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of <h1>Finance Bill 2012 Amends Service Tax: New Sections Introduced, Negative List Adopted, 12% Tax Rate Set</h1> Clause 143 of the Finance Bill, 2012 proposes amendments to the Finance Act, 1994, focusing on service tax. It replaces the existing service-specific taxation with a system taxing all services except those on a negative list. Key changes include the introduction of sections 65B, 66B, 66C, 66D, 66E, and 66F, defining terms and specifying taxable services. The service tax rate is set at 12% for services in the taxable territory, excluding those on the negative list. Amendments also address special audits, appeal periods, and penalties, with provisions for retrospective exemptions for specific services. These changes take effect upon presidential assent.
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