KNOW YOUR TIN STRUCTURE-DIFF IN VAT,CST,TIN NUMBERS

The registration number allotted to the dealers is popularly known as TIN i.e. Taxpayer Identification Number. This is a eleven digit number to be quoted in all VAT transactions and correspondence. (or)

• The Tax Payer's Identification Number (TIN) is new unique registration number that is used for identification of dealers registered under VAT.
• It consists of 11 digit numerals and will be unique throughout the country. First two characters will represent the State Code as used by the Union Ministry of Home Affairs. The set-up of the next nine characters may, however, be different in different States.
• TIN is being used for identification of dealers in the same way like PAN is used for identification of assesses under Income Tax Act. All the dealers seeking for new registration under VAT or Central Sales Tax will be allotted new TIN as registration number, however every State Commercial Tax Department have made provisions to issue new TIN to their existing dealers replacing old registration/ CST number

so In brief there is no difference in VAT number,TIN or CST number ,now only one number is required for all type of sales i.e TIN it may be called VAT number as it is used intra state sales and may be called CST number as same is required for CST number .TIN is being issued to all new dealers whether required for intra or inter state sales but for old dealer (inter state) CST number will be changed with TIN in phased manner and method adopted by each state is different.'

For example :In Maharashtra at the end on 11 digit one alphabet has been added which ic C for CST number and V for vat Number and all Number in Maharashtra starts from 27 I have arranged a complete list of First Two digit of all the state and Union territories which is given here under.But I am arranging the detail of other 9 digits and publish the same in due course.One I can say that different rules are followed for rest of 9 digits in each states.If any body has a Information about these numbers in respect of their own state then kindly share with us in comment . To know or to verify your TIN/VAT number Click link given in the name of each state.I will provide Link for all Tin verification site ASAP. Download the Detail of First two digits of TIN/Vat http://www.simpletaxindia.org/2010/01/know-your-tin-structure-diff-in.html

PAN STRUCTURE

KNOW YOUR PAN STRUCTURE

What is PAN?
Permanent Account Number (PAN) is a ten-digit lphanumeric identifier, issued by Income Tax Department.A Unique pan has been issued to each assessee (e.g. individual, firm, company etc.)This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits. his number can be considered to be similar to Social security number issued in United States to citizens and other legal residents.

1-5 field are alpha(A to Z)

6-9 field are numeric(0-9)

10 field is alpha(A-Z)
 

The fourth character of the PAN must be one of the following, depending on the type of assessee:

 

1. C — Company
2. P — Person
3. H — Hindu Undivided Family (HUF)
4. F — Firm
5. A — Association of Persons (AOP)
6. T — AOP (Trust)
7. B — Body of Individuals (BOI)
8. L — Local Authority
9. J — Artificial Juridical Person
10. G — Govt

2.Fifth field of PAN denotes surNAME

• In case of individual: Surname/last name(as given in pan application)

• for ex. in case of Ram Kumar(individual)
• 5th field will be "K"
• 4th field will be "P"

• In case of Ram Kumar Gupta(Individual)
• 5th field will be "G"
• 4th field will be "P"

• In case of All Other Assesees 
• 5th field will be first letter of Name/first Name

• for ex : In case of Suresh Jindal (HUF)(confirmed)
• 5th field will be "S"(first letter of First name i.e Suresh)
• 4th field will be "H"(for Huf)
  

• for ex: in case of ABB LTD(confirmed)
• 5th field will be "A"(first letter of First name)
  
• 4th field will be "C"(for company

 http://www.simpletaxindia.org/2007/11/know-your-pan-structure.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpleTaxIndia+%28SIMPLE+TAX+INDIA%29#ixzz0cNfW768s

 

Import policy of items under Exim Code “7208”

NOTIFICATION NO. 23/ 2009-2014
NEW DELHI, DATED 8^th JANUARY, 2010

Subject : Import policy of items under Exim Code "7208".

S.O. (E) – In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items as under:

1. Import policy for the items under 4 digit Exim Code "7208" will be amended to read as "Free" (instead of "Restricted ").
2. This issues in public interest.

sd/-
( R.S. Gujral )
Director General of Foreign Trade and
Ex-officio Special Secretary to the Government of India
[Issued from F.No. 01/89/180/46/AM09/PC-2(A)]

http://www.taxguru.in/dgft/import-policy-of-items-under-exim-code-%e2%80%9c7208%e2%80%9d.html#ixzz0cHeWf2qS
 

Government may introduce DTC in the forthcoming budget session

Government may introduce DTC in the forthcoming budget session

The government looks all set to introduce the new Direct Taxes Code in the forthcoming budget session , a government official said. Finance minister Pranab Mukherjee met Prime Minister Manmohan Singh on Tuesday to discuss the contours of the new code, billed as the major reform of the direct tax structure being undertaken by the United Progressive Alliance (UPA) government in its second tenure.

The finance ministry has also made a detailed presentation to the prime minister on the direct taxes code.

The finance ministry has already held extensive consultations with all the stakeholders on the draft code and has also initiated an exercise to make appropriate changes and prepare the relevant legislation.

The government wants to make this crucial reform politically acceptable to people before taking it to Parliament. Tuesday's meeting is also believed to have taken up the changes that are being proposed in the draft code put out late last year.

The meeting assumes significance as the finance ministry has initiated the annual budgetary exercise and will be finalise new tax proposals.

The draft code that seeks to replace the Income-Tax Act of 1961 has evoked strong criticism from the industry, political parties and general public at large over the proposed withdrawal of several tax exemptions .

It has proposed sharply lower tax rates for both individuals and corporates but has decided to withdraw the many exemptions available under current tax law s.

The proposals that have invited the maximum criticism include taxation of savings at the time of withdrawal, called E-E-T (exempt-exempt-tax ) in technical parlance as against present E-E-E (exempt-exempt-exempt ) and a minimum alternate tax on gross assets of companies.

The UPA government has also proposed comprehensive reforms of indirect taxes through a national-level goods and services tax (GST).

While the GST, which was proposed to be rolled out from April 1, 2010, is in limbo and may get delayed by a year, the draft direct taxes code has faced resistance from most stakeholders and also from the income tax department

 http://www.taxguru.in/direct-tax-code/government-may-introduce-dtc-in-the-forthcoming-budget-session.html#ixzz0buxzvEJY
 

Union Budget may be presented in Lok Sabha on 27th February

After a gap of more than a decade, the union Budget may be presented in the Lok Sabha on Saturday which happens to be February 27.

"In view of holidays for three consecutive days from February 26 onwards, we can have it (Budget presentation) on February 27," Parliamentary Affairs Minister Pawan Kumar Bansal told PTI.

However, the final decision on the date of presentation of the Budget will be taken by the Cabinet Committee on Parliamentary Affairs, he added.

This year, the CCPA will have to take a call on the date of presentation of Budget as February 28 happens to be Sunday and February 26 is a holiday (Prophet Mohammad's birthday – Milad-un-Nabi).

Last time in 1999, the then finance minister Yashwant Sinha presented the Budget on Saturday which was February 27.

The CCPA, which is headed by the leader of the ruling Congress in the Lower House and Finance Minister Pranab Mukherjee , will also have to decide the dates for presentation of the Railway Budget and the Economic Survey which precedes the general budget.

Mukherjee as finance minister will be presenting the Budget and tabling the Economic Survey in the Lok Sabha, while the rail budget will be unveiled by railways minister Mamata Banerjee.

http://www.taxguru.in/finance/union-budget-may-be-presented-in-lok-sabha-on-27th-february.html#ixzz0buxh58Bp
 

Life insurance companies want withdrawal of service tax on fund management charges

Life insurance companies want withdrawal of service tax on fund management charges

The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Council-the representative body of life insurers-will shortly make a presentation to the finance ministry urging the introduction of a uniform taxation platform for the life insurance sector.

Confirming the development, Life Insurance Council secretary general SB Mathur said: "The life insurance industry paid a total service tax of about Rs 4,000 crore last year under various heads, including fund management charges as well as agent commission. We want a uniform tax structure on all similar financial products.

For example, at present asset management companies do not pay any service tax on fund management fees but the insurance industry pays 10.3 percent service tax."

Max New York Life director (finance) & chief financial officer Sunil Kakkar said: "Insurers also pay service tax on mortality charges as well as auditors' fees. But the major difference lies in payment of service tax on fund management between unit-linked products and mutual funds.

Although service tax on mortality charges can be passed on to customers, the tax on fund management cannot be passed on in entirety."

Interestingly, the cap on charges of unit-linked insurance plans has come into force from January 1. The Insurance Regulatory & Development Authority (Irda) has capped fund management charges at 1.35 percent for all tenures. Rationalisation in the commission structure is also expected with more than 200 insurance products being refiled to comply with the new cap announced by the insurance sector watchdog.

The Life Insurance Council is also trying to asses the impact of the proposed goods and services tax (GST) on insurance products. Although details are not out yet, the council feels components like central and state GST may complicate matters.

http://www.taxguru.in/service-tax/life-insurance-companies-want-withdrawal-of-service-tax-on-fund-management-charges.html#ixzz0buxJqMNc
 

PAPER SIZES(ISO)

ISO PAPER SIZES

The Series A is used for Standard Printing and Stationery. The Series B is used for Posters, Wall-Charts etc.

A SERIES	mm X mm	Inch X Inch	B SERIES	mm X mm	Inch X Inch
A0	841 X 1189	33.11 X 46.81	B0	1000 X 1414	39.37 X 55.67
A1	594 X 841	23.39 X 33.11	B1	707 X 1000	27.83X 39.37
A2	420 X 594	16.54 X 23.39	B2	500 X 707	19.68 X 27.83
A3	297 X 420	11.69 X 16.54	B3	353 X 500	13.90 X 19.68
A4	210 X 297	8.27 X 11.69	B4	250 X 353	9.84 X 13.90
A5	148 X 210	5.83 X 8.27	B5	176 X 250	6.93 X 9.84
A6	105 X 148	4.13 X 5.83	B6	125 X 176	4.92 X 6.93
A7	74 X 105	2.91 X 4.13	B7	88 X 125	3.46 X 4.92
A8	52 X 74	2.05 X 2.91	B8	62 X 88	2.44 X 3.46
A9	37 X 52	1.46 X 2.05	B9	44 X 62	1.73 X 2.44
A10	26 X 37	1.02 X 1.46	B10	31 X 44	1.22 X 1.73

Area of A0 = 1 Square meter A0/A1 = AI/A2 = A2/A3 ...........A9/A10 = 2 Length = 1.414 * Width Width of An = 2^(-1/4-n/2) and Height = 2^(1/4-n/2) Area of B0 = 1.414 Square meter B0/B1 = B1/B2 = B2/B3 ............B9/B10 = 2 B0/A0 = B1/A1 = B2/A2 ..........B10/A10 Width of Bn = 2^(-n/2) and Height = 2^(1/2-n/2) The C series is used for folders, post cards and envelopes. C series envelope is suitable to insert A series sizes.

C SERIES	mm X mm	Inch X Inch	Japanese B Series	mm X mm	Inch X Inch
C0	917X1297	36.10X51.06	B0	1030 x 1456	40.55x57.32
C1	648X917	25.53X36.10	B1	728 x 1030	28.66x40.55=
C2	458X648	18.05X25.53	B2	515x728	20.27x28.66
C3	324X458	25.53X9.02	B3	364x515	14.33x20.27
C4	229X324	9.02X12.76	B4	257x364	10.13x14.33
C5	162X229	6.38X9.02	B5	182x257	7.16x10.13
C6	114X162	4.51X6.38	B6	128x182	5.06x7.16
C7	81X114	3.19X4.51	B7	91x128	3.58x5.06
C8	57X81	2.25X3.19	B8	64x91	2.53x3.58
C9	40X57	1.59X2.25	B9	45x64	1.79x2.53
C10	28X40	1.12X1.59	B10	32x45	1.26x1.79

Width of Cn = 2^(-1/8-n/2) and Height = 2^(3/8-n/2)

The allowed tolerances are ±1.5 mm for dimensions up to 150 mm, ±2 mm for dimensions above 150 mm up to 600 mm, and ±3 mm for dimensions above 600 mm.

The A, B & C series are trimmed paper sizes. ISO also define format series RA and SRA for untrimmed raw paper, where SRA stands for 'supplementary raw format A'. These formats are only slightly larger than the corresponding A series formats. Sheets in these formats are  cut to the end format after binding. The ISO RA0 format has an area of 1.05 m² and the ISO SRA0 format has an area of 1.15 m². These formats also follow the sqrt(2)-ratio and half-area rule, but the dimensions of the start format have been rounded to the full centimeter. The common untrimmed paper formats that printers order from the paper manufacturers are

RA SERIES	mm X mm	Inch X Inch	SRA SERIES	mm X mm	Inch X Inch
RA0	860X1220	33.86X48.03	SRA0	900X1280	35.43 X 50.39
RA1	610X860	24.01X33.86	SRA1	640X900	25.19X35.43
RA2	430X610	16.93X24.01	SRA2	450X640	17.71X25.19
RA3	305X430	12.00X16.93	SRA3	320X450	12.59X17.71
RA4	215X305	8.46X12.00	SRA4	225X320	8.85X12.59