Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TDS :: ACCOUNTING STANDARD :: cpt :: list of goods taxed at 4%
 
 
« Service Tax »
 Changes In Central Goods And Services Tax Rules, 2017
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty

Amendment Concerning Service Tax on Chit
May, 26th 2008
The Central Government has issued notification. No. 27/2008-ST dated the 27th May, 2008, amending notification No. 1/2006-ST dated the 1st March, 2006, prescribing abatement in lieu of CENVAT Credit for the purpose of payment of service tax for the services provided in relation to Chit.

Chit is also known as chit fund, chitty, kuri. The person who is conducting the chit fund is known as foreman and is entitled for a commission. Subscribers of a chit are required to subscribe a certain sum by periodical instalments for a definite period. Each subscriber is entitled to the chit amount as determined in an agreed manner by turns with the liability to pay future subscription. Administration of chit is governed by the Chits Funds Act, 1982.

Services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern in relation to asset management including all forms of fund management, is leviable to service tax under banking and other financial services [section 65(105)(zm) and section 65(12)of the Finance Act,1994]. Services provided in relation to chit falls under taxable service banking and other financial services.

All India Association of Chit Funds has requested to prescribe abatement in lieu of input credit of taxes paid under CENVAT Credit Scheme. The request of the Association was examined by the Advisory Committee on Service Tax Abatements and based on the recommendations of the Advisory Committee on abatements. The Central Government has notified the abatement rate of 30% of the value of the taxable services i.e, commission earned by the person conducting the chit fund business. Provider of services in relation to chits opting to pay service tax availing abatement is required to pay service tax on 70% of the commission charged without availing input credit under CENVAT Credit Scheme.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions