India's 2012 Budget Revamps Service Tax: Negative List Approach, Tax Rate Hike to 12%, Stricter Compliance Rules.

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....India's 2012 budget introduced significant changes to the service tax framework by adopting a negative list approach, which specifies services exempt from taxation. The tax rate was increased to 12%, and stricter compliance rules were implemented to enhance enforcement and revenue collection. These changes aim to broaden the tax base and improve the efficiency of the tax system.....