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of <h1>India's Finance Ministry Details Service Tax Exemptions Effective July 1, 2012, for Various Sectors Including Transport and Leasing</h1> The notification issued by the Government of India, Ministry of Finance, outlines the service tax exemptions effective from July 1, 2012. It specifies taxable services eligible for reduced service tax rates after abatement, detailing percentages and conditions for each service category. Services such as financial leasing, transport of goods and passengers by rail, air, and road, renting of accommodations, and tour operations are included. Conditions often involve restrictions on claiming CENVAT credit on inputs and capital goods. The notification aims to regulate service tax calculations and exemptions under the Finance Act, 1994.
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