TO
BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA,
EXTRAORDINARY
GOVERNMENT OF INDIA
MINISTRY
OF FINANCE
(Department
of Revenue)
Notification
No.
27/2008-Service Tax
New
Delhi, the 27th May, 2008
G.S.R.
(E). In exercise of the powers conferred by sub-section (1) of section 93
of the Finance Act, 1994 (32 of 1994), the Central Government, on being
satisfied that it is necessary in the public interest so to do, hereby makes the
following further amendment in the notification of the Government of India in
the Ministry of Finance (Department of Revenue), No. 1/2006-Service Tax, dated
the 1st March, 2006, vide number G.S.R. 115 (E), dated the 1st
March, 2006, namely:-
In
the said notification, in the Table, after S.No.4, and the entries relating
thereto, the following serial number and entries shall be inserted, namely: -
|
(1) |
(2) |
(3) |
(4)
|
(5) |
|
“4
A. |
(zm) |
Services
provided in relation to chit. Explanation.-
“Chit” means a transaction
whether called chit, chit fund, chitty, kuri, or by any other name by or
under which a person enters into an agreement with a specified number of
persons that every one of them shall subscribe a certain sum of money (or
a certain quantity of grain instead) by way of periodical installments
over a definite period and that each subscriber shall, in his turn, as
determined by lot or by auction or by tender or in such other manner as
may be specified in the chit agreement, be entitled to the prize amount. |
- |
70”. |
(G.G.
Pai)
Under
Secretary to the Government of India
[F.No.
332/3/2008-TRU]
Note:-
The principal notification No. 1/2006-Service Tax, dated the 1st
March,2006, was published in the Gazette of India, Extraordinary, Part II,
section 3, sub-section (i) vide number G.S.R. 115(E), dated the 1st March,2006 and
was last amended by notification No. 38/2007-Service Tax, dated the 23rd
August,2007, G.S.R. 565 (E), dated the 23rd August,2007.
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