<h1>2012-2013 Budget: Service Tax Updates on Reverse Charge, Technology Imports, and Transport Sector Exemptions u/s 68(2.</h1> The 2012-2013 budget introduced several service tax notifications impacting various sectors. Key changes include the reverse charge mechanism under section 68(2), exemptions for technology imports, and adjustments to the effective service tax rate after abatements. Amendments were made to the Service Tax Rules, Works Contract Rules, and Point of Taxation Rules. The transport sector saw exemptions for rail services and revised tax rates for air passenger services. Additionally, the determination of aggregate values for exemptions and rescinding of previous notifications were addressed, with the effective service tax rate set at 12%.