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of <h1>Excise Officers Restricted from Routine Checks; Section 74 Visits Allowed Biennially; Annual Audits for Telecom, Insurance, Brokers.</h1> Central Excise Officers are prohibited from making routine visits to service tax assessees' premises for checks. However, visits for verifying mistakes under Section 74 of the Finance Act, 1994, are allowed once every two years with prior approval. Audits of accounts related to telephone, insurance, and stock brokers will occur annually. For stock brokers, audits will follow specific norms based on the amount of service tax paid annually: 10% of brokers paying up to Rs. five lakh, 20% of those paying between Rs. five and fifty lakhs, and 50% of those paying over Rs. fifty lakhs will undergo document checks. The previous trade notice has been modified accordingly.
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