Gupta commitee and Iranian talks

M.K.Gupta committee:

                 A study committee under former vice chairman of customs and central excise settlement commission to harmonise service tax and central excise duty under Goods and Service tax.

                                                  

What are Service tax and Central excise:

• Both are forms of Indirect taxes, the incidence of which is not on the person on whom it is levied and is transferable (Eg: A Soap manufacturing company adding the tax component on the manufactured soap, ultimately paid by the consumer.).
• On the other hand Direct taxes are paid by the person on whom it is levied(Eg: Income and Corporate tax.)
• Service tax is levied on services offered like Hotels, travel etc., Recent budget 2011-2012 India moved to a negative list of services for service atx, excluding 17 services like education affecting common man from the ambit of service tax.
• Central Excise is the tax levied on goods for sale or produced for sale within the country.Currently excise duty is 12% ad valorem except certain goods(like tobacco) having specific tax, precious metals, agricultural, medical goods (4%).

Iran decides venue for six party talks:

• Talks at Istanbul on April 13.
• Six party peace talks on Iranian Nuclear energy program, involving US, Russia, China, France, United kingdom (P5 members of UN security council), plus Germany.
• Problems regarding Uranium enrichment(i.e increasing U235 concentration in natural Uranium,beyond 20% which can be used for both peaceful nuke energy reactors also nuke weapons).

Yuvraj returns Home after treatment for cancer