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of <h1>Amendments to Finance Act: Service Tax Exemption Raised, New Services Taxed, and New Exemptions Introduced for 1994 Rules.</h1> The circular outlines proposed amendments to the Finance Act, 1994, Service Tax Rules, 1994, CENVAT Credit Rules, 2004, and Export of Services Rules, 2005. Key changes include increasing the service tax exemption threshold for small providers from Rs. 4 lakhs to Rs. 8 lakhs and expanding the service tax base to include new services such as telecommunication, mining, and renting of immovable property. Amendments also cover service tax on works contracts, asset management, and design services. New exemptions are introduced for resident welfare associations, technology incubators, and clinical research organizations. The document emphasizes the need for compliance and awareness of these changes.
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