A revised paper on negative list of services – consisting of 27 items which are not to be taxed under the proposed Goods and Services Tax (GST) – will be released in a day or so, the Central Board of Excise and Customs (CBEC) said on Wednesday. “We have received feedback from all concerned stakeholders and fine-tuned our earlier proposal,” said CBEC joint secretary V.K. Garg while addressing a national conference organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). The government intends to announce the negative list in the forthcoming Budget as this will familiarise states and the industry with it before the GST regime rolls out from next financial year – most likely from October 2012. The idea behind the proposal is to curb duplication in taxing items falling under similar categories which could result in a lot of complications at the administrative level, said Mr Garg, adding that it will also result in making the tax collection process a lot more transparent.
Source : India blooms
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