preceding financial year is less than , only then this exemption is applicable in the current financial year. It is option as he wants to avail this exemption or not. Negative list Budget 2012 revamped the taxation provisions for services by introducing a new system of taxation of services in India. In the new system all services, except those specified in the negative list, are subject to taxation. Earlier, the levy of service tax was based on positive list—specified 119 taxable services. The term "Negative List", per clause (34) of section 65B of the Finance Act of 1994, means the services which are listed in section 66D. Registration of Service Tax As per Service Tax Law it is mandatory for the following categories of persons to obtain registration:- Every person liable to pay service tax under Reverse Charge An input service distributor Every provider of taxable service whose aggregate value of taxable service exceeds 9 lakhs in a financial year. Every person mentioned above will have to get themselves registered under the service tax law within 30 days from the date of commencement of such service or business. Whereas in case of service provider whose aggregate value of taxable service not exceeded 9 lakhs in a financial year not need to obtain registration, where in case he has obtained registration he is liable to payment of service tax only if the value of taxable services exceeds 10 lakhs rupees. Service Tax Invoices Rule 4A prescribes that taxable services shall be provided and input credit shall be distributed only on the basis of a bill, invoice or challan. Such bill, invoice or challan will also include documents used by service providers of banking services (such as pay-in-slip, debit credit advice etc.) and consignment note issued by goods transport agencies. Rule 4B provides for issuance of a consignment note to a customer by the service provider in respect of goods transport booking services. References External links Automation of Central Excise and Service Tax Portal Taxation in India Abolished taxes