we are a pvt ltd company and we have a chit in the name of company on the withdrawl of chit GST at 12% is charged by the foreman and it is available in our GSTR2
can we avail the ITC on it
Thanks
4 Replies
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 12 June 2018
yes you can avail if your GST no mentioned
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 12 June 2018
Yes , the commission paid to Chit fund Foremen , GST is applicable & U can avail ITC for the same
Audit 52
(2 Points)
Replied 10 February 2025
No. Since profit/ income earned through chit is not subject to gst, you can't avail ITC on expenses made against it.
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