The Institute of Chartered Accountants of India (ICAI) has revised its publication titled “Compliances of GST in Banking Sector”.
The banking industry provides a wide range of services to its customers including traditional banking services, mutual fund agency services, etc. The majority of services provided by the Banks come within the purview of Goods and Services Tax (GST), out of which few services like extending deposits, loans or advances, sale or purchase of foreign currency amongst banks, etc. are given an exemption by the way of notification.
Banking sector is characterised by use of upsurge integrated technologies with a variety of products and services apart from voluminous pervasive transactions, therefore, it is crucial to implement and ensure best GST compliance in this sector.
For this purpose, it is necessary to have a comprehensive overview of the functioning of a bank and critical analysis of each and every aspect of transaction from the point of GST, i.e an insight to GST applicability on banking sector.
“With a view to providing guidance/ assistance to the members with updated knowledge to check the compliance of GST in banking sector especially while doing the Bank Branch/Central Statutory and Concurrent Audit, the GST & Indirect Taxes Committee of the Institute of Chartered Accountants of India (ICAI) has revised its publication titled “Compliances of GST in Banking Sector”. This publication contains an analysis of the provisions of the GST law in respect of income earned and expenses incurred by banks, an input tax credit under GST, routine procedural checks, questionnaire for GST Audit of banks, etc,” the ICAI President, C.A. Atul Kumar Gupta said.
The GST & Indirect Taxes Committee has revised its e-publication titled “Compliances of GST in Banking Sector”. The revised publication has been updated with the GST provisions applicable to the Banking Sector for the financial year 2019-20 apart from shading light on exigibility of GST, income earned/expenses incurred by banks, routine procedural checks, etc.
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