Finance Bill 2017-18: Service Tax Changes, Negative List Updates, CENVAT Credit Amendments, New Exemptions for Military and Connectivity.

The Union Budget 2017-18 introduces changes in service tax through the Finance Bill, impacting various legislative and regulatory frameworks. Key amendments include modifications to the Negative List, adjustments in the Advance Ruling system, and the repeal of the Research and Development Cess Act. New exemptions are introduced for services provided by military insurance funds and under the Regional Connectivity Scheme. Rationalization measures involve amendments to the CENVAT Credit Rules, 2004. These changes are set to take effect on different dates, with some requiring the President's assent. The circular emphasizes careful review of statutory provisions and invites feedback on implementation challenges.

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