Dear Sir
One my client carrying chit business collects service tax as Misc Receipts @ 10% of chit commission and remitting service tax on 70% of chit commission (after claiming 30% abatement as per the notification dated 27-05-2008).
Is it correct as per the provisions of service Tax act?
Please clarify whether misc receipts of chit funds are taxable under service Tax Act?
CAclubindia
