This document provides a summary of changes to India's service tax regulations under the 2012 Union Budget. Key points include: - Nearly all services are now taxable under a "negative list" approach, excluding a few specified services. - Businesses must determine if they need to charge service tax or are exempt. Exemptions include annual turnover below Rs. 10 lakh or providing services on the "negative list". - The document outlines the definition of taxable services, exemptions for certain sectors like agriculture or education, and a list of "declared services" that are explicitly taxable. It aims to help businesses understand the new service tax coverage and determine their obligations under the revised regulations.