Goods and Service Tax

The dilemma of multiplicity of taxes is being experienced in India over a number of years, though introduction of CENVAT and VAT has considerably helped in reduction of such multiplicity but still the sorrow continues to prevail. The problem on account of CENVAT is that taxes like Additional Custom Duty, Additional Excise Duty, etc. are not included in it, whereas, Vat fails to include taxes such as Luxury tax, Entertainment tax and others. Added to this one of the main component of overall tax structure, Service Tax is ignored in both the cases. Thus, to overcome such miseries implementation of GST is being considered.

GST or Goods and Service Tax will include a uniform rate of taxation in all respect and would allow an implementation of an incessant link from the primary producer of goods and service to the retailer’s stage and will also eradicate all cascading effects in such process.

Method:

The GST system is based on the same concept as VAT. Here, set-off is available in respect of taxes paid in the previous level against the GST charged at the time of sale. The GST model has some aspects which are as follows:

• Components: GST will be divided into two components, namely, Central Goods andService Tax and State Goods and Service Tax.
• Rate: Rates charged across all states and the central level will be uniform along with the regulations, definitions and classifications.
• Applicability: GST will be applicable to all Goods and Services sold or provided in India, except from the list of exempted goods which fall outside its purview.
• Payment: GST will be charged and paid separately in case of Central and State level.
• Input Tax credit: The facility of Input Tax Credit at Central level will only be available in respect of Central Goods and Service tax. In other words, the ITC of Central Goods and Service tax shall not be allowed as a set-off against State Goods and Service tax and vice versa.
• Pan Linked identification: Each taxpayer shall be provided with an unique 13 to 15 digit ID number for filing periodical returns with the Central and State government.

Thus, we get an overview of what the system of GST (Goods and Service tax) is likely to be and upon its implementation what benefits are we going to derive from it. All in all a very good proposal which one can look forward to which reduces the complexities of the tax system in respect to both, the taxpayer and the Tax authorities.

Source etaxindia,org

Ho Gai Hai Peer Parvat Si

हो गई है पीर पर्वत-सी पिघलनी चाहिए, इस हिमालय से कोई गंगा निकलनी चाहिए। आज यह दीवार, परदों की तरह हिलने लगी, शर्त लेकिन थी कि ये बुनियाद हिलनी चाहिए। हर सड़क पर, हर गली में, हर नगर, हर गाँव में, हाथ लहराते हुए हर लाश चलनी चाहिए। सिर्फ हंगामा खड़ा करना मेरा मकसद नहीं, सारी कोशिश है कि ये सूरत बदलनी चाहिए। मेरे सीने में नहीं तो तेरे सीने में सही, हो कहीं भी आग, लेकिन आग जलनी चाहिए। - दुष्यन्त कुमार

Koshish

Jakhoo Mandir Shimla

DA for H.P. Govt. Employees

Govt. release 8% DA for its employees on 15-08-2010. Employees will get DA in Salary of October 2010.

Vacancies of Clerks in H.P. University

23 Posts of Clerk published by H.P. University.
Gen 7 (All Reserved) UR 0
SC 6
ST 3
OBC 7
Fee 300/-
Last Date 15-09-2010
Form Fee Rs.50/-

Essential Qualifications & other conditions:

10+2 examination from a recognized University/ Board and Possess a speed of 30

WPM in English or 25 WPM in Hindi typewriting with knowledge of Computer Application

related to office work (Word Processing, Electronic Spreadsheet).

Provided that the condition of qualifying in the typewriting test will not apply in

case of Physically handicapped person who are otherwise eligible for appointment to the post

of Clerk in the University under these rules and who are certified as being unable to type by

the Medical Officer of the University or by a Civil Surgeon.For more detail visit www.hpuniv.nic.in

Vacancy in Intelligence Beuro

Intelligence Bureau (Ministry of Home),
Junior Intelligence Officer-140,
Qlf-10th+Motor Car Driving License,Age 18-32,

L.Date-7th September 2010

Which Incomes comes under Income from Other Sources

The following income shall be chargeable to income tax under the head ‘Income from other sources’:

1. Dividends;

2. Any winnings from lotteries, crossword puzzles, races including horse-races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever ;

3. Any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees’ State Insurance Act, 1948 or any other fund for the welfare of such employees, if such income is not chargeable to tax under the head ‘Profits and gains of business or profession’;

4. Income by way of interest on securities, if the income is not chargeable to tax under the head ‘Profits and gains of business or profession’;

5. Income from machinery, plant or furniture belonging to the assessee and let on hire, if such income is not chargeable to tax under the head ‘Profits and gains ofbusiness or profession’;

6. Income by way of letting on hire of machinery, plant or furniture along with the building if the letting of building is inseparable from the letting of the said machinery, plant or furniture, if such income is not chargeable under the head ‘Profits and gains of business or profession’;

7. Income by way of any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy, if the same is not chargeable under the head ‘Profits and gains of business or profession’ or under the head ‘salaries’;

Where any some of money exceeding Rs. 50,000 is received by an individual or a Hindu Undivided Family without consideration from a specified person on or after 1^stApril, 2006. The whole of such sum of money is not received-

§ From any ‘relative’;

§ On the occasion of the marriage of the individual;

§ Under a will or by way of inheritance;

§ In contemplation of death of the payer;

§ From a local authority;

§ From any fund , foundation, university, other educational institution, hospital, other medical institution, any trust or institution referred to in Sec 10 (23C)

§ From a trust or institution registered under section 12 AA

Thus, from the above discussion one can have a clear cut view about the type income which comes under the head of ‘Income from other sources’. The category includes almost every sort of income which arises out of uncommon incidents in one’s life and like other common incomes it is also taxable.

Happy Independence Day

सरफरोशी की तमन्ना अब हमारे दिल में हैं 
 
हैं लिए हथियार दुश्मन ताक में बैठा उधर
और हम तैयार हैं सीना लिए अपना इधर
खून से खेलेंगे होली गर वतन मुश्किल में हैं
सरफरोशी की तमन्ना अब हमारे दिल में हैं
हाथ, iजन में हो जूनून, कटते नहीं तलवार से
सर जो उठ जातें हैं वह झूकते नहीं ललकार से
और भडकेगा जो शोला-सा हमारे दिल में हैं
सरफरोशी की तमन्ना अब हमारे दिल में हैं
हम तो घर से निकले ही थे बांधकर सर पे कफन
jaaM hqaolaI pr लिए लो baZ, चले हैं ये कदम
जिंदगी तो अपनी मेहमान, मौत की महफिल में हैं
सरफरोशी की तमन्ना अब हमारे दिल में हैं
दिल में तूफानों की टोली और नसों में इन्किलाब
होश दुश्मन के उडा देंगे हमें रोको ना Aaja
दूर रह पायें जो हम से दम कहां मंझिल में हैं
सरफरोशी की तमन्ना अब हमारे दिल में हैं 

jaya ihnd !!