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of <h1>Clarifications on Taxation Rules Post-Budget 2012: Impact on Service Tax Rate, Ongoing Contracts, and Reverse Charge.</h1> The circular addresses clarifications on the Point of Taxation Rules following changes introduced in Budget 2012, including the service tax rate increase from 10% to 12% effective from July 1, 2012. It explains the point of taxation for continuous supply of services, applicability of revised rules for ongoing works contracts, and partial reverse charge provisions. The circular specifies that the point of taxation for services provided before March 31, 2012, remains unaffected by later changes. It also outlines scenarios where changes in the effective tax rate occur, impacting ongoing taxable works contracts as of July 1, 2012, and the application of partial reverse charge provisions.
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