Compliances of Service Tax in Banking Sector

Dear Members,
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 has taken an initiative in this respect in order to help the auditors in complying with service tax law. It gives me immense pleasure to introduce you to the newly launched publication on "Compliances of Service Tax in Banking Sector" which provides us with 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.

You can download the entire booklet from Knowledge Portal of ICAI, which is available on the following link

http://www.icaiknowledgegateway.org/media/k2/attachments/Final_PDF_Filepdf13.03.2014.lnk_1.pdf

Hope the same will assist you in your professional endeavors

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