Compliances of GST in Banking Sector

GST & Indirect Taxes Committee of ICAI published Technical Guide on “Compliances of GST in Banking Sector”.

Contents of the guide :

1. Banking Sector – An Overview
2. Incomes Earned by Banks
3. Expenses Incurred by Banks
4. Input Tax Credit
5. Routine Procedural Checks under GST regime
6. Questionnaire for GST Audit of Banks
   • Annexure A: Reconciliation of Turnover
   • Annexure B: Details of Discharge of Liabilities
   • Annexure C: Details of ITC taken, Utilized and Reversed
   • Annexure D: Details of transactions, where incorrect tax paid (Section-77)-GST
   • Appendix: Clarification regarding Questionnaire for GST Audit of Banks