Notification No.27/2008-ST dated 27.5.2008
Amends notification No. 1/2006-ST, Dt. 01/03/2006 (Chit - means a transaction
whether called chit, chit fund, chitty, kuri)
G.S.R. (E). In exercise of the powers conferred by
sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central
Government, on being satisfied that it is necessary in the public interest so to
do, hereby makes the following further amendment in the notification of the
Government of India in the Ministry of Finance (Department of Revenue), No.
1/2006-Service Tax, dated the 1st March, 2006, vide number G.S.R. 115 (E),
dated the 1st March, 2006, namely:-
In the said notification, in the Table, after S.No.4, and the entries relating
thereto, the following serial number and entries shall be inserted, namely: -
| (1) |
(2) |
(3) |
(4) |
(5) |
| “4A. |
(zm) |
Services provided in relation to chit.
Explanation.- “Chit” means a transaction whether called chit, chit fund,
chitty, kuri, or by any other name by or under which a person enters
into an agreement with a specified number of persons that every one of
them shall subscribe a certain sum of money (or a certain quantity of
grain instead) by way of periodical installments over a definite period
and that each subscriber shall, in his turn, as determined by lot or by
auction or by tender or in such other manner as may be specified in the
chit agreement, be entitled to the prize amount. |
- |
70”. |
(G.G. Pai)
Under Secretary to the Government of India
[F.No. 332/3/2008-TRU]
Note:- The principal notification No. 1/2006-Service Tax, dated the 1st
March,2006, was published in the Gazette of India, Extraordinary, Part II,
section 3, sub-section (i) vide number G.S.R. 115(E), dated the 1st March,2006
and was last amended by notification No. 38/2007-Service Tax, dated the 23rd
August,2007, G.S.R. 565 (E), dated the 23rd August,2007.
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