India's Finance Ministry Exempts Certain Services from Service Tax in Notification No. 26/2012 Effective July 1, 2012.

The Government of India, through the Ministry of Finance, issued Notification No. 26/2012 on June 20, 2012, under the Finance Act, 1994, to provide exemptions on certain taxable services from service tax. The notification specifies various services, such as financial leasing, transport of goods and passengers by rail or air, renting of premises for functions, and services by tour operators, among others. Each service is subject to specific conditions and percentages for tax calculations, primarily involving restrictions on CENVAT credit claims. The notification supersedes a previous one and took effect on July 1, 2012.