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of <h1>Understanding service tax liability under Section 66B for taxable services, negative list exclusions, amendments and reinsurance exemptions</h1> Section 66B of the Finance Act, 1994 imposes service tax at the rate of fourteen per cent on the value of all taxable services, except those specified in the negative list, when provided or agreed to be provided within the taxable territory by one person to another. The provision, effective from 1 July 2012, establishes the basic charge of service tax and authorizes its collection in the prescribed manner. Subsequent amendments adjusted the tax rate and clarified interpretative references to earlier section 66, some of which were later omitted. A later special provision grants retrospective exemption and refund for certain reinsurance services under specified agricultural insurance schemes.
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