https://www.taxtmi.com/news?id=447 Services in relation to chit funds are taxable under banking and other financial services; the Government notified a 30% abatement on the value of the commission charged by the person conducting the chit, and providers opting for this abatement must pay service tax on the remaining 70% of commission without availing input credit under the CENVAT Credit Scheme. en-us Thu, 29 May 2008 11:11:00 +0530 Mon, 23 Jun 2008 11:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=447 Services in relation to chit funds are taxable under banking and other financial services; the Government notified a 30% abatement on the value of the commission charged by the person conducting the chit, and providers opting for this abatement must pay service tax on the remaining 70% of commission without availing input credit under the CENVAT Credit Scheme. News - Thu, 29 May 2008 11:11:00 +0530 https://www.taxtmi.com/news?id=447