we are a pvt ltd company and we have a chit in the name of company on the withdrawl of chit GST at 12% is charged by the foreman and it is available in our GSTR2
can we avail the ITC on it
Thanks
No. Since profit/ income earned through chit is not subject to gst, you can't avail ITC on expenses made against it.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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