https://www.taxtmi.com/circulars?id=65 Chit fund activity is characterised as mobilisation and movement of subscribers' cash to keep funds operational, constituting cash management; because cash management is expressly excluded from the statutory definition of banking and other financial services, services rendered by chit funds do not fall within that category and therefore are not taxable as the specified service under the Finance Act, 1994. en-us Fri, 15 Mar 2002 00:00:00 +0530 Sat, 31 Dec 2011 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65 Chit fund activity is characterised as mobilisation and movement of subscribers' cash to keep funds operational, constituting cash management; because cash management is expressly excluded from the statutory definition of banking and other financial services, services rendered by chit funds do not fall within that category and therefore are not taxable as the specified service under the Finance Act, 1994. Circulars Service Tax Fri, 15 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65