Audit requirement

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CA MANISH ARORA (Querist)
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26 October 2012 sir
Please tell me about requirements of audit under service tax ?
what is penalty if not conducted for previous year 11-12 till now?
due date in which audit should be done?

parulgoyal

parulgoyal (Expert)
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26 October 2012 hello

The frequency of audit for other taxpayers would be as per following norms:-
i. Taxpayers with Service Tax payment above Rs.3 crores (Cash + CENVAT) (MANDATORY UNITS) – to be audited every year.

ii. Taxpayers with Service Tax payment between Rs.1 crore and Rs.3 crores (Cash + CENVAT) – to be audited once every two years.

iii. Taxpayers with Service Tax payment between Rs.25 lakhs and Rs.1 crore (Cash + CENVAT) – to be audited once every five years.

iv. Taxpayers with Service Tax payment upto Rs.25 lakhs (Cash + CENVAT) – 2% of taxpayers to be audited every year.

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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26 October 2012 The audit will be conducted by the service tax department...No need for self audit done, no due dates.... But you need to maintain propoer records of invoices and cenvat credit , which will be helpful as and when the audit is taken up by the deptt...

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