07 March 2014

Supreme Court on ST on Chit Fund

Chit funds business constituted 'transactions in money' and isn't liable to service-tax; SC dismisses SLP

January 28, 2014[2014] 42 taxmann.com 52 (SC)/[2014] 43 GST 524 (SC)

Service Tax : SC dismisses SLP against judgment of Delhi High Court whereby Chit fund business (including business chit funds), which are 'transactions in money' were held not liable to service tax and Entry 8 of Notification No. 26/2012-ST, providing from partial exemption/abatement in relation thereto, was quashed  

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