The first meeting of the Empowered Committee (EC) of Finance Ministers of States on the Goods and Services Tax (GST) will begin here on Monday. The two-day meet will be presided over by Bihar Deputy Chief Minister and Chairman of the EC Sushil Modi.

On January 9 and 10, Finance Ministers of 11 States will discuss common interests, especially the proposed imposition of service tax on the basis of the negative list of services, an official State government communication said.

COMPENSATION OF LOSSES

The Committee will also review compensation of losses being suffered by States in the wake of reduction in the rates of sales tax by the Union government and the tendency of Value Added Tax (VAT) revenue during year 2011-12.

The meeting will see the participation of ministers from Andhra Pradesh, Chhattisgarh , Haryana, Jammu & Kashmir, Odisha , Tamil Nadu, Gujarat, Delhi, Karnataka, West Bengal and Madhya Pradesh.(The Hindu)