MEENA VIVEK 29 October 2019
I Subscribed a chit of Rs.5000000/. I bid the chit in auction Rs.4000000/ after deducting foremen's commission RS.250000/ plus GST Rs.30000/,member discount/Dividend Rs.720000/ a) If i use the bid amount for my business can I claim ITC of Rs.30000/- b)If I make the bid amount in fixed deposit can I entitled ITC.Because I am a GST Registered Person.Kindly Clarify.
Kapadia Pravin 30 October 2019
GST on Services provided by foreman of chit fund business -
The rate of GST on Services provided by foreman of chit fund in relation to chit fixed by GST council at the introduction of GST in July, 2017 is 12% with ITC of input services