New Delhi, Feb 28 (IANS) Individual and sole proprietor service tax payers with an annual turnover of up to Rs.60 lakh will not be required to go through audit formalities, Finance Minister Pranab Mukherjee said Monday.
‘I propose to free all individual and sole proprietor taxpayers with a turnover up to Rs.60 lakh from the formalities of audit,’ Mukherjee said while presenting the 2011-12 general budget in the Lok Sabha.
The finance minister said he had decided to give this relief in view of the rising number of assessees in this category.
‘The number of assessees in service tax has grown manifold. I find that 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,’ said Mukherjee, adding that the move will give relief to a large number of taxpayers.
‘I also intend to give all assessees with turnover upto Rs.60 lakh the benefit of three percentage points in interest on delayed payment,’ he said.
