Year 2012-13 has witnessed a paradigm shift in taxation of services in India from the existing system of subjecting to tax only services of specified descriptions to taxing all services, except those specified in the negative list. The selective approach has made way for the comprehensive approach.
With a view to increase awareness about the new dispensation and to educate the stakeholders on the niceties of the new regime, the CBEC has come out with an Education Guide on Taxation of Services. Students desirous of gaining knowledge on the new system of taxation of services may click on the following link and read the Education Guide:
However, it may be noted that that the new system, being introduced vide the Finance Act, 2012, would be relevant only from May 2013 examination onwards. It is clarified that the new system is not relevant for November 2012 examination.