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<h1>Service Tax Applies to Private Safe Deposit Vaults per Section 65(105)(zm); Providers Must Report Payments by January 21, 2008.</h1> The circular issued by the Directorate General of Service Tax addresses the applicability of Service Tax to private providers of safe deposit vaults. According to Section 65(105)(zm) of the Finance Act, services related to banking and other financial services, including safe deposit vaults, are taxable. Private providers of these services must comply by paying Service Tax. The circular requests information on the number of such providers in each jurisdiction and details of Service Tax payments made from April to September 2007. The report is to be submitted urgently by January 21, 2008.