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of <h1>Finance Bill 2012: Shift to Negative List for Service Tax, 12% Tax on Non-Exempt Services, Section 65B Definitions</h1> The Finance Bill, 2012 proposes amendments to the Finance Act, 1994, regarding service tax. It introduces a shift from a specified service description to a negative list approach, where all services are taxable except those listed in the negative list. Key changes include defining various terms under section 65B, imposing a 12% service tax on non-negative list services, and empowering the Central Government to determine service provision rules. Amendments also address penalty waivers, special audits, appeal limitations, and tax evasion penalties. Retrospective effects are given to certain rules and exemptions, with all changes effective upon presidential assent.
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