Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

ITC for services of foreman of Chit Fund

PEP CONSULTANCY (118 Points)

21 March 2018

Is ITC available on services used by chit fund

Reply
Follow
Share

5 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 21 March 2018

Yes... ITC available.

Upgrade to CAclubindia Pro. Subscribe Now!

PEP CONSULTANCY (118 Points)
Replied 21 March 2018

what about itc on goods

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 21 March 2018

Elobrate your question

PEP CONSULTANCY (118 Points)
Replied 21 March 2018

1. As per Chapter 99, GST on services supplied by foreman of chit fund is 12%. This is with a condition that itc is not claimed on supply of goods used for providing such services. As this condition is only for claiming ITC on goods, can we claim itc on services used.
2. Can chit fund claim itc on GST paid under RCM?