Services provided in relation to chit: service tax treatment prescribed, formalising taxation and scope of chit fund services. Amends Notification No. 1/2006-Service Tax by inserting entry 4A (zm) to declare services provided in relation to chit taxable, provides a definition of 'chit' covering various local terms and subscription/ prize mechanisms, and prescribes the applicable effective service tax rate for such chit-related services under the schedule of taxable services.