[Music] hello hi Namaste sakal namaskaram Namaste namaskar

Bengaluru so welcome everyone welcome in this class we are going

to discuss or we are going to do a super fast revision of our indirect
tax syllabus of C intermediate CMA intermediate indirect tax syllabus
we are going to do the complete revision this video which you are
going to watch will be applicable for your upcoming examination
which is June 24 examination or December 24 examination so this
video we are going to discuss completely with respect to indirect
taxation which will include your GST as well as customs and there will
be a supppr video which will be uploaded for direct access now so
what are what are the different topics it will cover it will cover all the
topics which you have in your syllabus introduction Supply etc etc all
the topics now now before I start discussion on this topic let me just
quickly give two three updates which are issued by your Institute so
let me just discuss about those updates there are some updates
given by your Institute for June examination update number one
since I am going to discuss about the taxation paper we are going to
learn about the taxation let us see the updates relevant from taxation
point of view one is so this is an clarification issued by your Institute
on which date it is a clarification issued by the institute on 13th of this
is a clarification which is issued on which date sir just a second yeah
on 13th of March 2024 this clarification has been issued with respect
to what are the amendments or notifications or what are the changes
which are which have been made and which is applicable for your
examination now we will directly go to taxation now this is with
respect to your income tax for intermediate and final and this is with
respect to your GST now those students who are going to write their
examination in June 24 for them all the Amendments made 6 months
before your examination will be applicable to you for your examination
now the cut off date for your examination is 30th November 2020
three meaning what sir whatever changes are made in the Law
whatever changes are made in the law till this date till which date 30th
November 2023 both in income tax as well as GST whatever changes
have been made till this particular date will be applicable to your for
your examination now before starting the discussion I thought let me
just quickly give you update on this so all the Amendments all the
circulars all the notifications issued by the board of direct taxes and
board of indirect tax access will be applicable to you for your
examination issued till which day 30th November 2023 please note
I'm talking about those students who are going to write their
examination in which month in the month of June 2024 now this is
equally applicable for intermediate students and final students and the
revision material which we will be using or the revision which which we
are going to do is is going to be completely amended completely
updated so whatever changes have been made till that particular date
30th November 2020 three all those changes will be discussed in the
classroom so we are going to discuss about all those changes also
and we are also going to revise the entire syllabus also I hope this
point is clear to you all and one more point one more point is with
respect to your exam timetable when is your exam going to happen
sir when am I going to write my examination so they have already
issued a notification with respect to that when your exams are going
to start from so you if you are an intermediate student for intermediate
students their examination will start from 11th of June your
examination is going to start and the paper which you are writing which
the revision which I'm going to take is paper number seven which is
direct and indirect taxes this paper is going to happen on 15th of June
which is a Saturday 15th of June this paper the examination will be
conducted on this paper okay so I I hope this two points are very
clear to you all before I start my discussion on this revision now one
more point I want to tell before I start the discussion before we start
revision or before we start our marathon classes one more point with
respect to your question paper pattern now please note in the year
2022 no CMA Institute launched it new syllabus correct CMA Institute
launched it new syllabus for intermediate final and Foundation
students now those who are going to write their examination now will
be writing examination as per this new syllabus only or we can say
syllabus of 2022 syllabus of 2022 now why sir you are discussing this
point because I want to tell you what is the question paper pattern
which you are going to have for my subject my subject the subject
which I'm going to discuss now is your paper number seven which is
with respect to direct and indirect taxes so this is with respect to
your paper number seven direct and indirect taxes now this basically
this paper is divided into two categories paper number seven is
divided into two categories one is your direct tax another one is your
indirect tax indirect tax will contain G GST as well as Customs your
direct tax will be for 50 marks your GST indirect tax also will be for 50
marks Direct Tax will have only one point one law which you have to
study which is your income tax Direct Tax has only one tax which you
have to study which is income tax indirect tax will contain GST and
Customs wherein GST is for 40 marks and Customs is for your
balance 10 marks so this is how your examination or this is what is
the division of your subject this paper which you are going to study
this paper which we are going to study which is your paper number
seven direct and indirect tax this is the division of that paper now
coming to this question paper pattern coming to your question paper
pattern now what used to happen before before in the sense in the
2016 syllabus what used to happen was your examination the
questions which were asked those questions had mcqs those
questions had fill in the blanks those questions had the question paper
had true or false the question paper had matched the following and it
had also descriptive and practical questions and before that is the
2016 syllabus 100 marks paper was for direct taxes and there was
100 marks paper for indirect taxes but now the both the paper
combined together is for how much marks sir 100 marks now there is
one single paper for your taxation which is for 100 marks which will
include your direct tax as well as indirect taxes direct tax is for 50
marks indirect taxes is for 50 marks now so question paper pattern
coming to your question paper pattern how is your question paper
pattern divided sir your question paper pattern says 30% will be
mcqs and 70% % will be descriptive or practical questions 30% will
be mcqs and 70% will be descriptive or practical question I have just
gone through the question paper of December examination
December 2023 examination I have just gone through the December
23 examination question paper wherein I have found that in this
question paper they have asked McQ which is of 30% which is how
much marks for 30 marks they have asked mcqs and for 70 marks
they have asked descriptive or practical questions now in this 30
marks mcqs which is there there are seven mcqs from income tax
and there are seven mcqs from GST and there is one McQ from
Customs there is one McQ from Customs I'll do one thing I'll write it
like this 30 marks is your mcqs and 70 marks is your descriptive by
practical questions in this 30 marks 7 mcqs is of income tax s mcqs is
of GST and one McQ is of Customs now each of this McQ is going to
give you two marks so therefore 14 marks mcqs you are getting from
whom sir income tax law 14 marks McQ are going to get from whom
sir GST law and 2 marks McQ are going to get from whom sir
Customs law and when we see your descriptive questions which you
have they will give you totally seven questions there are totally how
many questions sir seven questions which they are going to give you
in the examination out of this you have to answer only five questions
you are supposed to answer how many questions sir you supposed to
answer only five questions you're supposed to answer how many
questions you are supposed to answer only five questions now out of
seven you are going to answer only five questions now sir what is the
division how is the seven questions divided into now the seven
questions which they have given seven questions are divided into two
Arrow marks questions from income tax and questions from indirect tax
questions from Direct Tax and questions from indirect tax Direct Tax
totally four questions were asked of 14 marks each and indirect tax
totally four questions were three questions were asked of 14 marks
each so this will be 14 marks per question into 5 question which is
equal to 70 marks okay 30 marks 30 marks how many questions
they'll ask sir 30 marks they are going to ask you 15 questions of two
marks each so that will give you 30 marks that will give you 30 marks
and in case of descriptive questions totally five questions you have to
answer they will give you seven questions but you have to answer
only five questions and each question will carry how many marks are
14 marks it will carry so how much is the weightage of at 70 marks in
that direct taxes four questions they will ask indirect taxes three
questions they will ask question paper is very very very easy when
you see both direct taxes and indirect taxes question paper is very
very very easy you can see this question paper which the recent
examination December 2023 examination question paper so first we
have mcqs so compulsory you should answer section a compulsory
section so two two marks each question 15 questions they have
given total is how much sir 30 marks so in which seven questions is
from income tax seven questions is from GST and one question is
from Customs law 14 + 14 + 2 which is 30 marks then we have
descriptive question or practical questions so totally they will be giving
you seven questions of 14 marks each but you have to answer only
five questions you have to answer any five questions it is not that you
have to compuls answer two questions of GST five questions of
income tax no no any five questions you can answer any five
questions so in which they have given in this attempt they had given
four questions of direct access and three questions of indirect taxes
so they may change also sometimes they may give four questions in
indirect taxes and three questions in direct taxes so that change they
can do but no problem more or less it will remain same when you see
your question paper totally your question paper will be for 30 + 7 into
14 98 8 which is equal to 128 marks AR students look here students
your question paper will be for how many marks 128 marks out of this
128 you're supposed to get only 100 marks are getting 100 marks out
of 128 is very easy I hope you're understanding this so getting 100
marks is really very very very easy please note let me tell you this
point this paper is one of the easiest paper paper number number
seven one is one of the easiest paper Marathon classes you watch by
only by watching Marathon classes obviously it will be more beneficial
to you if you have already given one study of your syllabus meaning
already at least one time if you have studied your syllabus it is going
to help you a lot if you have not studied at all also obviously it will help
but if you have already done one one study know it is going to help you
a lot getting 100 marks is not very difficult it is just like a cake you
will be easily able to get 100 marks in this paper because 30 marks so
anyways you are going to get in first 15 20 minutes because it is
mcqs and then for remaining 2 hours 40 minutes you are required to
answer 70 marks question which is normally very easy very easy
okay now without wasting I hope this question paper discussion was
relevant and I hope you have understood how the question paper
pattern will be and I hope you have also understood what are the
amendments applicable to you now in this video we are going to
discuss first we will do the discussion of the GST law or that is the
indirect tax syllabus we will do the discussion of indirect tax syllabus
and then we are going to do the discussion of direct taxes so this
video will specifically be for indirect taxes it is specifically for what sir
it is specifically for indirect taxes so without wasting a single second
let me straight away start now please note anyone who wants this
material this material will be available you can take this material it will
be I mean in the description box the link will be shared for this
material you can definitely download this material from the link in the
description box okay now without wasting a single second I will start
my discussion with respect to introduction now introduction nice
chapter it is easy chapter so what is the weightage of this topics sir if
you see your Institute material now they have divided GST also into
two categories indirect taxes they have divided into three categories
introduction to GST they have given it for five marks so five marks for
sure you are going to get from this topic but what I have seen in the
previous question December question paper almost around nine
marks was asked from this topic almost around nine marks was from
introduction topic very easy theoretical questions normally will come
from this chapter so let me St away start my discussion chapter
number one introduction now what do you mean by tax what do you
mean by tax please note now since it is revision it will be normally fast
faster than what we take in our normal classes so what do you mean
by tax tax is something see government needs money like we need
money to run our family government also needs money this money
which government needs government is undertaking various different
types of activities for us this money which government needs now
government is going to take this money from us in the form of taxes
now government needs money for construction of bridge government
needs money for defense purpose government needs money for
construction of different types of infrastructure project are government
needs money for our government schools and colleges if Government
wants to run hospitals for free government hospitals Etc government
will need money now this money which government needs no this
money which government needs government is going to collect from
us in the form of tax so tax is what tax is an amount which is paid by
the people of India to the government for various different Serv which
is given by government we government is actually giving us different
services but we may not be getting benefited by from it directly now
what is tax from legal perspective tax is an pecary burden laid upon
individuals and Property Owners what is taxer it is a pecuniary Burden
pecary Burden means it is a monetary burden laid upon individuals
and Property Owners it is an amount paid to government it is imposed
on goods and services Etc this is what students normally you see
now then what are the different types of taxes there are basically two
types of taxes one is direct taxes another one is indirect taxes direct
taxes indirect tax direct taxes incident impact is on same person
indirect taxes incident impact is on two different person so what do you
mean by this meaning Direct Tax the person who is paying the money
to the government and the person on whom the impact of that is the
same person meaning what sir say for example direct taxes says Mr
DP I am dilip so Mr dilip you are earning the income no Mr dilip Mr
dilip you earning the income you have to pay pay the taxes to the
government Mr dilip you are earning the income you have to pay the
taxes to the government I have earned 10 lakh Rupees I have to pay 1
lakh rupes to government so income is earned by me the tax is also
required to be paid by me this is direct taxes indirect taxes says
incidents and impact is on two separate person incident impact is on
two separate person direct taxes I should directly pay to the
government the person who's earning has to only directly pay to the
government indirect taxes incident impact is on two different person
the person who is paying the tax to the government and the person
from whom the tax is collected is two different person for example you
come to priia sis I a I'm having a business in the name of priia sis so
you come to priia sis I sell the sis to you I sell the sis to you the the
sale value is the S price is 10,000 rupees and assuming GST rate is
10% on Sardi so totally I will collect how much from you I will collect
11,000 from you 10,000 rupees is the S price plus 10 10% extra GST
so totally I will collect 11,000 from you now out of this 11,000 no I will
keep 10,000 for myself and 1,000 rupees I'm going to give it to
government 1,000 rupees which is there I'm going to give it to
government because it is what sir it is a tax which is applicable on this
particular Supply so what is indirect tax what is happening over here
see though I have paid the taxes to the government I have paid the
taxes to the government have I paid it from my own pocket no no no no
I have collected it from you so actually if you see you have paid the
taxes to the government indirectly through me you have paid the
taxes to government indirectly through me so Direct Tax what will
happen sir incident impact is on same person the payer and the person
the payer and the person wh on whom the burden is there is same
but whereas indirect taxes the payer and the person on whom the
burden is there are two different persons direct taxes are directly paid
to the government and indirect taxes are indirectly paid to the
government then Direct taxes it is a tax on income whereas indirect
taxes is a tax on goods and services direct tax on what do you pay
direct taxes direct taxes are paid on the income indirect taxes is paid
on supply of goods and services it is it does not matter it does not
matter it does not matter whether a person is earning profit by selling
any goods or services or not if he is earning a profit on that profit he
will have to pay income tax but indirect taxes you'll have to
compulsorily pay government says on mobile phone GST rate is 12%
now if I sell a mobile phone compulsory 12% GST I have to pay
government says say the GST rate on say remote is 18% so if I sell
this remote compuls I will have to pay GST at 18% government says
GST on spectacles is 28% so if I sell spectacles compulsorily I will
have to pay GST I will have to compulsorily pay indirect taxes meaning
indirect taxes on on is on goods and services government says milk is
exempt from GST you don't have to pay any tax on milk government
says fresh vegetables are exempt from GST you don't have to pay
any tax taxes on that that means what sir if a person is selling fresh
vegetables he not going to collect taxes from you he's not going to pay
any taxes meaning indirect taxes are on goods and services
government has told that these are the different Goods on which tax is
applicable these are the different services on which tax is applicable
these are the different goods and services on which you don't have to
pay any taxes then direct taxes are progressive in nature indirect
taxes are regressive in nature oh sir what is this sir direct taxes
Progressive in nature indirect taxes is regressive in nature sir what do
you mean by this this means if if you know direct taxes what is direct
tax telling as an Progressive in nature means as and when you
progress or as and when your income is increasing the amount of tax
which you have to pay also will increase who is telling direct taxes
direct taxes is Progressive in nature sir what do you mean by this word
Progressive in nature it says as and when your income increases as
and when your income increases the amount of tax which is required
to be paid by you also will increases indirect taxes says I am
regressive in nature I don't care how much you are earning indirect tax
is telling I don't care who you are I don't care how much you are
earning I don't care whether you are a rich fellow or a poor fellow the
amount of tax which I'm going to collect from all you guys is same
direct taxes what is happening up to 2.5 lakhs no tax 2.5 to 5 5% 5 to
10 20% more than 10 30% meaning as in when my income is
increasing the amount of tax which I have to pay also increases are
up to 2.5 LHS I don't have to pay tax at all from 2.5 LHS to 5 LHS if my
income is 2.5 LHS to 5 lakhs I will have to pay only 5% or my income
is from 5 L to 10 lakhs pay 20% more than 10 lakhs 30% more than
50 lakhs sarch charge Etc something you know as and when your
income is going to increase the amount of tax which you have to pay
also will increase whereas indirect tax says I don't care who you are
indirect tax says now say beggar is earning 1 lakh rupees mukes
Aman is earning 500 CR rupees now beggar will he pay income tax sir
he's earning only 1 lakh rupees why will he pay income tax sir but
Mukesh Amani earning 500 CR rupes will he pay income tax yes sir
now beggar may not have to pay income tax or he may have to pay
very less income tax but mkes Amani because he's earning huge
amount he will have to pay huge amount of income tax but same
thing if you see begar and mukes Amani they both go and purchase
Pari biscuit they both go and purchase Pari biscuit this Pari biscuit is of
rupees 10 and this includes tax of rupees 1 this includes what sir this
includes tax of rupees 1 it includes tax of rupees 1 now whether
Mukesh Aman is purchasing this par biscuit or this beggar is
purchasing this bar biscuit at the time of purchase of this biscuit no
they will have to pay the same amount of tax which is one rupees
indirect tax indirect tax is what sir I am regressive in nature I don't
care who you are I don't care how much you are earning the amount
of tax which you have to pay me will remain same the amount of tax
which you have to pay me will remain same exact example of direct
tax is what sir income tax example of indirect tax is GST or customs
and the board which is going to pass decisions or make orders
notifications the board of direct taxes is called as CB DT and board of
indirect taxes is called as CB I one more point which you should be
knowing the board of indirect taxes is called as what sir CB I the
board of direct taxes is called as cbdt cbdt means what sir Central
Board of direct taxes cbdt Central Board of direct taxes this is the
board which is going to pass orders on income tax then cbic cbic
means what sir Central Board of indirect taxes and Customs one is
CB DT Central Board of direct taxes another one is CB IC Central
Board of indirect taxes and customs so that is the board which is
going to take decisions with respect to indirect taxes and with respect
to direct taxes now one question which normally they ask for Theory
and which was asked in your previous attempt also was with respect
to what sir what are the features of indirect taxes what are the
features of indirect access or what are the features of GST what are
the features of Customs what is the features of GST what are the
features of indirect taxes now tell me who is going to win the IPL this
year tell me who is is going to win the IPL this year RCB will win sir or
who is going to win the I this year RCB will win sir or tell me who is
going to win the IPL this year RCB will win sir RCB will not win sir hey
RCB will win sir you should tell the same thing you should repeat the
same thing with me tell me who is going to win the IPL this year RCB
will win sir or who is going to win the IPL this year RCB will win sir R
for important source of Revenue to the government C for taxes on
Commodities and services B for shifting of Burden RCB who is going
to win the IPL who is going to win the IPL this year RCB will win sir
features of indirect taxes RCB will win sir RCB will win sir R for
important source of Revenue to the government C for taxes on
Commodities and services B for shifting of Burden n for no perception
of direct pinch I for it is inflationary nature W for wider tax bit and sir
s for it promotes social welfare and it is regressive in nature it
promotes social s for promote social welfare and are for regressive in
nature who is going to win the IPL this year RCB will win sir who is
going to win the IP there was a question asked seriously I'm telling
see this just look this question paper over here students what is the
question telling discuss the concept of indirect taxes and features of
indirect taxes the problem in examination is remembering the points I
hope you will be able to easily write features of indirect tax are what
sir RCB will win sir R for important source of Revenue to the
government C for taxes on Commodities and services B for shifting of
Burden W for wider tax base I for inflation nature n for no perception
of direct pinch s for promotes social welfare R for regressive in nature
R for what sir regressive in nature so these are the features of indirect
taxes now it is an important source of Revenue to the government
almost see one of the source of Revenue to the government is taxes
and in the taxes also the important source of Revenue is the major tax
revenue which government gets is indirect taxes almost 60% of the
tax revenue which government is getting is from indirect taxes then it
is a taxes on Commodities and services indirect tax is a tax on goods
and services it is not a tax on profit it is not a tax on manufactur it is
not tax on say providing Services Etc it is a tax on goods and
services they have told these are the goods these are the services if
you supply these Goods if you supply these Services then you have to
pay this amount of tax then under GST law we have what sir there is
Shifting of Burden no one will pay tax from his own pocket now there is
say there is a supply chain there is a supply chain there is a
manufacturer wholesaler retailer and final consumer what happens in
this supply chain sir the manufacturer whatever tax manufacturer has
to pay manufacturer is going to collect it from the wholesaler
wholesaler will collect it from the retailer retail will collect from the final
consumer so indirect taxes what under indirect taxes what will happen
shifting of Burden will happen then there is no perception of direct
pinch meaning when you are paying indirect tax no you will not feel
like paying indirect taxes you don't feel that you are paying indirect
taxes for example if I say you I give you 10 lakh Rupees I give you 10
lakh Rupees your income is how much 10 L now government says give
me 1 lakh rupees government says give me 1 lakh rupees you have
earned an income no pay me income tax 1 lakh rupees you will feel
the pain are your hard earned money your hard earned money 10 lakh
Rupees which you have government is taking 1 lakh rupees from that
you will feel the pain but whereas income the indirect taxes you will
not feel that pain there is no perception of direct pinch you will not feel
the pain of paying the taxes why sir see I know that par biscuit is of
10 rupes when I give 10 Rupees I know that they are going toct one
rupes as tax but still I will not feel that I am paying the tax because at
the end of the day there is something which you are getting at the end
of the day you're getting something and you eating that par biscuit I
purchased a mobile phone I purchased an iPhone worth 1 lakh I paid
18,000 rupes GST on that I paid 18,000 rupees GST on that but still I
will not feel the pain of paying GST because I know at the end of the
day I can see my mobile phone wow what a beautiful mobile phone I
have what a beautiful selfie I can take what a beautiful status I can
update Etc so I <span style="color: red">
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