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of <h1>India Revises Service Tax on Chit Transactions with New Notification No. 27/2008-Service Tax</h1> The Government of India, through the Ministry of Finance, has issued Notification No. 27/2008-Service Tax, dated 27th May 2008, amending a previous notification from 1st March 2006. This amendment prescribes the effective rate of service tax on services related to chit transactions. A chit transaction involves an agreement where participants contribute money or grain periodically, with each participant entitled to a prize amount in turn. This notification adds a new entry, numbered 4A, to the existing table of services subject to tax, specifying services related to chit under the service code (zm).
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