Service tax law, as contained in the Finance Act, 1994, as amended by the Finance Act, 2012 is relevant for May and November, 2013 examinations. The Finance Act, 2012 has introduced the concept of negative list in the service tax law whereby all services are liable to service tax except those covered under the negative list and the exempted services. In other words, under the present law, the services which would not be taxable have been specified as against the earlier law where the individual taxable services were specified. Consequently, the practice of notifying certain taxable services for Examination purposes (earlier thirty two taxable services were so notified) would no longer be relevant.
Students are advised to study Paper 8: Indirect tax laws from latest edition of the Study Material which is the relevant for May and November, 2013 examinations. Students having earlier editions of Study Material should refer to the Supplementary Study Paper-2012 (Final) for being updated with the amendments made vide the Finance Act, 2012.Tags : Students