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of <h1>India's Finance Ministry Updates Service Tax Rules: New Record Submission Requirements and Audit Procedures Explained.</h1> The circular issued by the Ministry of Finance, Government of India, addresses the maintenance and furnishing of records under the Service Tax Rules, 1994. A new sub-rule requires taxpayers to submit a list of records maintained for various transactions, such as services provided and goods managed, by January 31, 2008, or with their first return. Rule 5A allows authorized officers access to premises for scrutiny and verification without needing a notification. The records required under various laws are acceptable, and taxpayers need only update the list if changes occur. Authorized officers must provide prior notice for audits, and taxpayers have 15 days to comply with requests.
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