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of <h1>Finance Bill 2006: Service Tax Increased to 12%, New Taxable Services, and Expanded Definitions in Service Tax Rules.</h1> The Finance Bill, 2006 introduces significant changes to the service tax regime, including an increase in the service tax rate from 10% to 12%. New taxable services are specified, and the scope of existing services is clarified. Key amendments include the inclusion of services provided by unincorporated associations to their members as taxable, expansion of service provider definitions from 'commercial concern' to 'person', and the introduction of reverse charge mechanisms for services provided from outside India. Certain exemptions are withdrawn, while new exemptions are introduced. Procedural changes in the Service Tax Rules, 1994 are also outlined.
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