Finance Bill 2016

Abatement on Chit Fund Services

(Applicable w.e.f. 01.04.2016)

Abatement is being provided by a foreman of chit fund in relation to chit. Now, the said services shall be taxed after availing the abatement of 30% subject to condition of non-availment of CENVAT Credit in respect of inputs, capital goods and input goods.