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of <h1>Finance Minister Proposes Audit Exemption for Small Service Tax Payers with Turnovers Up to Rs. 60 Lakh.</h1> The Union Finance Minister announced a proposal to exempt individual and sole proprietor service tax payers with turnovers up to Rs. 60 lakh from audit formalities. This decision addresses the significant increase in service tax assesses, many of whom are individuals or sole proprietors with small turnovers, whose business activities are disrupted by audits. Additionally, these taxpayers will benefit from a three percentage point reduction in interest on delayed payments.
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