<h1>New Service Tax System Expands Taxable Services; Only Negative List Exempt Under Finance Act, 1994, Section 66B.</h1> The new service tax system under section 66B of the Finance Act, 1994, expands the scope of taxable services to include all services except those on the negative list. Defined in section 65B, a service involves any activity for consideration between two parties, excluding transactions like the transfer of title in goods or immovable property, monetary transactions, and employee services to employers. The guidance note details the broad definition of 'activity' and 'consideration,' including monetary and non-monetary forms. It also clarifies that services provided by government entities are taxable if they compete with private entities and are not covered by the negative list or exemptions.