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of <h1>Indian Budget 2012-2013: Service Tax Simplification, 12% Rate, Negative List, and New Provision Rules.</h1> The circular outlines changes in the Indian Budget 2012-2013 regarding service tax, focusing on simplifying tax processes and preparing for the Goods and Services Tax (GST). The service tax rate is restored to 12%, and a 'Negative List' approach is introduced, taxing all services except those specifically exempted. The Place of Provision of Services Rules, 2012, are introduced to determine the location of service provision for tax purposes. The circular also details changes in valuation rules, Cenvat credit rules, and exemptions, aiming to streamline compliance and reduce litigation. The new rules will replace existing export and import service taxation rules.
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