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ICAI revises GST Compliances in Banking Sector

ICAI revises GST Compliances in Banking Sector

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

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