Wishing you and your family a very Happy New Year All...!!!
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How On,Off and Reserve works in bike fuel tanks
Generally, a motorbike has fuel in the tanks at three levels:
- Unusable Fuel (Red Part)
- Reserve Fuel (Blue Part)
- Normal Fuel (White Part)
Now a bike's reserve switch has 3 options, Fuel off, Fuel On, Reserve (Considering the old prime technology not being used anymore).
Switches:
- Fuel On: The white part/ normal fuel is accessible
- Fuel Off: No fuel is accessible
- Reserve: The white as well as the blue part/ reserve fuel is accessible
NOTE: The red part's fuel is never accessible. Also, not all bikes have the this feature.
How Reserve works:
As per above images when knob is switched to On position fuel access only through On pipe and when fuel is below On Pipe fuel stops flow so that bike stops with a jerk and hence we need to switch knob to reserve position so that we can access remaining amount of fuel.
Statue of Unity Details: INDIA
World's Largest Statue in India
Statue of Unity location, height, cost, other facts
Sardar Vallabhbhai Patel Statue Location, Height, Cost: The much-anticipated inauguration of the ‘Statue of Unity’- a monument to commemorate Sardar Vallabhbhai Patel is scheduled for Wednesday. The date for the inauguration of the statue is chosen to be October 31 as it happens to be the 143rd birth anniversary of the national icon, who is fondly remembered as the ‘Iron Man of India’, for his role in the unification of princely states after the independence from the British.
The statue stands on Sadhu island on the Narmada in Gujarat. The Statue of Unity, which stands 182-metre tall, dwarfs New York’s Statue of Liberty by twice its size and almost four times the height of Brazil’s Christ the Redeemer. The number ‘182’ was a conscious choice representing the 182 Assembly constituencies of Gujarat. The total cost of the project is said to be Rs 2,989 crores. From sea level, the height would be 237.35 metres — the 70-metre hillock of Sadhu Bet having been flattened to 55 metres to lay the foundation.
Apart from the statue itself, there are five other related sites that are constructed along with the world’s tallest statue. These include the walkway, the ticket counter, the food court, the four-lane approach highway, and the ‘Shrestha Bharat Bhavan’- a 52-room three-star lodging facility for the visitors coming to see the monument.
Altogether, 4,076 labourers were reported to have worked on the project. Around a thousand of those have worked on the cladding of the statue alone, which has been forged in China. They include around 800 locals and about 200 workers from China, who had been working in batches for two-three months each since September 2017.
A top Sardar Sarovar Narmada Nigam Ltd official informed The Indian Express that the statue can sustain wind velocity of 220 kilometres per hour and earthquakes measuring up to 6.5 on the Richter Scale.
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Flipkart Big Billion Days with exciting offers from 10 to 14 October 2018
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| Flipkart Big Billion Days sale: Flipkart’s upcoming sale, Big Billion Days, will see many flagship phones go on sale.
Flipkart Big Billion Days sale: Flipkart’s upcoming sale, Big Billion Days, will see many flagship phones go on sale. This will not only include recent launches, but launches from the first half of 2018, as well as popular phone titles from last year. The e-commerce platform has listed new offers on smartphones, that range from Asus Zenfone 5Z to Honor 10, and Xiaomi Mi Mix 2 to Samsung Galaxy S8. Here are the latest deals to be listed for Flipkart’s Big Billion days sale, that will be hled between October 10 and October 14.
Flipkart Big Billion Days sale: Samsung Galaxy S8 4GB RAM variant at Rs 29,990
Samsung’s 2017 flagship, Galaxy S8 will be a part of Flipkart’s upcoming sale. Under the Big Billion Days offer listing, the smartphone’s 4GB variant could be purchased for Rs 29,990. During the sale period, Galaxy S8 will remain at its current price of Rs 45,990, though Flipkart shoppers can avail exchange benefits worth up to Rs 16,000.
In addition, Samsung Galaxy S8 will be available for EMI offers, as well as No Cost EMI deals across major banks, starting from Rs 5,110 per month. While the phone’s offer price remains unchanged, further deals could be announced at the time of sale. With a 5.8-inch Quad HD+ display, Galaxy S8 runs the Exynos 8895 processor backed by a 3000mAh battery, besides having a 12MP rear camera and an 8MP front sensor. The Samsung phone is available with 4GB RAM, 64GB internal storage as well as expandable memory of up to 256GB.
Offers on Mobile phones
1. Samsung s8 - 29,990/-
2. Asus Zenfone 5z - 24,999/-
3. Mi Mix 2 - 22,999/-
4. Redmi Note 5 Pro - 12,999/-
5. Nokia 6.1 Plus - 14,999/-
6. Nokia 5.1 Plus - 10,499/-
7. Asus Zenfone MaxPro M1 - 12,999/-(High End)
8. Samsung Galaxy On6 - 11,990/-
9. Samsung Galaxy On8 - 14,990/-
10. Honor 9N - 11,999/-
11.Honor 10 - 24,999/-
12. Moto Z2 Force - 17,499/-
For more offers visit the link below
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Samsung’s 2017 flagship, Galaxy S8 will be a part of Flipkart’s upcoming sale.What is GST?
GST India – Goods & Service Tax
What is GST?
GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be substitute for all indirect tax levied by state and central government. Exports and direct tax like income tax, corporate tax and capital gain tax will not be affected by GST. GST would apply to all goods other than crude petroleum, motor spirit, diesel, aviation turbine fuel and natural gas. It would apply to all services barring a few to be specified. With the increase of international trade in services, GST has become a global standard. The proposed tax system will take the form of “dual GST” which is concurrently levied by central and state government. This will comprise of:
- Central GST (CGST) which will be levied by Centre
- State GST (SGST) Which will be levied by State
- Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
Many taxes has been subsumed under GST which are as under
| Central Indirect Taxes & Levies | Central Excise Duty |
| Additional Excise Duties | |
| Excise Duty levied under the Medicinal Preparations (Excise Duties) Act, 1955 | |
| Service Tax | |
| Additional Customs Duty (CVD) | |
| Special Additional Duty of Customs | |
| Central Surcharge and Cess | |
| State Indirect Taxes & Levies | VAT / Sales Tax |
| Entertainment tax (other than the tax levied by local bodies) | |
| Central Sales Tax | |
| Octroi and Entry Tax | |
| Purchase Tax | |
| Luxury Tax | |
| Taxes on Lottery | |
| Betting and Gambling | |
| State Cesses and Surcharges |
Who will pocket taxes?
- For Intra State Transactions: In case of Intra State transactions, Seller collects both CGST & SGST from the buyer and CGST needs to be deposited with Central Govt. and SGST with State Govt.
- For Inter State Transactions: Integrated Goods and Service Tax (IGST) shall be levied on Inter State transactions of goods and services which are based on destination principle. Tax gets transferred to Importing state. More over it is proposed to levy an additional tax on supply of goods, not exceeding one percent, in the course of inter-state trade or commerce, to be collected by the Central Govt. for a period of two years, and assign to the States where the supply originates. Valuation of stock transfers to be determined. Exports and Supplies to SEZ units will be zero rated.
How to adjust the Credit?
Setoff of IGST, CGST & SGST will be as follows in the below mentioned chronological order only.
| Credit of | To be Adjusted with |
| IGST | 1) IGST |
| 2) CGST | |
| 3) SGST | |
| CGST | 1) CGST |
| 2) IGST | |
| SGST | 1) SGST |
| 2) IGST |
ENROLLMENT & REGISTRATION:
- NSDL has been appointed to incubate the GST Portal and develop its functionality. NSDL has created a pilot portal known as “GST Pilot Portal”
- Here, every tax payer will be issued a 15 digit common identification number which will be called as “Goods & Service Tax Identification Number” (GSTIN) a PAN based number.
- Online application form for dealers will be available to provide their details and upload documents.
- Registration includes basic steps like register themselves on the Enrolment page, and then Login using the given “User ID” and “password”, filling the application form by uploading the requisite documents related to excise, Service Tax, IEC, CIN, Professional Tax number, Shops & Establishment Number and any other state specific registration numbers, contact numbers, postal address & E-mail address of business entity, bank account details including MICR code, place of business, details of goods & services, scanned signed photographs.
Like, every coin has two sides, even this concept of GST has its own positives and negatives, we leave on the reader to decide for them the impact of GST whether on micro or macro level.
Positive Aspects
- The main reason to implement GST is to abolish the cascading effect on tax. A product on which excise duty is paid can also be liable for VAT. Suppose a product A is manufactured in a factory. As soon as it releases from factory, excise duty has to be paid to central government. When that product A is sold in same state then VAT has to be paid to state government. Also no credit on excise duty paid can be taken against output VAT. This is termed as cascading effect since double tax is levied on same product.
- The GST is being introduced to create a common market across states, not only to avoid enfeebled effect of indirect tax but also to improve tax compliance.
- GST will lead a more transparent and neutral manner to raise revenue.
- Price reduction as credit of input tax is available against output tax.
- Simplified and cost saving system as procedural cost reduces due to uniform accounting for all types of taxes. Only three accounts; CGST, SGST, IGST have to be maintained.
- GST is structured to simplify the current indirect system. It is a long term strategy leading to a higher output, more employment opportunities, and economic boom.
- GST is beneficial for both economy and corporations. The reduced tax burden on companies will reduce production cost making exporters more competitive.
Negative Aspects
- GST is being referred as a single taxation system but in reality it is a dual tax in which state and centre both collects separate tax on a single transaction of sale and service.
- At present the main Indirect tax system of central Government is central excise. All the goods and commodities are not covered by the central excise and further there is an exemption limit of Rs. 1.50 Crores in the central excise and further traders are not liable to pay central excise. The central excise is payable up to the stage of Manufacturing but now GST is payable up to the stage of sale.
- Majority of dealers are not covered with the central excise but are only paying VAT in the state. Now all the Vat dealers will be required to pay “Central Goods and service tax”.
- The calculation of RNR (Revenue Neutral Rate) is very difficult and further Govt. wants to enhance its revenue hence rate of Tax will be a problem. As per the News reports the proposed rate for State GST is 12% and Central GST is 14% Plus Govt. wants to impose 1% CST at the initial stage of GST on the interstate sale of Goods and services. So the normal rate of overall tax will be 26%. This rate is very high comparing to the fact that small and medium Industries are at present not covered by the central excise and most of the Goods such as agricultural products are out of the preview of the Central Excise.
- Improvement in the Manufacturing and distribution of Goods and service, increase in exports, various reforms, check on corruption, less Government control are some of the factors which are responsible for the economic growth of the country. A tax system can make a revolution in the economy of the country is “rarest of the rare” thing.
How will GST work?
A product has to go through different stages before it reaches the end consumer, and there are several taxes applicable throughout this process. However, this situation will change in the GST regime. Here’s an illustration to understand how:
Stage 1: Manufacturing
Take apparel manufacturing as an example and 10% as the GST applicable.
The manufacturer buys raw material worth INR 500 that is inclusive of the GST of INR 50(10% of 500).
He then adds his own value of INR 50 to the materials during the manufacturing process. This brings the gross value of the product to INR 550.
Now, the total tax amount on the output of the apparel comes to INR 55 (10% of 550) In the current tax system, the manufacturer would be required to pay a tax of INR 55; however, under GST he can set some of his tax off as he has already paid it while purchasing the raw materials. Therefore, the final GST that the manufacturer will incur will be of INR 5 (total tax amount till now minus the tax he has already paid) i.e. INR 5(55-50)
Stage 2: Wholesale
Here, the apparel is passed from the manufacturer to the wholesaler at a gross value of INR 550 that is inclusive of the GST of INR 55 (10% of 550). The wholesaler then adds his value (his margin) of INR 50 making the total INR 600 (550 + 50). This brings the total tax amount on the final to INR 60 (10% of 600). Like the manufacturer, the wholesaler too can set off this tax amount with the tax that he has already paid for while purchasing the goods from the manufacturer. Thus, the final GST for the wholesaler would be INR 5 (60 – 55)
Stage 3: Retailer
In this final step, the retailer buys the apparel from the wholesaler at a gross value of INR 600 that is inclusive of the GST of INR 60 (10% of 600). He then adds his value or margin of INR 50 making the total cost of the goods INR 650. The GST applicable here is INR 65(10% of 650), but since the retailer has already paid a tax while purchasing the goods, he can set it off. Thus, the final GST incidence for the retailer would be INR 5 (65 – 60).
At the end, since the retailer will sell the product at INR 650, the GST paid by the customer would be INR 65(10% of 650) only. This number would have been much higher in our current tax structure.
Thus GST can be a win-win scenario that will benefit the entire value chain and make it easier for both businesses and consumers. To know more about GST, check our other articles in the series.
Original Apple-1 Computer Built in The 1970s Sells For $375,000 at Auction
The model originally went for $666.66 when it was sold by the Byte Shop computer store in Mountain View, California in the 1970s.
An Apple-1, a rare model of the first computer produced by the now-iconic tech firm, fetched $375,000 in an auction this week, according to Boston-based RR Auction. The computer was among 175 of those sold by Steve Jobs and Steve Wozniak from their production in a garage in Silicon Valley in the early days of Apple in 1976 and 1977.
The model originally went for $666.66 when it was sold by the Byte Shop computer store in Mountain View, California in the 1970s. Jobs and Wozniak initially designed the Apple-1 as a bare circuit board to be sold as a kit and completed by electronics hobbyists, but Byte Shop owned Paul Terrell agreed to buy 50 if they were fully assembled and did not require soldering by the buyer.
According to RR, the computer sold this week was restored to original running condition in June and included the original Apple-1 board, a cassette interface, keyboard and other equipment. The selling price was far from a record, however: another Apple-1 computer went for $905,000 in 2014.
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