Dear Professional Colleagues,

Service tax on Banking and other financial services was imposed w.e.f. 16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative list, service tax compliance has now become an integral part of the banking Sector especially with reverse charge not being understood or complied in some instances.

Indirect Taxes Committee has taken an initiative in this respect in order to help the bank branches as well as the auditors in complying with service tax law through its publication “Compliances of Service Tax in Banking Sector” launched in 2014. This publication has now been revised with changes made in the Law in last year and as well as proposed by Finance Bill 2017 and contains a detailed Questionnaire for Service Tax Audit of Banks, answering which will ensure compliance with various service tax regulations. In addition to questionnaire there are annexure(s) wherein information can be asked from the banks. It provides an end to end solution for service tax aspects under bank audits.

In case of any doubts while conducting your bank/ branch audit with regard to indirect taxes especially service tax, please mail the Secretary at idtc@icai.in. We will ensure the answer reaches you in a maximum 72 hours.

Let us prove in branch bank audit that we are knowledgeable, thorough and independent professionals contributing to the Country.

An e-book on the same is freely available for downloading at: http://idtc.icai.org/publications.php

Hope the same will assist you in your professional endeavors. You may also register for Indirect Taxes update at the website of committee www.idtc.icai.org. In case of any support you may contact Secretary, Indirect Taxes Committee at idtc@icai.in or 0120-3045954.

Warm Regards

Chairman
 Indirect Taxes Committee
Vice Chairman
Indirect Taxes Committee

The Institute of Chartered Accountants of India
A-29, Sector – 62, Noida – 201301
Telephone Direct – +91 120 3045 954
Telephone Board – +91 120 3045 900 Ext. 954
Website:  http://www.icai.org; www.idtc.icai.org for help please visit: http://help.icai.org

Source- ICAI

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