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of <h1>2007 Finance Bill: New 1% Service Tax Cess, Expanded Taxable Services List, and More Exemptions u/s 65.</h1> The Finance Bill, 2007 introduces several changes to service tax regulations. A 1% cess on services liable to service tax is proposed, with credit available for input services. Amendments to Section 65 expand the list of taxable services, including telecommunication and mining services, and redefine existing services. Exemptions are increased for small service providers, resident welfare associations, and certain technology and research services. Other amendments include changes to filing procedures, the empowerment of authorities for cost audits, and adjustments to service tax rules and CENVAT credit regulations. These changes are effective from various dates in 2007, as specified.
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