be afraid if you are traveling to another state If you sell then you can invest all the money in central Give it to the central government 50 50% will be given to that person If you go and give it to the respectable state then it will be a job be short It will be ok brother Sir, the next point comes as if assume that We saw that if you go within the state Do you sell goods within the same state If you sell then CGST AGST will be applicable because there was no problem here If you make inter-state supplies IGST will be applicable once and all the money will be The central government will keep its stand on 50 After keeping the pass the remaining 50 is transferred to that

18:19 It will go and give it to the respectable state We we learned this we learned now the point is that suppose if a UT GST: Imagine if a guy from Puducherry Do the transaction in Puducherry or Andaman Any person from Nicobar in Andaman and Nicobar Do any transaction means within the union Territory if a transaction is taking place what will happen then you will say sir CGST and UTGST will be applicable on CGST and UT GST will be applicable as in the state CGST and SGST are same CGST and UT GST will be levied and if

19:04 Any Andaman guy is selling goods to Delhi guy If he sells it interstate then he will get IGST sounding If IGST is applicable then the money will be charged once The central government will keep the whole amount and then it will be at 50. will she go and give it to that state or that union She will go to the territory and give it to whoever gets the money It turns out fine hey now the my point is that brother this The central government itself runs GST it does like if there is Andaman and Nicobar then there So the government can be run by the central government only. Lakshadweep is under the Central Government Central is the one running those places The government is controlling it if it is there then brother tell me one thing like Andaman Andaman The transaction is happening inside Poodoo Transactions should be done within Chari Poodu Chari only If it is there then why CGST UTGST is imposed

19:52 because CGST means that too Central Government UTGST means that too When the central government has all the money If the central government wants to get it, give it to him why are you breaking it into parts CGST at Rs 50 and UTGST at Rs 100 % When the Central Government has to get it UT GST is also a central government If it is about the state then it is understandable that let's go The state will keep half the money but UT GST would have been a central government then why are you doing this CGST ½ and UTGST tell me half Why are you doing this Andaman brother Selling any goods within your own state if yes then why does it look like half of it UT GST became half SGST when Central received If the government is getting all the money then it is like this

20:37 why are you doing any one gas any one Gases Annie Gases first your little fundamentals It will be alright and then it will go away on its own It is a supply chapter, it will take four days, region It will take time in the initial chapters Base building chapters are ahead not in chapters It will take Saurabh Jan to write so that he can earn money It could definitely be useful in the development there He said it right, look at this what did you say listen carefully like everybody Your grandmother gave money to your mother Given 1000 and gave you money 1000 now that is 2000

21:26 Indirectly it is all your mother's Actually the 2000 rupees belong to your mother but you What will mom do? Put Rs. 1000 in your piggy bank Why will she give it, brother? She will spend it only in your name. Maybe someday in the future, indirectly mommy The money is also being used for your own benefit In the future, I am speaking about it specifically Come let me buy some clothes for you then say this If you are asking for CGST then let's get % income Central Government also gives the money of UTGST but the UT GST money that will come Nor is it specifically from that Union Territory We will use the same union for development will be used in the territory otherwise Central government's money is spread across India If it can be spent anywhere then tell me that the % of UT GST money is Work for the same Respect Union Territory

22:12 I will take it so % of UT GST is different from my I am showing it okay I understand it's sorted very much Great, I told you about IGST I explained the concept and I told you If there is inter-state supply then IGST Why does it feel like this because every person, every state will not take registration of the same, hence IGST had to bring the concept of and in the same state If transaction is taking place then CGST and SGST and within the Union Territory If transaction is taking place then CGST and UTGST would have been applicable Which were the taxes which were there earlier Central Government was within GST There were taxes and state government taxes which have now been merged into GST

22:58 Which taxes will be merged in GST? and which state taxes Only read has been merged in GST I have to do something, I need to go into such detail No, earlier there was service tax etc. All those were excise duty and central taxes There are some state taxes which you can pay together Check the luxury tax of the first state There was a tax which is now merged into GST Tax has not been paid nor advertisement in the first state Taxes of were merged in GST Lottery betting and gambling are details Lottery will be discussed in the supply chapter Lottery tickets like betting and galling which It used to mean betting, galling, gambling Playing on all this was beyond what was legal Also, the state government used to levy taxes which Now it has been merged in GST in which It will be discussed in detail, may come in MCQ was but the age of now supply's first which This is a basic chapter, that syllabus has been removed a lot

23:45 There is less hope but still if you want to solve MCQs If you want to take care from the point of view of then you You can keep three or four points in mind and three What are the four points The first point is Entertainment tax was a state tax which that it has been merged under GST Tax on advertisement and entry Tax: These are the four entries, keep them in mind what is this first These were your state taxes earlier which that have just been merged into GST are ok OK here comes the next point if you look at it Alkalith which is alcohol is outside the realm of GST Bottle is outside the purview of GST Outside outside means looking outside is also prohibited is the manufacture production of alkal

24:32 Lekar continues to be subject to state Excise Duty and Interstate Oblique Intrastate sale of the same is subject to means you will have to wait even today then alcohol will always be there Alcohol is excluded for GST Outside the realm of GST, it has always been GST Alcohol was removed from petroleum Crude Diesel Petrol ATF & Natural Gas These are petrol based products There are five such products which are petroleum Crude Diesel Petrol ETF & Natural Gas Age Regard Petroleum Crude Diesel Petrol ATF and Natural Gas are concerns if we Talking about them, they are not presently labeled to GST in these, as of today's date, GST I don't think so but GST will be levied on this Product from a date to be notified on the

25:19 Recommendations of GST Council in future When the GST council will decide today that Now on petrol and petroleum products too GST will be applicable on ATF only if GST is imposed Meaning the aerobic exercise that is done during flights Turbine fuel is called ATF, natural Gas means LPG etc. is fine, petroleum Crude raw petrol diesel and petrol to you You know, crude oil, petroleum, crude What will be the GST on all these today? I don't think so, but it could happen sometime in the future yes but if i talk about alkalinities it is Complete outside the scope of GST in this There will never be any GST if I talk About Tobacco Talking about tobacco The government played a game, the government said this that we do not want the people of our India consume tobacco so the Indian government has come to the decision that from now on tobacco

26:06 GST will be applicable as well as excise duty All two excise duties will be imposed, so they will be stopped But still on some specific products If excise duty is levied even today then The government said we are promoting tobacco We don't want to do double taxation We will install it because the government also knows it Whoever wants to eat, brother, will eat it for money Money will come and publicity will be done what did he do that brother tob is with In the preview of GST GST to lagta Along with this there is Central Excise Duty Even if it is imposed then tax would be levied on Beko is if i talk about opium indian we end other narcotic drugs all these intoxicating things There are drugs etc. Narcotic drugs OPM etc., in this case GST is also applicable and Now you are charged state excise duty No need to remember where the state is Just remember where the center is. Tob go over and these are some dopey things

26:52 Even today GST is applicable on these Excise duty is also levied on opium etc. The products which are Correct and you need to go into more detail There is no need just in the basic chapter That was all, now let us move ahead Let's move on to the supply chapter ok do it carefully listen why we are reading this chapter Supply is your first chapter of the syllabus Supply is the foundation of all those chapters Base is supply tells you that GST It tells you whether you will get the supply or not GST will be applicable only if supply is made If GST is not applicable then GST will be applicable or

27:40 It will not be charged and depends on the supply GST will be applicable or not on what Sir, it depends on the supply only Depends if there is supply then GST will be applicable If there is no supply then GST will be applicable No Before supply we read the goods and definition of service because our GST Goods and Services Tax (GST) is being studied in the syllabus. Service Look at the taxes, brother, I will tell you something Like yesterday we saw wait, what does wait mean? Tha Value Added Is GST also a tax? Yes, today GST is also doing value added There is tax, tax is levied at every step

28:25 You can sell the same goods further under GST take the credit for the background, this is the scene Brother GST has only one simple rule which is This will last for you if you sell the goods further You collect GST and if you have If someone has paid GST then you can take its ITC Take it, the same rule applies if tax is imposed from now onwards If it is coming then the tax which I have paid in the past take credit for it, the government wants that The more the steps, the more the value Additions will keep happening, the government knows this wants to that you buy the goods and sell it further buy the goods sell ahead because as soon as you get the goods If you buy and sell further then your profit margin it will get added means the value has been added then If the government gets tax on it, then every Whatever is the price of every item, it seems

29:13 Suppose any item is worth Rs. 500, you are If you buy goods for Rs. 500 then the price is Rs. 500 The price of 500 that you are seeing today is How did the manufacturer launch this phone in ₹ If it would have been made then the government would have manufactured it Tax was taken on ₹ by assuming that tax was levied Rate is 10% tax is taken here The government and the manufacturer further So the main factor must have sold it to the wholesaler Suppose tax of ₹ would have been made in ₹ Here the government has taken it from this now It further sold it to wholesalers for Rs. 00 00 then what will the government do in this step Value addition of ₹ 0 becomes tax of 0 She will take it here, then she supposes the stuff further Sell ​​it to someone for 450, value of ₹ The addition here is Rs. 150 and the government gives Rs. 50,000

29:59 The tax which is coming on Rs. 00 The government is taking steps to The more value addition is done at whichever stage The government is getting more and more tax We are getting what the government does Brother, suppose you sell a product worth Rs. 200 for Rs. 300 If sold, tax will be charged once for full ₹300 She will take it but will ask you to pay the money back If it was there then we would have lace it up for you You will have to pay ₹10 net If you have to pay ₹10 then tax is charged at every step So it will be collected completely once but the thing which is behind it You have paid the tax and you will get ITC for it This procedure will continue till further notice you will get to see ok GST is also a value added tax Nothing else here just tax on tax and Double taxation has been eliminated There are just a few shortcomings in GST still.

30:46 Which will help you in further syllabus as you progress further. You will keep realizing it It will be ok Now the point is what does that goods mean what happens and what is the meaning of service Because we are studying goods and services Tax GST Goods and Services Tax What is the meaning of goods and service Meaning Is this the meaning of goods sir look Understand what I am saying if it is on goods and services then You should know that GST is applicable What is goods and what is service What things come under goods category? Anything which does not come under the category of goods would be goods and If there is service then tax will be levied on it

31:34 If there are no goods and services then How did they impose tax? Understand what they have done what does bola goods mean avery Kind of Movable Property Every Kind of Movable property other than money and Security Goods Means Every Kind of Movable property is anything that It is movable like a clock and a car it has become movable some this pain it's become movable every kind of Movable property Any such movable That money and security is not on the property it should be other than money and If security is ok then every kind of Movable property other than money and GST not levied on money and security

32:20 It is a simple matter, you tell me the thing like I did Who is in your class with you sir? Ravi is in the class now Ravi has 00 ok Ravi has 00 and one in his office The girl comes, she wanted to talk to him Ravi On that day Ravi went to that girl and said Madam can I get change for 500 it is a Way to Initiative There is no GST on this, you can pay the bank I went to the bank and you said, brother this Take 0000 and make me a DD of 50000

33:06 If you give this, the bank will give you a DD of Rs 50,000. You made it and gave it to me and issued a cheque for Rs. 0000 What GST does the bank have to pay on this? He said there is no GST on money sir and Suppose securities mean securities You invested your money in the stock market You earned salary of ₹ lakh in share market If you apply then will you take GS on this also that Where are you investing your money? Why should I buy something on investment? I did not sell it, I just invested the money There But if you sell your shares then the government If GST is imposed then no stock market If the government will not do trading in You want more and more in the country, right? If money comes then the government wants more More people invest money in the market in India There is no GST on the development of kept it and it is totally illicit brother what is this Suppose you will levy GST on this matter, I have ₹ lakh

33:53 Bought shares of ₹ and sold them for ₹1.2 lakh Because if you impose 1.2% GST, what will be the loss? And it will happen then, brother Understanding GST on Money and Security There is not every kind of movable property Any movable thing, a pen, a small car It is a big car, whatever it is, I would love to have it It is a time when life will take money and There is no GST on securities and the next The point is that if there is some conversion of money ho for example like i went to the bank And I told the bank that like Bhai Saheb You may be seeing an example, I will show you I want to make a DD of Rs. 50,000 then the bank said that If you want to make a DD then it will cost Rs. 00500 00500 will be charged as our transaction charge

34:40 If it is applicable then GST will be applicable on that 00 We will consider it as supply of service or goods No, why would he accept my service now? I will tell you but that ₹5000000 Madam Chutte went back the next day I will meet you, now I am a CA, that is all my knowledge don't you know how to initiate or madam is free Madam said we will meet or I would come everyday hey man so one day madam said that bhaiya 00 instead of 500 You will get ₹ Madam, take your conversion chart For example you can take foreign currency You are converting it into Indian currency If people know where to go then currency If exchange has to be done then the brokerage which It seems that he will accept the service, so they

35:27 said pure money and gave securities money I got the full amount in return and got a DD made We exchanged 0000 for it Pay 15,500 and understand what I say carefully I went to the bank to get a DD of Rs 50,000 made. He told you that brother you can do it for ₹ 500 two okay now out of this 5500 50000 so Once you are back, come in DD form There was no GST on it and I paid the money It came back, there was no GT on it, no 00 Transaction charges were not refunded The supply of service to him is fine saheb listen to me what does good mean every kind of movable property other than money and securities money and securities

36:12 It does not come under goods category but is included now what did he say but includes Actionable Claim Goods Included Actionable What does a claim actionable claim mean Sir, please understand what I am saying to you, there is no such thing actionable claim any of your such Actions that will allow you to claim in the future Do you keep it right for example look like this An actionable claim means that You gave me some money today. You may or may not get a claim in the future You can get insurance like this now The premium has been paid, it is decided that the premium will be paid You have paid the fire insurance premium Now if there is a fire then you will have to make a claim If you don't get it, it's okay, it's not necessary

37:00 You may get a claim but there can be a Possibility of claim can be found second In case you put money on a horse You bet, now what is the money if the horse wins If you didn't get it then you didn't get the lottery I bought the ticket, now it costs money to buy the ticket If you win a lottery of ₹ 00 then you will not get any money If you did not get it, then it is called an actionable claim that brother whose meeting in future is uncertain yes but at least some money is going to be spent once what did he say that goods included actionable claim Also Goods Include Actionable Claim Also Now you Understand what was GST 3 that we have just covered I saw the old one and not inside GST Which taxes got merged, then there will be some There were state taxes which were merged in GST

37:46 were done and in that we read that there was a lottery Batting and Gambling is OK Lottery Betting and The pots which were state taxes were lottery What were the state's betting and gambling There were taxes which got merged into GST Lottery Betting Gambling What is all this? All that is an actionable claim is the lottery If you invest money and buy a ticket, you will get it Otherwise, do not invest money in betting There is no guarantee that the money invested in gambling I am sure I will get it, so what is all this If there is an actionable claim then understand my point first There are three taxes on three things within the state There was a tax on lottery betting and Same on gambling If it is merged with GST then the next point is It comes to pass that you people will say that Sir, he

38:34 Only three enabled claims are taxable Is there no tax on anyone else, see the law? What did the makers do when GST came? When GST came, there were three action claim taxes What did they do on lottery betting and gambling Completely actionable inside Kia definition Write a claim They had to impose tax on three things but I wrote it all and later it turned negative The list comes and it says that We have only three actionable claims: Only this tax will be levied, everything else is outside GST Like there is insurance for insurance which You get a claim but GST is not applicable on it brother Tell me one thing, your car insurance Your car was worth 10 lakhs

39:20 If it gets stolen or an accident happens then what you will get Kind of getting a claim of 10 lakhs Your vehicle is getting repair maintenance If you change it, will you charge GST on it? This means friend what kind of thief is this We bought a car worth 10 lakhs Claim should have been received on that claim as well GST has been taken, we have not earned any money Have we made any earnings on which you are If you are taking GST then the government said that Bhai Insurance Insurance Claim If GST is not applicable on it then only and GST will be applicable on only three actionable claims When GST came, lottery betting and The question that comes up when it comes to gambling is the definition Why a complete actionable claim within include it so include it that brother if you suppose in future five Lottery Betting Galing and other things had to be brought Apart from this suppose I bring 5 more things If you have to read the definition of goods again and again

40:07 Will they keep changing? Then he said that one Bar then action within the definition of goods Now let us put in the claim that whatever changes are to be made Then they will have to be put in the negative list When GST came, there would be a negative list what was written in it that all the actionable Claim Accept Lottery is out of GST Batting and Galling now what will happen in future After 2017 Some more actionable claims have come out beyond which As soon as the government imposed GST Horse Now the government has also banned horse racing GST imposed on online gaming The government has also imposed GST on gaming ok even on casinos which are casinos I put it like this because all this too Horse Racing Online is the only actionable claim gaming casino then the government said if now

40:53 Imagine if this actionable claim was replaced by that When I write time lottery betting and gambling Now they would have to change the definition of goods If they had to add three more items, now they Only the negative list had to be changed The definition of goods is same brother, no matter who we are Reading about Goods and Services Tax The definition of goods keeps changing again and again If it happens then how strange it will feel brother once can't I make this so they what did good means every kind of Movable property other than money and Securities but includes actionable claims Include the entire actionable claim at least once I took it and then I will go ahead and write that brother this Everything else will be taxed on actionable claims If it is out of GST then as of today On which actionable claims will taxes be levied? You see who is there today There is an actionable claim from those who spoke

41:39 Betting Casino Gambling Horse Racing Lottery And online money gaming came here earlier three of them were lottery betting gambling Apart from Casino Horse Racing and Online Money Gaming is also included in it and Above these at the rate of 28 per cent at the rate of 28 per cent GFT looks fine okay did you understand it or not Do not amend the definition of goods repeatedly So what did they do that was actionable Wrote the entire claim at once and then later I will go to the negative list and say that Only certain specified actionable claims Tax is being imposed, ok brother, till now we have I have seen enough to know that good means every kind of Movable property other than money and Security Money and Securities Pay No GST is not applicable but actionable claim is available Guess what is written after that

42:24 Growing Crops Grass and Things Attached to It and firming part of the land ch are agree to Be served before supply and under contract Look at the off supply, brother, we have told you this spoke that what does goods mean whatever movable property will be movable thing We call it goods, every kind of What do we call movable property Goods saying ok Every kind of movable property has what do you say goods right now if there is any crop in the field like i ask you if you've ever had a Have you seen a cow or a buffalo that has been caged? Isn't it a ban, people raise cows and buffaloes she's imprisoned she's imprisoned to a peg

43:12 won't you believe that he is free Or is he imprisoned? What will you say to him? Are you not free? If being free means a person can roam anywhere then you will say sir the rope which She is roaming around as much as she can His rope is Friend, it's like a bird locked in a cage If a lion is locked in a cage, then it is this small If he is also roaming around then you call him free will you give me the movable one, will you tell me or not You will say it like a crop is being grown in the field now Would you call it movable now? Sir it is shaking due to the wind, oh so Movable has become a little movable means I can't take him anywhere She is still connected to the ground, I accept it now Let's go to the cashew farm

43:57 Y OPM's Farm and the crop is still growing but it It got sold, big people would have done the dealing yes big people came and bought it first, okay If so, the question arises whether the crop has just grown but she got in touch with OPM that the crop had just grown and was growing, but its have a contract He said even though it is not movable yes But it will be movable in future If she goes then she will say that this is also a part of the goods Goods Means Growing Crops Grass End things attach to and form part of the The land is still attached to the land which r agreed to be served before supply but

44:43 They have an agreement and a contract When I went, he said that I will be movable in the future If it goes then this also becomes a part of the goods It has also become a part of the goods, I understand it okay Is he coming or not, he will be sent to jail like this A man can roam around a little and then say isn't it okay that's also what he wrote What is the meaning of every kind of goods Movable property Any movable property Ho leave the money and securities because I gave money and got money on this GST of this thing you invested money in securities why did you invest in it GST but includes actionable claims Actionable claims will attract GST out of which Also GST on certain limited actionable claims It will happen because later you will be put on negative list I will then call him negative brother what will you say in the list that only a few GST is applicable on Specified Action Force Claim The rest is outside GST and is growing Crops Grass and Things Attached to Firming

45:29 part of the land which are agreed to be Before supply and under contract Supply ok brother you have seen this much next The point comes, what will be the meaning of service what do you mean by service very much lovely definition that which is not goods Look at the service, why was such a definition made? The government felt that if we do some 10 Give me a list of pages, 20 such pages Give a list of 20 pages okay give me a list of 20 pages if we I will tell you in that brother this These services will come but still no one Someone will come up with a service that will He will say, brother, this service is not coming at all Now I am saved from GST, that's it If it is not coming in service then I will do GST If he survived then the government said simple C

46:16 have a definition that is not a goods Now you save yourself, son, show me how If only the government had made a list like this Brother, all this will come under the service, still no one nothing remains and again in court If the case went on and the government brought an amendment Now he made such a simple definition Now save those services which are not goods How you? You will be saved, what did he say about the service What did you say about service? Anything other than that Goods is service anything other than goods i Services which are in addition to goods are anything other than goods money and security So heavy is money and co to goods We will either accept the service or not but we will pay for the money If it is being used for example with foreign currency

47:02 You were converting to Indian currency Money was being converted from one currency were converting it into another currency Security shares were being made DD from the bank You invested money in the market through Roda Roda invested money through Kite, brokerage There is a charge for buying shares, right? Very nominal brokerage is charged on selling He said that GST will be applicable on it He said what is the meaning of service which Apart from goods, there should be service, money and Securities are excluded but but includes Activities relating to the use of money Any activity in which money is used What will happen to the transaction charges You will consider it as a service and you will not use any money did or what did you do to the money converted from one denomination to another

47:48 Denomination in denomination means 500 this is a note, if you get it made 100 * 5 then There is no service on it, but you Like it happened to someone during Corona time I have to give a 500000 note and get Rs. 00 in return I used to meet him and kept it with myself The service will be called from one currency to another convert it into currency or from one denomination to another denomination Get it converted and separate for that Consideration if charged for If some amount of fee has been charged then it In service I will get it Nut getting it right now you can give an example of this Just read this example quickly, okay read for a second the screen is all yours then Let's just see the definition of our consideration

48:35 I'm giving you 30 seconds to read read this screen is l Yours Mr. Keyur wala example Done

49:29 Let's move forward Mounting Now Next Point I Consideration Next Point E Consideration What is Consideration everyone is important sir goods and service It was necessary to read the definition of goods Meaning you don't have to remember what happened Don't miss even one percent of the definition You just had to understand what you understood in the exam You are remembering the meaning of goods according to your calculation What is every kind of movable property any movable thing other than money and Securities are now like land, so A building is not movable, so it is a building There is no GST beyond the point where it is not movable lagega what does goods mean a car is a car The pen is movable, anything else is movable

50:15 The computer and laptop are movable Good Means Every Kind off moveable Anything within property goods yes but money and securities will not come avery Kind of movable property other than money and securities but includes action able Claiming and growing crops that are just out of the ground is connected and those whose deal has been done are fine Service means anything other than goods He is saved but money and securities are outside but the conversion or use of money is He will get into it and you have given this example also You have read it, now let's come to the considerations Consideration in definition means something in return Getting something is what we call consideration Sir, please consider why we are studying

51:02 because the supply is Supply has four elements in it If he supplies all the four items within the four conditions There are conditions, one of which is that There should be consideration of supply which isn't it, there are four conditions in it, which There is a condition inside that the consideration also to be If needed, supply cannot be made without consideration So, it is important for us to know that Now what do you guys consider after all? must have read in CPT that the consideration what do you mean yes sir please explain about use of money is considered as service i told you No, you are investing money in the stock market. If you are making a DD then transaction charges

51:48 Like you deposited money in your bank account through ATM You have withdrawn money from ATM Deposited and withdrawn from ATM, no charge No GST was given, the money was returned But ATM charges were levied on this Supply of service will be considered as service It will be said, okay sir, now understand What does my point of consideration mean what do you mean by We had also seen this consideration in CPT Consideration means something in return getting something in exchange for something We call that consideration, everyone 100% There is also a circular above Attention Consideration There is a possibility of questions coming in the exam from there There is also a possibility of an advertisement This is a circular which was based on consideration And probably the first one in your question bank There will be only one question, I will show you which one There will be a question but it is a question

52:34 its ok with her brother what does consideration mean something in return get something in return for something What do we call it? We call it consideration Now whatever is your consideration sir, that It is not necessary that consideration should be in money only It could be in some other form as well, but Monetary in whatever form it is Value must be there for example like Just accept what your friend said, Sir. Who is in your class Who is in your class Virendra is there Virendra and who studies in this class

53:21 Let's assume that Ritika also reads this now Both of them study in the same school, Virendra And Ritika Tika said to Virendra Virendra, can I get a pen? Virendra He said okay I will give you a pen But in return you give me an eraser Dogi Ritika is taking pen from Rendra and Rendra is taking eraser from Ritika and asking this question does this come to mind, is this consideration hai the answer is yes it is consideration Because pun also has monetary value and Eraser has monetary value as well as Pun There is monetary value and R also has monetary value Both have monetary value It is not necessary that both of them give money to each other you have given it to him Change is not necessary if you are paying money like

54:07 Suppose Virendra buys a pen from the shop This is also a consideration; I found a pen in the bag Paid money in return, this is also a consideration But I got a razor in exchange for a pen. There is a consideration now what will you say on this Will GST be applicable, let me tell you this I am wondering what does consideration mean All four must be satisfied for GST to be applicable Supply will be made only when it is necessary, right now we are only You are reading the consideration and you understand that I am not Saying that Virendra gave the pen to Ritika And if Tika gives the razor then GST will be charged on it It will seem that I am saying that consideration it's okay, so the consideration is okay If this is a consideration then let's go brother, let's take consideration means that you can exchange someone for someone else I give you something and in return its monetary

54:54 There should be value, meaning you have given something to someone took any item or thing and in return you took something you gave something and gave and Monetary value single sided any If there is a transaction then it is not a consideration Just like Virendra asked Ritika for a pen He gave me the pen, the conversation ended when there is no consideration nothing got one thing in exchange for another to meet and we give it to those who have monetary value Consideration says okay brother, okay I have this much saw good Next example suppose that like your who is in the class akshay Akshay is ok Akshay what did you say

55:39 Kara had a girlfriend, it was her birthday Gift a phone or gift a new i16 What new did I do? Gift me an iPhone 16 given axis now you tell me about this transaction Is there any consideration, should we ask Akshay that Bhaiya Akshay what did you get from i 16 Get your girlfriend a gift and get her to give you one what did you get, did you get anything akshay said yes i said what did you get sir Let me tell you, I got what I wanted, it was nice but I said then I also said that Sir I got natural love and affection

56:25 she became happy I was satisfied, it felt good to me yes i said akshay bro whatever i got Do you think it has any monetary value? Have you received the item, is its monetary value? There is value, Akshay started thinking, hey, I He has no monsters, he has no monetary value There is no monetary value, okay you are thinking So you are a beast, you have no monetary value I said it was love, it was natural love And I only got affection, no monetary benefit for it If there is no value then brother you gifted the phone You got satisfaction in return I got natural love and affection from this someone This is not a consideration sir, this is not a consideration No, it's okay, whatever happiness I got is not

57:13 It's not consideration, it's satisfaction what I got is that okay or not getting it Let go yes your mother is very nice brother she cooks food for me and there is little consideration no it's ok bhaiya sahab very good Okay, so what do we mean by consideration? I saw that brother got something in return and it should have monetary value that is Consideration T Now it is not necessary that it should be in money only Things can also have monetary value The next point should be that Two more terms included in the consideration there is inducement and four barrenness

58:02 Inducement and Four Barrenness Now What does induction mean? Induction what does it mean Induction means to give someone to provoke to provoke means like man come on you are telling something to someone It's free but it's not free What is indirect consideration? What does it mean? as suppose There is a bus running on our highway If you go then the bus driver calls you at some particular time stops his bus at a restaurant The restaurant owner to the bus driver and conductor The restaurant owner serves food for free Free food for bus driver and conductor He feeds me but not indirectly for free The person who is feeding him doesn't seem to be his friend

58:49 The one who is feeding for free is feeding for this reason It is being said that if the bus stops here then 100 Haj passengers will die 50 passengers will eat food here and earn money It must be the case that the government says that brother The one who is giving you the plate for free, this too The one who is giving the thali for free is a consideration no this is a consideration because you Indirectly tempting you that you will get it for free I will feed you, just stop here The consideration is okay, like many pharma companies What does a free car do for doctors? She gives me a gift and says that the doctor Sir, your Creta is parked outside and you are ours company medicine Brother, write it down, this Creta is free I did not get it, I indirectly bribed you It is said that you should prescribe medicines but this is illegal

59:35 Medical practitioner act but telling on this hmm what is this to you if you have any consideration Induction: You are inciting someone to do something son he is not free to do that It is not free, it is what we call free B It's not free, it's in exchange for something You are being given nothing else, okay understand You are talking about me, what should we say to this too This will also be considered as a part of the consideration We will also consider this as part of the consideration next The point is four virtues four virtues What does it mean? Four beers are also a consideration it happens for beer means doing nothing Paying money in return is also a matter of consideration Part is paying money for doing nothing is also consideration as for example Listen carefully if someone tells me that

1:00:21 Brother, someone please stop teaching IDT Competitors said we will give you 10 crore rupees I don't have to do anything now Don't teach me identity in return If you are getting money then this is also a consideration The law maker will say brother, there is nothing to be done So I had to teach every morning I feel like doing it but I can control my mind I will take it now because I am getting paid I have never done this bikooksex what happens in the office is okay there is a senior article brother who have a lot of knowledge and have had many attempts

1:01:07 It seems so now suppose brother sometime CA All the clients of your office will become They have information about all the clients The same deals with your boss's right The hand would have been the same brother Now that brother will become a CA then he will take care of himself When you start practice, your boss I made him an offer that look brother I will take care of you I will give you 20 lakh rupees by next year Don't go into practice I am not able to do anything in practice You are paying what is called non compete fee yes brother if this is also a consideration then it means Induction means you give something to someone for free giving you the thing that you do this for us You are telling the driver that you can just wait for us Wait, we will give you free food too There is consideration and you are giving money to someone

1:01:53 If there is nothing to do then someone should do something paying someone to do something If you are paying money to not do it then that too Induction will also be considered as a consideration There is consideration and also four barrenness I understood the consideration and the next point comes that any subsidy is provided by the Central Government or He met the state government for consideration It does not count inside, for example like Let's assume that who is in your class is Jayesh Jayesh, now this Jayesh, his father I felt our boy was not well our boy is not well He used to be very friendly with the boys There are many such things in Jaysh's 12th class Friendship with boys was going well

1:02:40 it's ok brother his father said that look son Jaish if you score 70 in class 12th If you get your numbers then it is ok because in today's times There is no value of 70 in the I got you an auto for less than this I will go, drive the auto, drive the auto, okay I will take only those examples which are for revision I will take it in the lecture so you can connect You will get it after taking the class when you revise If you watch the lecture, you will reach perfection you are ok ok OK Now how many marks did Jayesh get sir? How many marks came on 40? Jaysh that his father lost his mind

1:03:26 Dad thought that even if the fare was 60-65 we would still have used the auto I would have stopped the work but I brought only 40 instead of 70 69 would bring me and I would walk with pride and my father would start crying I got 69 Oli Papa, let's agree till 69 It has arrived ok but brother it is at 40 I came and stopped, my father said I will take an auto Suppose an auto for you would cost Rs. 4 lakhs An auto costs one lakh rupees, okay My father said that you are so worthless that It is not right for me to give even 4 lakh rupees for you If I had thought so, I would have given only two lakh rupees his father did it for lakhs his father did it for two He gave one lakh rupees for the auto, his friends said that

1:04:13 Among the 40 marks that came out, there is a very I also have a big hand, I have one lakh rupees his friends gave it In the meantime a girl came and said I will pay for 40 Uncle, my contribution has also been huge 00 From my side and give me the girl Modi ji was impressed after seeing the contribution of all these people Modi ji did not have tears in his eyes First Ambani ji had tears in his eyes and Ambani ji said 00 from our side also for Jaish It became famous for auto Jash is fine, some NGO also gave the F00 He said our contribution for auto is also this much Our contribution for the country will remain the same it will be ok

1:04:59 OK Is Then Kejriwal ji said that we want Every citizen of India should not remain unemployed Someone should get employment based on Jaish's achievement Kejriwal government to contribute Rs 25,000 would like to Central State Government also gave money got applause Modi ji said we too will not step back will also contribute Rs. 000 will contribute Rs. 25000 Central Central Government contribution of Rs 25,000 The government gave Prime Minister Jaysh Auto Scheme given here

1:05:45 brother, make a plan for jayesh, if it is ok Sir, the question arises that consideration How much do you mean the money that the central government or the money received from the state government from central government or state government I got it, it won't count, it won't count The remaining money will be considered as consideration And beyond that, GST will be imposed by the government itself.

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