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<h1>Finance Ministry Revises Service Tax Regime: Negative List, Education Cess Changes, and Section 66B Update Effective July 2012.</h1> The circular issued by the Ministry of Finance's Department of Revenue outlines significant changes in the service tax regime effective from July 1, 2012, including the implementation of a Negative List and revisions to various rules and notifications. It addresses doubts regarding the applicability of education cess and clarifies that references to section 66 of the Finance Act, 1994, should now refer to section 66B. The circular emphasizes the importance of understanding these changes and encourages local seminars and training for smooth implementation. It also advises on handling potential issues during the transition and highlights the need for a coordinated approach.