https://www.taxtmi.com/article/detailed?id=6025 Service tax is not leviable on Chit Fund business when consideration for foreman activities constitutes a transaction in money. The CBEC's Master Circular treating Chit funds as taxable under Banking and Other Financial Services was quashed by the Andhra Pradesh High Court, and the Union's SLP against that decision was dismissed, leaving the quashing intact. Post-Negative List, the statutory definition of 'service' excludes mere transactions in money, and judicial rulings (including on the Abatement Notification) support that foreman activity in Chit funds is not a taxable service. en-us Thu, 22 Jan 2015 07:07:55 +0530 Thu, 22 Jan 2015 07:07:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6025 Service tax is not leviable on Chit Fund business when consideration for foreman activities constitutes a transaction in money. The CBEC's Master Circular treating Chit funds as taxable under Banking and Other Financial Services was quashed by the Andhra Pradesh High Court, and the Union's SLP against that decision was dismissed, leaving the quashing intact. Post-Negative List, the statutory definition of 'service' excludes mere transactions in money, and judicial rulings (including on the Abatement Notification) support that foreman activity in Chit funds is not a taxable service. Articles Service Tax Thu, 22 Jan 2015 07:07:55 +0530 https://www.taxtmi.com/article/detailed?id=6025