Chit Funds — Service rendered does not fall under "banking and other financial services" — Not taxable under Service Tax

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Full Text of the Document

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.... to whether the services rendered by a chit fund is classifiable in the category of taxable service under "banking and other financial services". As per section 65(10) of the Finance Act, 1994, "banking and other financial services" includes asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not ....