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As you may be aware 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. Being auditors, it’s our responsibility to ensure that provisions of a particular law are duly complied with. While conducting an audit it sometimes becomes difficult to look into all the aspects of various laws. For example, Service Tax compliance while conducting an audit may pose to be a bit difficult area.

Indirect Taxes Committee of ICAI has revised its publication on “Compliances of Service Tax in Banking Sector” in order to help the auditors in complying with service tax law. The publication 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 for from the banks and appendix which help as ready references of law while conducting an audit.

The publication can be download or online purchase from the Indirect Taxes Committee website or access at below link:

Hope the same will assist you in your professional endeavors. In case of any clarification you may contact Secretariat Indirect Taxes Committee at or 0120-3045954.


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June 2024