ITC ON CHIT AUCTION PAYMENT-REG
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.
RAJA P M ("Do the Right Thing...!!!") 29 October 2019
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...
subhagan sreerangam 29 October 2019
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.
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
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