The union budget 2012 has left us thinking about the fate of normal people in our country.
No there is a significant change in the Service Tax Regime that could trigger a lot of ligitations inside the country.
The Government has proposed taxation of services based on the negative list, this indirectly implies that all services rendered under the sun are taxable, except those which are specified in the negative list.
My concern is with regard to the registration process, how much services one can register with the Govt and the Govt should also specify codes for all the services in the country.
It would be a daunting task for the revenue to include all the changes and to streamline the function of the department.
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