Photo: Hindustan TimesNew Delhi: Tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the Goods and Services Tax (GST) regime from 1 July. The task before the panel is to keep the impact of GST on inflation and prices near neutral or zero. “The fitment committee will start with deciding on tax rates on services. Since the Centre alone has the power to levy service tax under the current regime, fixing of the tax rate on services would be an easier task,” the official said. On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities which are exempt from service tax.

Source: Mint April 16, 2017 07:18 UTC