ITC availibility on Chit Fund Charges

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127 Points Joined April 2017
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
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On 11 June 2018 at 22:48 Report
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Business and tax consultant
3299 Points Joined September 2017
yes you can avail if your GST no mentioned
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On 12 June 2018 at 00:45
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GST Practitioner
55067 Points Joined June 2017
Yes , the commission paid to Chit fund Foremen , GST is applicable & U can avail ITC for the same
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On 12 June 2018 at 12:50
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24196 Points Joined May 2018
Yes. Can avail ITC.
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On 13 June 2018 at 00:09
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2 Points Joined February 2025

No. Since profit/ income earned through chit is not subject to gst, you can't avail ITC on expenses made against it.

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On 10 February 2025 at 14:25


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