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What would be the role of Anti-Profiteering Authority after implementation of GST?

Posted on 01 July 2017 by wisdom

As we all know from today i.e. July 1, 2017 GST (Goods & Service Tax) came into force. From now on in place of 17 indirect taxes only one tax, that is GST will be levied on supply of goods & services. From the moment when it’s framework laid down govt.   is  always saying that it is beneficial for everyone  as it reduce  burden of multiple indirect taxes. But, there is one thing upon which we should think about whether the consumer will get benefit of reduction in tax rates on supply of goods & services or the benefit of input tax credit to the recipients by way of commensurate reduction in prices or not. Generally it would not happen but if such activity happens in future then what one should do?

To protect consumers benefit due to reduction in tax rate on supply of goods & service or the benefit of input tax credit to the recipients by way of commensurate reduction in prices  Authority has been set up by the  govt. “ named as “Anti Profiteering Authority”. Now the Question is what is Anti Profiteering Authority?

Anti- Profiteering Authority:

This authority is set up to  decide penalty on those businesses who do not passes profit of tax rate reduction on supply of goods & services to recipients under GST regime. This authority is formed by the members of GST council, headed by union finance minister Arun Jaitely. This Authority is consist of 5 members, which includes a Chairman (who hole a post of equivalent in rank to a secretary of govt. of India) and 4 Technical Members (who have been commissioners in central excise & service tax either at the centre or state). But the members of this Authority will be finalised by the search cum selection committee formed by govt.

How it will work?

There is a four tier structure of Anti Profiteering Authority. Firstly, if the benefit of reduction in tax rates on supply of goods & services has not been given to the recipient then a written application has to be submitted to the State Level Screening Committee. The work of this committee is to investigate whether the supplier is actually contravene the provision of  sec.171 or not, if he is found guilty(that he didn’t pass on the benefit to the consumer) then the application will be forwarded to the  Standing Committee (consists of tax officials from the centre & the state), who shall within a period of 2 months from the date of the receipt of the application examine the accuracy & adequacy of the evidences provided in the application in this regard to determine whether there is a prima facie evidence to support the claim of the applicant that the benefit in tax reduction has not been passed on to the applicant. After being satisfied with the evidences, Standing Committee refer the matter to the Director General of Safeguards (Secretary to the Authority) for detailed investigation. After collecting necessary evidence by the director general of safeguards to determine the accuracy of the application & evidences submitted with it. The director General will have a period of 3 months for investigation & submission of its report on the matter. If the  report of the Director of General of Safeguard States any anti profiteering practices by the supplier then the following actions may be taken by the Anti-Profiteering Authority:-

Return to the recipient the amount equivalent to the amount which he should get due to reduction in tax rates along with an interest @18%.( This interest will be calculated from the date of collection of higher amount till the date of return of such amount).

If the person is not identifiable from whom the application is received then the same amount will be transferred to consumers fund.

After that penalty will be imposed on the defaulted supplier and its registration will be cancelled.

Author: Rekha sharma, Accounting and Business Statistics HOD at DAV College Ajmer, Rajasthan.

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What is GST and its advantages and disadvantages

Posted on 29 June 2017 by wisdom

In this post we will discuss something about GST (Goods & Service Tax) which will completely change the present structure of Indirect Taxes in India. Till now, many types of Indirect Taxes are levied on goods and services in India which includes excise duty, commercial tax, VAT (Value Added Tax), CST (Central Sales Tax), entertainment tax, purchase tax, luxury tax, advertisement tax. But from  July 1, 2017 all these indirect taxes will subsume in one tax, that is GST. It will implement throughout India except Jammu & Kashmir (IT will applicable in J & K only after the special law regarding the CGST & IGST passed by the State Assembly). It will be levied on all transactions that is transactions related to sales, purchase, barter, lease, or import of goods & service.

A committee of 21 members was formed to look into GST Law under the head of Bhupinder Yadav  (A Member of Parliament BJP). On 22nd July 2015 this committee submitted its report. After that plans were made for its implications. GST is governed by GST Council & Arun Jaitely (The Finance Minister of India) is the Chairman of this Council.

Now we will discuss what is GST, how it works, it’s benefits. So the answer to this question is GST is an abbreviated form of Goods & Services Tax. IT will levied on consumption of goods & services  which means it will levied in that state where the goods & services consumed not in the state where it is produced or manufactured. By the implication of GST all other indirect taxes will eliminate.

In India, due to consensus between Central & State Govt. “dual GST” is introduced with which Central Goods & Service Tax (CGST) and a State Goods & Service Tax (SGST) will be levied on supply of goods & services. In this way it will consist of Central GST (CGST) levied by central govt., State GST(SGST) levied by State govt. and the last Integrated GST(IGST) levied by Central  govt.

When CGST, SGST & IGST levied

  • In case of Intra State Transactions CGST & SGST both taxes will be levied and paid by the buyer to the seller who in turn deposit CGST to Centre govt. & SGST to State Govt.
  • In case of Inter State Transactions IGST will be levied and collected by the Central

GST Rates

It is four tier tax structure, that is under GST goods & services will be taxed by the following rates i.e. 5%, 12%, 18%, 28%.

Note: Alcohol and petroleum products are not included in GST

There are various items on which GST *Cess is also levied e.g.

  • Pan Masala-60%
  • Tobacco & manufacture tobacco-204%
  • Aerated water-12%
  • Small petrol cars( below 1200 cc)-1%
  • Small diesel cars (below 100cc)-5%
  • Large cars(above 1500cc)-15%
  • motor cycles.(above 350cc)-3%
  • cigrettes-5%
  • hybrid motor vehicles above 1500 cc-15%
  • personal use aircrafts-3%

And many more items which comes under this category

*Cess: It is a tax on tax levied by the govt. to fulfil   some specific purpose and it is levied for a specific period only .It is levied on supply of both goods & services   notified by the central govt.

As we all know every change has its own positive and negative impact therefore GST also has some   advantages & disadvantages   too.

Advantages of GST

  • After the implementation of GST consumers will get rid of payment of various taxes.
  • It is levied at the final stage of sale not on all the stages therefore it will help in unnecessary increment of cost of the product.
  • It will consolidate all states economies by levying same tax rates on goods in every state.
  • Increase export between 10% to 14%
  • It will increase tax revenue for the govt.
  • Some products  and services will become cheaper than before such as two wheelers, branded goods, hotels entertainment, personal care products, air travel processed food items etc.
  • It will help in time saving that is no need to calculate tax at every stage of sale.
  • There are some items which are exempted from GST i.e. milk, cereals, meat, curd etc.
  • It will also reduce paper work.

Disadvantages of GST

  • There are some transactions which were not comes under CST but due to GST consumer has to pay CGST.
  • There are some products will become costlier after GST such as small cars, tea coffee, home appliances metals and constructions, tobacco, luxury goods school fees mobile charges banking charges, business class air tickets etc. many more items which will become costlier.
  • Due to GST tax payers have to upgrade their tax calculation procedure, they have to follow new rules and policies in this regard.

 

 

 

 

 

 

 

 

 

 

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first Indian-American win miss american title

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Nina Davuluri the Indian–American win the Miss America title

Posted on 16 September 2013 by wisdom

first Indian-American win miss american titleNina Davuluri the Indian –American win the Miss America title, Yes the beauty from New York is Indian origin. She become the first I first Indian-American to wear the national crown.

Nina Davuluri is the second consecutive New York beauty queen to take the Miss America title. The 24-year-old is the second Asian-American winner, after Angela Perez-Baraquio, who is of Filipino descent, and won in 2001

“I was the first Indian Miss New York, and I’m so proud to be the first Indian Miss America,” Nina Davuluri said after she won.
Her father, who emigrated from India 30 years ago, is a gynecologist, and Davuluri said she’d like to become a physician one day as well.

Monday morning, she took the traditional ocean frolic dip in the Atlantic City surf in front of Boardwalk Hall, where she won the title hours earlier. The pageant, which originated in Atlantic City 1921, spent the last six years in Las Vegas before returning to New Jersey.

“Welcome home, Miss America!” Davuluri said as she stood barefoot in the shallow surf, wearing a lime green Miss America T-shirt and white shorts. “We’re back in Atlantic City!”
Her grandmother told The Associated Press that she cried when she saw the news on television.

“I am very, very happy for the girl. It was her dream and it was fulfilled,” 89-year-old Vege Koteshwaramma said by phone from her home in the city of Vijaywada, in the southern Indian state of Andhra Pradesh.

She said there are numerous doctors in the family, both in the U.S. and India, and that if her granddaughter wants to become one, “I am sure she will do it.”

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fb-hack

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Facebook Developer World Hack 2012 event take place in Bangalore

Posted on 13 August 2012 by wisdom

Facebook the social-network giant bring Facebook Developer World HACK 2012 to India.Banglore is become witness of this event on September 17, 2012, The Facebook World Hack 2012 extravaganza will begin on August 23 in Austin, USA, and will culminate in Moscow, Russia on October 1, 2012.
The Facebook World Hack 2012 extravaganza will begin on August 23 in Austin, USA, and will culminate in Moscow, Russia on October 1, 2012.

The World Hack events will take place in these cities starting August 23:

• Austin, USA – August 23
• Mexico City, Mexico – August 27
• Buenos Aires, Argentina – August 29
• São Paulo, Brazil – August 31
• Berlin, Germany – September 11
• Taipei, Taiwan – September 11
• Jakarta, Indonesia – September 13
• Bangalore, India – September 17
• Barcelona, Spain – September 18
• Vancouver, Canada – September 20
• Warsaw, Poland — September 28
• Moscow, Russia – October 1

The 8-hour Facebook World Hack 2012 will cover the various technical nuances of development, including developing apps for Facebook, iOS and even Open graph. Also, the best developers will be rewarded.

The region-wise winners of the contest will get an opportunity to visit the San Fransisco Facebook office.

Register for World Hack 2012 here.

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IIT JEE 2012 Results Announced

Posted on 18 May 2012 by wisdom

Students who appeared in IIT JEE 2012 Entrance Test and waiting for their IIT JEE 2012 Results are hereby informed that the JEE Board has announced the IIT JEE Results 2012 today.
Students who appeared for IIT JEE 2012 Entrance Test under the IIT Zone has to check their Results in the Zonal IIT where they has submitted their Application

Link for respective IIT website for result:

IIT JEE 2012 Result for IIT Kharagpur Zone : http://www.iitkgp.ernet.in/jee/result.php

IIT JEE 2012 Result for IIT Bombay Zone : http://www.jee.iitb.ac.in/result.php

IIT JEE 2012 Result for IIT Delhi Zone :
http://www.jee.iitd.ac.in/result.php

IIT JEE 2012 Results for IIT Kanpur Zone:
www.jee.iitk.ac.in

IIT JEE 2012 Results for IIT Madras Zone :
www.jee.iitm.ac.in

IIT Guwahati Zone @ www.iitg.ac.in/jee

IT Roorkee Zone @ www.jee.iitr.ernet.in


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DLF IPL 2012 detail Schedule

Posted on 23 March 2012 by wisdom

IPL Season 5 fever already started.IPL 2012 matches will start from 4th-April-2012 and ends on 27th-May-2012.IPL matches held in 12 different venues – New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Dharamsala, Cuttack, Vizag, Kolkata, Jaipur, Mohali. In total, 72 matches will be played over the 54 days

Here are the complete details of the IPL 2012 schedule:

DAY DATE TIME TEAM 1 TEAM 2 VENUE
Wed 4-Apr 8 PM Chennai Super Kings Mumbai Indians Chennai
Thu 5-Apr 8 PM Kolkata Knight Riders Delhi Daredevils Kolkata
Fri 6-Apr 4 PM Mumbai Indians Pune Warriors India Mumbai
8 PM Rajasthan Royals Kings XI Punjab Jaipur
Sat 7-Apr 4 PM Royal Challengers Bangalore Delhi Daredevils Bangalore
8 PM Deccan Chargers Chennai Super Kings Vizag
Sun 8-Apr 4 PM Rajasthan Royals Kolkata Knight Riders Jaipur
8 PM Pune Warriors India Kings XI Punjab Pune
Mon 9-Apr 8 PM Deccan Chargers Mumbai Indians Vizag
Tue 10-Apr 4 PM Royal Challengers Bangalore Kolkata Knight Riders Bangalore
8 PM Delhi Daredevils Chennai Super Kings Delhi
Wed 11-Apr 8 PM Mumbai Indians Rajasthan Royals Mumbai
Thu 12-Apr 4 PM Chennai Super Kings Royal Challengers Bangalore Chennai
8 PM Kings XI Punjab Pune Warriors India Mohali
Fri 13-Apr 8 PM Kolkata Knight Riders Rajasthan Royals Kolkata
Sat 14-Apr 4 PM Delhi Daredevils Deccan Chargers Delhi
8 PM Pune Warriors India Chennai Super Kings Pune
Sun 15-Apr 4 PM Kolkata Knight Riders Kings XI Punjab Kolkata
8 PM Royal Challengers Bangalore Rajasthan Royals Bangalore
Mon 16-Apr 8 PM Mumbai Indians Delhi Daredevils Mumbai
Tue 17-Apr 4 PM Rajasthan Royals Deccan Chargers Jaipur
8 PM Royal Challengers Bangalore Pune Warriors India Bangalore
Wed 18-Apr 8 PM Kings XI Punjab Kolkata Knight Riders Mohali
Thu 19-Apr 4 PM Deccan Chargers Delhi Daredevils Hyderabad / Cuttack
8 PM Chennai Super Kings Pune Warriors India Chennai
Fri 20-Apr 8 PM Kings XI Punjab Royal Challengers Bangalore Mohali
Sat 21-Apr 4 PM Chennai Super Kings Rajasthan Royals Chennai
8 PM Delhi Daredevils Pune Warriors India Delhi
Sun 22-Apr 4 PM Mumbai Indians Kings XI Punjab Mumbai
8 PM Deccan Chargers Kolkata Knight Riders Hyderabad / Cuttack
Mon 23-Apr 8 PM Rajasthan Royals Royal Challengers Bangalore Jaipur
Tue 24-Apr 4 PM Pune Warriors India Delhi Daredevils Pune
8 PM Kolkata Knight Riders Deccan Chargers Kolkata
Wed 25-Apr 4 PM Kings XI Punjab Mumbai Indians Mohali
8 PM Royal Challengers Bangalore Chennai Super Kings Bangalore
Thu 26-Apr 8 PM Pune Warriors India Deccan Chargers Pune
Fri 27-Apr 8 PM Delhi Daredevils Mumbai Indians Delhi
Sat 28-Apr 4 PM Chennai Super Kings Kings XI Punjab Chennai
8 PM Kolkata Knight Riders Royal Challengers Bangalore Kolkata
Sun 29-Apr 4 PM Delhi Daredevils Rajasthan Royals Delhi
Sun 29-Apr 8 PM Mumbai Indians Deccan Chargers Mumbai
Mon 30-Apr 8 PM Chennai Super Kings Kolkata Knight Riders Chennai
Tue 1-May 4 PM Deccan Chargers Pune Warriors India Hyderabad
8 PM Rajasthan Royals Delhi Daredevils Jaipur
Wed 2-May 8 PM Royal Challengers Bangalore Kings XI Punjab Bangalore
Thu 3-May 8 PM Pune Warriors India Mumbai Indians Pune
Fri 4-May 8 PM Chennai Super Kings Deccan Chargers Chennai
Sat 5-May 4 PM Kolkata Knight Riders Pune Warriors India Kolkata
8 PM Kings XI Punjab Rajasthan Royals Mohali
Sun 6-May 4 PM Mumbai Indians Chennai Super Kings Mumbai
8 PM Royal Challengers Bangalore Deccan Chargers Bangalore
Mon 7-May 8 PM Delhi Daredevils Kolkata Knight Riders Delhi
Tue 8-May 4 PM Pune Warriors India Rajasthan Royals Pune
8 PM Deccan Chargers Kings XI Punjab Hyderabad
Wed 9-May 8 PM Mumbai Indians Royal Challengers Bangalore Mumbai
Thu 10-May 8 PM Rajasthan Royals Chennai Super Kings Jaipur
Fri 11-May 8 PM Pune Warriors India Royal Challengers Bangalore Pune
Sat 12-May 4 PM Kolkata Knight Riders Mumbai Indians Kolkata
8 PM Chennai Super Kings Delhi Daredevils Chennai
Sun 13-May 4 PM Rajasthan Royals Pune Warriors India Jaipur
8 PM Kings XI Punjab Deccan Chargers Mohali
Mon 14-May 4 PM Royal Challengers Bangalore Mumbai Indians Bangalore
8 PM Kolkata Knight Riders Chennai Super Kings Kolkata
Tue 15-May 8 PM Delhi Daredevils Kings XI Punjab Delhi
Wed 16-May 8 PM Mumbai Indians Kolkata Knight Riders Mumbai
Thu 17-May 4 PM Kings XI Punjab Chennai Super Kings Dharamsala
8 PM Delhi Daredevils Royal Challengers Bangalore Delhi
Fri 18-May 8 PM Deccan Chargers Rajasthan Royals Hyderabad
Sat 19-May 4 PM Kings XI Punjab Delhi Daredevils Dharamsala
8 PM Pune Warriors India Kolkata Knight Riders Pune
Sun 20-May 4 PM Deccan Chargers Royal Challengers Bangalore Hyderabad
8 PM Rajasthan Royals Mumbai Indians Jaipur

PLAY OFF WEEK

DAY DATE MATCH TIME TEAM 1 TEAM 2 VENUE
Tue 22-May QUALIFIER 1 8 PM First Placed Team Second Placed Team Bangalore
Wed 23-May ELIMINATOR 8 PM Third Placed Team Fourth Placed Team Bangalore
Fri 25-May QUALIFIER 2 8 PM Winner of Eliminator Loser of Qualifier 1 Chennai
Sun 27-May FINAL 8 PM Winner of Qualifier 1 Winner of Qualifier 2 Chennai


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QR-code-for-IRCTC-mobile-site

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Indian Railways launch IRCTC Mobile Website

Posted on 17 February 2012 by wisdom

Indian Railways launch Mobile version of IRCTC online ticket reservations website, Now you can reserve your railway ticket on your mobile also IRCTC mobile website is truly an amazing service which allow you to book/enquire train tickets, check booked history and even cancel the ticket.
You can access the IRCTC mobile website at www.irctc.co.in/mobile or you can even use the QR code below to directly goto the IRCTC mobile site.
QR-code-for-IRCTC-mobile-site

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Free aptitude test by BlackBerry for Indian students:techplazza

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Free aptitude test by BlackBerry for Indian students

Posted on 20 November 2011 by wisdom

Free aptitude test by BlackBerry  for Indian students:techplazzaBlackberry Smartphone maker Research In Motion(RIM) will provide free aptitude test application on its for students in India in partnership with content providers Ipomo and mobile operator Vodafone.

Aptitude Competition for Excellence(ACE) is the free application which provide by Black berry ACE help the student for their competitive exams preparation.

The application and content of ACE has been designed by Ipomo for BlackBerry users, Shah said, adding that initially the content for the test will be available for select examination and grades. It will be expanded and updated gradually.
The three partners are running Aptitude Competition for Excellence (ACE 2011) program in Karnataka and will start it in Pune from January.
Around 300 Students from over 40 engineering and management colleges competed against each other using BlackBerry smartphones to answer the test, Shah said.
“We are looking at the way a student can utilise his time for productive work on mobile phones. Hence, we have decided to give students Aptitude Competition for Excellence (ACE) applications free so that he can utilize his time to prepare for competitive exams,” Hitesh Shah, director – commercial relationship India, Research In Motion said.

Under the programme, the three partners will jointly provide scholarship worth Rs 1 lakh to the winner, Rs 50,000 and Rs 25,000 to first runner-up and second runner-up.

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dhoni movie

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Soon ‘Dhoni’ to Hit Box office.

Posted on 11 September 2011 by wisdom

If you are Great fan of Indian cricket Team Captain Mahindra sing dhoni.There is good news for you now your favorite player name shine on silver screen.
dhoni movie
Soon you see the movie with titled ‘Dhoni’ .Yes, In December you may seen the movie named ‘Dhoni’ movie in Tamil and telugu. Which is directed by five time National award winning actor turned producer Prakash Raj.Starcast of the movie ‘Dhoni’ is Mughda Godse and Raj in the main roles.
The music of the film has been composed by Ilaiyaraja. ‘Dhoni ‘will be produced by Prakash Raj’s Duet Movies.
While the shooting has already begun in Hyderabad and will soon shift locations to Chennai, it is believed that the film will hit theatres in December this year.

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GATE 2012 Important Dates are Released

Posted on 11 September 2011 by wisdom

Graduate apptitude test in engiineering date are now relese.This time GATE is organise by IIT Delhi.In gate 2012 their is no oppertunity for pre final student becouse they are not eligibale for appearing in Gate Exmination.
Important dates For GATE 2012 are:

Commencement of Online Application submission:MONDAY 12 Sept 2011 .

Last date for Submission of Online Application (website closure)form:MONDAY 17 OCT 2011
Last date for the receipt of printed version of ONLINE Application at the respective zonal GATE Office:24 October 2011

Official website of iit delhi :http://gate.iitd.ac.in/GATE/

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