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of <h1>Union Budget 2016: New Krishi Kalyan Cess, Service Tax Rule Changes, and Updated Exemptions Effective June 1, 2016.</h1> The Union Budget 2016 introduced significant changes to service tax regulations. Key amendments include the introduction of the Krishi Kalyan Cess at 0.5% on taxable services effective June 1, 2016. Modifications were made to the Service Tax Rules, Point of Taxation Rules, and CENVAT Credit Rules. Changes include the omission of certain services from the Negative List and adjustments to exemptions, such as those for educational services and transportation of goods. New exemptions were introduced for specific sectors, including life insurance under the National Pension System and services by the Securities and Exchange Board of India. Additionally, the rules regarding reverse charge mechanisms and service tax on government services to business entities were updated.
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