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of <h1>Union Budget 2013: Service Tax Changes in Finance Act, Updates to Negative List, Penalties, and New Compliance Scheme.</h1> The Union Budget 2013 introduced several changes to the service tax regime aimed at providing stability and enhancing compliance. Key legislative changes include revisions to the Finance Act, 1994, such as updates to the negative list and penalties under sections 73 and 77(a). Exemptions have been adjusted, affecting educational services, copyrights, and transportation, among others. The abatement for construction services is reduced, and a Voluntary Compliance Encouragement Scheme is proposed for tax defaulters. Additionally, the Advance Ruling Authority's benefits are extended to resident public limited companies. These changes will take effect upon the enactment of the Finance Bill, 2013.
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