Budget 2011-12 – Relief from audit to Service tax Payers

Union Finance Minister Sh. Pranab Mukherjee has proposed to free all individual and sole proprietor service tax payers with a turn over to Rs. 60 lakh from the formalities of the audit. It has been observed that the number of assesses in service tax has grown manifold and a large number of them comprise individuals or sole proprietors with small turnovers. Any audit at their premises tends to dislocate their activities for the duration of the audit. It has also been proposed to give the benefit of three percentage points in interest on delayed payment to these service tax payers.