GST road map: Decks cleared for negative list of services

Decks have been cleared for the implementation of negative list of services from next fiscal with the empowered committee (EC) of state finance ministers on Monday giving its in-principle approval for the move with few riders. The negative list on services would replace the existing practice of having a positive list, where about 120 items are taxed. The list is being finalised to clear the road map for the introduction of goods and services tax that would subsume all central and state taxes and levies into uniform system of taxation.

Read Full Story>>