https://www.taxtmi.com/caselaws?id=234228 Service tax on chit fund transactions was brought within the taxable net after the 2007 amendment removed the earlier exclusion for cash management. The amended statutory text, not the departmental circular, supplied the tax liability, because a clarificatory circular cannot create or enlarge a levy without statutory backing. Chit fund activity was treated as fund management and therefore as a service within the Finance Act, 1994 framework. The writ challenges were rejected, with the levy sustained on the basis of the amended provision. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 30 Jul 2014 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234228 Service tax on chit fund transactions was brought within the taxable net after the 2007 amendment removed the earlier exclusion for cash management. The amended statutory text, not the departmental circular, supplied the tax liability, because a clarificatory circular cannot create or enlarge a levy without statutory backing. Chit fund activity was treated as fund management and therefore as a service within the Finance Act, 1994 framework. The writ challenges were rejected, with the levy sustained on the basis of the amended provision. Case-Laws Service Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234228