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CHIT Fund in Gst

Dinesh Mantri (52 Points)

27 October 2020

can anyone pls explain in detail taxation of chit fund in GST??

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 28 October 2020

In case chit fund :
The money collected from members is Exempted in term of Notification 12/2017 CT (R) , yes the commission paid to Chit Fund manager for his services is being taxable Under Head 9971 @ 12% GST

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