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of <h1>Finance Bill 2008: Service Tax Changes, New Thresholds, and Expanded Taxable Services Including IT Software and Telecom.</h1> The Finance Bill, 2008 introduces significant changes to service tax regulations, including raising the exemption threshold for small service providers from Rs. 8 lakh to Rs. 10 lakh. New taxable services are defined, including IT software, investment management under ULIP, and internet telecommunication services. Amendments are made to the classification of composite services, and service tax is now applicable to transactions between associated enterprises even if payment is not received. Exemptions are granted for certain services, such as accommodation booking by foreign entities. Penalties for non-compliance are adjusted, and procedural changes are implemented in service tax rules and CENVAT credit regulations.
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