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of <h1>Finance Act 2006 sets service tax at 12.24%, updates valuation and collection rules, introduces new service tax rules.</h1> The Finance Act, 2006, effective from April 18, 2006, sets the service tax rate at 12% plus an education cess of 0.24%, totaling 12.24%. Amendments to the Finance Act, 1994, affect sections related to service tax valuation and collection. New rules include the Service Tax (Determination of Value) Rules, 2006, and the Taxation of Services (Provided from outside India and received in India) Rules, 2006. These rules address valuation methods, reverse charge mechanisms, and export service categorizations. Notifications have been issued to align with these changes, and certain previous notifications have been rescinded. This circular serves as guidance for understanding and implementing the new provisions.
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