Dear Professional Colleagues,
Banking and other Financial Services were brought under the scope of Service Tax net from 16.07.2001. During the financial year 2017-18 the provisions of service tax applied till June 2017 and thereafter for 9 months provisions for GST law has been made applicable since July, 2017.Post GST regime the services provided by banks are subject to GST which is liable @18% instead of 15% of the earlier regime.
For safe and sound banking sector, one of the most crucial factors is reliable financial information supported by quality bank audits. By conducting audits of financial statements of banks, the auditors play a key role in building a resilient banking sector. Considering the intricacies involved, the Indirect Taxes Committee has revised its e-publication titled “Compliances of service tax / GST in Banking Sector”. The revised booklet has been updated with the Service Tax / GST provisions applicable to Banking Sector for the financial year 2017-18.
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
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