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of <h1>Ministry of Finance Circular: New Rule Mandates Audit of Service Tax Records u/s 94 of Finance Act, 1994.</h1> The circular from the Ministry of Finance, dated December 10, 2014, addresses the audit of Service Tax assessees by officers of Service Tax and Central Excise Commissionerates. It highlights an amendment to Section 94 of the Finance Act, 1994, introducing a new rule under clause (k) to mandate the verification of records by departmental officers. This rule allows for the scrutiny of records by an audit party, reinforcing the statutory basis for such audits following a Delhi High Court judgment that previously quashed a similar rule. Officers are instructed to conduct audits as per departmental guidelines, with any implementation issues to be reported to the Board.
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