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of <h1>Finance Bill 2008 Expands Taxable Services; Increases Small Provider Exemption to Rs. 10 Lakh; Updates CENVAT Credit Rules.</h1> The Finance Bill 2008 proposes amendments to the service tax regime, including expanding the list of taxable services to encompass IT software, ULIP management, stock exchange, and internet telecommunication services. The amendments also redefine certain services and clarify tax applicability for transactions like foreign currency exchange and cargo handling. The service tax exemption threshold for small providers increases from Rs. 8 lakh to Rs. 10 lakh, effective April 1, 2008. Additionally, new rules and amendments address service tax returns, dispute resolution, and CENVAT credit, with various changes effective from March 1, 2008, or upon enactment of the Finance Bill.
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