Good morning, good evening, good afternoon, whoever is
watching me right now, a hearty welcome to you all.
Friends, how are you all?
My name is C.H. Rehgupta and I am your friend, your
companion, your companion.
In this GST lecture, your friend…
Friends, till now we had covered the chapter of
introduction.
In that we had seen that what is the basic of GST?
What is its basic nature?
What was the credit mechanism?
What was our objective of bringing GST?
Friends, I will take this discussion a little further today.
On a new chapter, we will start a new chapter today.
Friends, the name of the chapter is Supply.
The name of the chapter is Supply.
And after covering this chapter, you will start to clear a
lot of things in GST, friends.
Supply is a very important chapter, friends.
If you understand this chapter, you will assume that you
will cover about 30-40% of GST. There is nothing in it.
It is a very simple thing.
Come, friends, let's start.
But before starting, I want to say a small thing.
Just listen to me for two minutes.
Friends, whenever it rains, whenever you see, birds never
fly in the rain.
Crows and pigeons never fly in the rain.
They take shelter under a roof.
If they find something up there, they hide under it and sit
there and wait for the rain to stop.
Then we can fly.
But have you ever seen a hawk?
Hiding, fearing, tolerating, frightening.
Sir, a hawk avoids the rain.
How? On top of the clouds.
Flying above the clouds.
Sir, these clouds and rain are nothing.
These are the problems of your life.
The one who is afraid of these problems, is sitting in a
corner and is missing a very big opportunity of life.
Why opportunity?
Because, friends, every problem brings with it an
opportunity.
Every problem brings with it an opportunity to do something
new.
If there is a problem, if you solve that problem, a new
opportunity is created for you.
Opportunity in trouble.
Every trouble brings a new opportunity.
If you get control over that trouble, then maybe that
opportunity will make you a superstar, a hero.
Be like a hawk, friends.
Learn to fly above the clouds.
Overcome the problems.
Don't be overwhelmed by the problems.
Overcome the problems.
Make the problems your slaves.
Then you will see, sir, that life will not be able to take
anything away from you.
Bring some fire in your life.
The whole world is dead here.
Very few people have it.
But, sir, the hero is the same.
Isn't it?
He is the same Sikandar of destiny.
So, keep smiling, sir.
Keep smiling.
Don't worry about the problems, sir.
Learn to fight in life.
Come on.
Come on, guys.
It's the chapter of supply.
Come.
Let's go to the chapter of supply.
Why is the chapter of supply important?
What does it tell us, sir?
Sir, as I told you earlier, there used to be two activities
in GST.
They were different.
Manufacturing was different.
GST was also different.
Before GST, there was an old regime.
Please forgive me.
In the old regime, there used to be different activities.
Manufacturing was a different thing.
Sale of goods was a different thing.
And provision of services was a different thing.
These three activities were taxable in different ways.
When tax was to be imposed on these three activities?
It was written in different acts, in different places.
But sir, since GST has come, it has integrated all these
three activities.
Mr. Modi keeps saying, one nation, one tax. That's it.
All these things have started integrating.
Now, the biggest question is, sir, okay, you said GST is
taxable.
But when is GST taxable?
When is GST taxable?
When you read the text,
I am telling you a rule.
Whenever you read the text, whether you read income tax, or
GST, whatever act you read in the text, the most important
question is, when is GST taxable?
Income tax.
When you earn income.
Similarly, when is GST taxable?
Think about it.
What is the name of GST?
Goods and Services Tax.
So, common sense.
Use your brain a little.
Tell me, when is GST taxable?
When I supply goods or services.
It's a simple thing.
I didn't tell you anything else.
When I supply goods, or when I supply services, then what
will I get?
GST.
That's it in this chapter.
Nothing else.
This chapter tells us about a taxable event.
What did I say?
Taxable event.
What is a taxable event?
What is the occasion when you should be taxed?
So, this taxable event is supply.
Whenever you supply goods or services, then a taxable event
is generated, which is called supply.
And that taxable event creates a liability to collect and
deposit your GST.
It's a simple thing.
When you sell goods or provide services, then a supply
event will be created. And you will be liable for GST.
Sir, is it that easy?
Then the chapter is over.
The chapter is over.
We understood this.
We already knew this.
When I sell goods or provide services, then I have to
collect my GST and deposit it.
So, the chapter is over.
Let's go home.
No, friends.
It's not that easy.
The government is very smart.
Lawmakers are not that decent.
When lawmakers make laws, they cover a lot of loopholes.
The word supply has a lot of meanings.
First of all, the word supply has a definition in itself.
What is supply?
What are the things that are considered to be supply?
What are the things that are not considered to be supply?
Supply has a definition.
If you fall in that definition, it's a definition. If you
fall in that definition, it will be assumed that you have
supplied goods or you have supplied services.
And as soon as you have supplied, you will be liable for
GST.
Now, what we have to study in this chapter, the lectures
that we will discuss in the future, they will discuss this
definition.
What does this definition say?
What is supply?
How is supply? Let me tell you the basics.
Relax, there is no need to worry.
I have just opened the envelope of the letter.
I will take you to this world little by little.
You will enjoy it.
Listen to me very carefully.
Look, friends, the definition of supply says that if you
supply goods and services, goods or services, it is a
general understood fact that if there is GST, goods and
services, tax, then the supply will be of goods and
services only.
The second condition is that you do supply, you do sell,
but you pay for it.
You don't do this work for free.
The biggest condition of supply is that sir, whatever goods
you are giving or whatever services you are giving, you are
not giving it for free.
You are giving it as a consideration.
What did I say?
Consideration.
Consideration means if I am giving you goods, then what do
you give me in return? Consideration means in common
language, it is price.
In common language, it is money, sir.
This whole world, these fights that are going on, they are
going on only about price and money, sir.
Money has become such a big thing in today's rate, it
should not be forgotten, but it has become the enemy of
brothers.
It has become the enemy of sons and parents, sir.
They say that if you don't ask for a share, then life will
look like a rose.
And if you ask for a share, then what will life look like?
You know it very well, sir.
Anyway, we are diverting from the topic.
It is a matter of consideration.
If you do supply of goods and services, if you are doing
supply of goods, if you are doing supply of services, are
doing.
So, first of all, we have to see whether GST will be
applicable on us or not.
What are we reading? We are simply seeing whether GST will
be applicable on us or not.
So, what is the condition for that? That supply should be
there.
Okay, sir? Supply should be there.
In common language, I think that I am giving something to a
person.
But you don't have to take it in common language.
For that, you have to read its definition.
says that there are many things in supply.
But the basic thing is that you are giving goods and
services.
You are taking money and giving.
You are receiving consideration.
And the third thing is for business purposes.
In the course or furtherance of business, this word will
come later.
Whatever services you are giving, whatever goods you are
selling,
you are not giving them personally.
You are selling them to further your business.
I am
not doing any work for personal purposes. I am not doing
any work for charitable purposes.
Like sometimes, there is a big superstar, our Salman Khan.
He does a lot of charity in Being Human.
Sometimes he distributes cycles, sometimes he distributes
T-shirts, sometimes
he distributes T-shirts, sometimes he distributes T-shirts,
sometimes he distributes T-shirts.
For example, he says that I am distributing cycles of Being
Human.
In common language, what will it look like? What is Salman
Khan doing? He is doing supply of goods.
Supply of what? He is doing goods.
We have to see if GST will be applied on this thing.
Supply of goods, according to us.
He is supplying cycles.
Okay, sir.
Is he taking money? He
is giving them for free, right? He is not taking money.
Third thing, is he doing all these things for business
purposes? He is not doing it for business purposes.
He just wanted to do charity.
I am giving my cycles for charity.
So, sir, in that case, is it
in the definition of supply? Look, goods and services,
goods are going, but is it
covered in the definition of supply? It is not covered in
the definition of supply.
And because it is not covered in the definition of supply,
should GST be applied on it or not? GST should not be
applied on it.
This is the simplest point.
This thing has a different definition.
We will cover it separately.
And what is business? What comes in business?
What does not come in business? We will cover all these
things.
I am just telling you the basics.
What are we doing, sir? Sir, I do not understand anything.
I do not understand anything.
What are you teaching, sir? I do not understand anything.
What are you doing?
What are you saying, sir? I do not understand anything. I
said, son, do not take tension.
I enjoy it a lot. What are you saying, sir? Your students
do not understand anything.
What are you saying, sir? Are you enjoying it? What are you
saying, sir? Son, if you do not understand anything now, it
means that when we will cover this thing in the future, you
will see that thing with great interest.
You will see that thing with great interest.
You will see that thing with curiosity.
That is what I want.
I just need your attention, friend.
Just keep giving attention.
Keep understanding things.
Sir, I will do it like
this. It will be fun, sir.
What are you studying, sir? Look again.
We want to see when GST will be applied.
What are the transactions on which GST will be applied?
When will GST be applied? It is very simple.
When will GST be applied? Supply of goods and services.
This is such an event. If you supply any goods or services,
GST becomes applicable to you.
Is it clear so far? Now we are seeing that you have said
supply.
But what is covered in supply? What is not covered? What is
the definition of supply? What is the meaning of supply?
The meaning of supply is that you are supplying by giving
money.
You are giving money and doing it for business purposes.
The definition of this is incomplete.
I am
just telling you the basics.
If you get covered in all these things.
For example, I have a work of a coat.
It is a garment work.
I sell coats.
Supply of coat.
And suppose this coat is of Rs.
5000. So I sold it for Rs.
5000. Supply of coat for Rs.
5000. For how
much? For Rs.
5000. Is it my business to sell coats? Yes.
So should this supply be considered? Yes.
So will GST be applicable on this? Yes.
Is the point clear?
This is the point.
Consider another one.
A hungry beggar came outside my factory.
said, Mr.
Gupta, you earn so much money.
You wear such nice clothes.
Can I also wear a coat? Can I also wear a coat? I said,
okay.
I had a kind heart.
I told him to keep one or two coats.
What did I do? I did supply of goods.
Did I do it by giving money? I did
it for free.
Was it my business objective to do this? No.
So is this supply of goods and services? No.
So should GST be applicable on this? No.
This was the basic thing.
Let's move to the definition of supply.
Let me take you to the text.
What does this GST say?
Friends, don't worry.
I will tell you later.
Look, I have given you some definitions in the beginning.
After that, section 7 comes here.