Nagative list

This query is : Resolved

CA Nikhil Jhanwar (Querist)
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07 May 2012 What is the logic behind having two different lists one for Negative List under Section 66D and other exempted list by way of Notification No. 12/2012 dated 16.03.2012

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Guest (Expert)

08 May 2012 Negative list as introduced in budget 2012 implies that services other than those in the list are taxable.

The govt can exempt some of the services which are not in the negative list. vide releasing the exempted list

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Querist)
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08 May 2012 That I know..... My query is why there is need for two separate lists, cant there be a single list. Because the purpose of both the lists is same so how they would have classificed certain activites suitable for negative list and exempted list.

OPne reason I think is that whereas negative list exempts the whole service but exempted list exempts certain nature of particular service.

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