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ITC ON CHIT AUCTION PAYMENT-REG


MEENA VIVEK   29 October 2019

MEENA VIVEK

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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.

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RAJA P M ("Do the Right Thing...!!!")     29 October 2019

RAJA P M
"Do the Right Thing...!!!" 
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If the chit amount from Your personal Nature then no way for claim ITC...

In case it's through your business then you can claim...

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subhagan sreerangam   29 October 2019

subhagan sreerangam

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GST ITC from chit amount can not claim because the the chit is your personal need.Other wise it is used in business you can take that ITC.

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Kapadia Pravin   30 October 2019

Kapadia Pravin

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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


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