GST on chit funds: Only foreman commission taxable; interest and penalties on subscriber defaults treated as exempt loans
Case-Laws
GST
HC held that while remuneration/commission up to 7% of the gross chit amount received by the foreman is taxable under GST as per Section 21(b) of the Chit Funds Act, 1982, interest and penalty recovered from defaulting subscribers under Section 21(c) are of a different character. Relying on the characterization of chit amounts as loans recoverable as de
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =