GST blues hit services sector, falls to 4-year low

The services sector activity contracted at the sharpest rate in nearly four years in July as lack of knowledge regarding the new indirect tax Goods and Services hit fresh orders. The Nikkei India Services Purchasing Managers’ Index (PMI), a measure of services sector output on a monthly basis, plunged to 45.9 in July, the lowest since September 2013, from June’s eight-month high of 53.1. A reading…