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of <h1>Finance Act 2006: Key Amendments in Service Tax, New Service Definitions, Revised Rates, Penalties, and Rebates Explained</h1> The Finance Act, 2006 amends the Finance Act, 1994, particularly concerning service tax provisions. Key changes include substituting 'commercial concern' with 'person' in various clauses, expanding definitions such as 'aircraft operator,' 'auction of property,' and 'automated teller machine.' New clauses introduce concepts like 'internet telephony,' 'ship management service,' and 'public relations.' The amendment also revises service tax rates, valuation methods, and introduces penalties for non-compliance. It establishes provisions for service tax on services received from outside India and outlines procedures for recovery, provisional attachment, and publication of defaulters' information. Additionally, the Act provides for rebates on service tax for exported goods and services.
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