Hello Ravi,
I have check your page and I can see that you have added a custom headline in your text widget.
You have this:
[custom_headline type="left" level="h2" looks_like="h3"]Join the Inner-Peace Community[/custom_headline]
Please have it updated in to this:
[custom_headline class="mtn" type="left" level="h2" looks_like="h3"]Join the Inner-Peace Community[/custom_headline]
We have added class="mtn" wherein mtn means margin top none. Once the custom class is in place, you should have this layout:

The space between the content and the sidebar is not a padding. It is the difference between the width of the content which is 69.536945% and for the sidebar is 25.536945%. When you add the two widths, you are left with 4.92611% and this constitute space. If you want to adjust the width, you can use a custom css code:
.x-main {
width: 70%;
}
.x-sidebar {
width: 28%;
}
This code will give you a 2% space in between the content and your sidebar.
Hope this makes sense.