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<h1>Negative list taxation expands taxable services and reforms place-of-provision, valuation, Cenvat credits and compliance requirements.</h1> Budget 2012 replaces service-specific taxation with a negative list charging regime: all activities meeting the definition of a service are taxable unless listed in the negative list or exempted. The package pairs this conceptual shift with Place of Provision rules, revised valuation for works contracts and restaurant services, restored standard rate with adjusted composition/abatements, and amended Cenvat and compliance rules including simplified refunds and a common EST return.
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