Abatement for chit fund foreman services restored, taxable at abated value subject to restriction on Cenvat credit. Services by a foreman of chit fund are taxable on an abated value (70% of the consideration) provided CENVAT credit on inputs, input services and capital goods used to provide the taxable service has not been availed; the abatement was withdrawn in 2015 then reinstated in 2016. The definition of 'foreman of chit fund' was aligned with the Chit Funds Act by amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Abatement for chit fund foreman services restored, taxable at abated value subject to restriction on Cenvat credit.
Services by a foreman of chit fund are taxable on an abated value (70% of the consideration) provided CENVAT credit on inputs, input services and capital goods used to provide the taxable service has not been availed; the abatement was withdrawn in 2015 then reinstated in 2016. The definition of "foreman of chit fund" was aligned with the Chit Funds Act by amendment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
