The applicable HSN code for chit funds is Heading 9971: Financial and related services. Per the latest recommendation by the 47th GST Council meeting, the GST rate on chit fund commission has been raised from 12% to 18%. This is subject to the condition that no input tax claims (ITC) have been availed on the … See more In India, chit funds can only be created after receiving the express sanction of the respective state governments. These funds are regulated … See more But it is now believed that after the proposed GST rate hike to 18%, the chit fund companies will raise their commission to the maximum … See more To better understand the impact of the rate hike of GST for chit funds, let’s consider a hypothetical situation. Assume a chit fund consists of 40 members who contribute about Rs.25,000 per month. This means the cyclical … See more Under Heading 9971, ‘Financial and related services,’ services provided by the foreman in relation to the chit fund business attract an … See more WebAug 16, 2024 · Gst on chit fund This query is : Resolved Report Abuse Follow Query Ask a Query Querist : Anonymous (Querist) 16 August 2024 What is the rate of tax on chit …
Chit fund cos seek GST exemption - The Times of India
WebJul 14, 2024 · The Andhra Pradesh Authority of Advance Ruling (AAR) ruled that 12% of GST is applicable on interest/penalty collected for the delay in payment of monthly … WebJul 9, 2024 · Chit funds condemn hike in GST, seek exemption. Expressing shock over the increase in Goods and Services Tax (GST) on chit fund services from 12 to 18 per cent, … busy bees training and education
Lok Sabha passes bill to raise chit fund amount by three times
WebJul 5, 2024 · 5 Jul, 2024, 7:25 am. CHENNAI: As the Union government increased the GST on chit fund services from 12 per cent to 18 per cent, the All India Association of Chit … WebAug 11, 2024 · 4 min read . Updated: 11 Aug 2024, 09:18 AM IST Vidya Mahambare, Sanjoy Sircar. Recently, GST on chit fund services has been raised to 18% from the … WebMar 21, 2024 · Chit fund is a unique financial instrument that works for both saving and borrowing purposes. Example of a Chit Plan: Chit Value: ₹100,000 Tenure: 25 months Monthly Subscription: ₹4000... busy bee studio instagram