NOTIFICATION NO. 27/2008 Service Tax,
Dated: May 27, 2008
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 1 st March, 2006,
vide number G.S.R. 115 (E), dated the 1 st 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" |
F.No. 332/3/2008-TRU
(G.G.
Pai)
Under Secretary to the Government of India
Note:-
The principal notification No. 1/2006-Service Tax, dated the 1 st
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 1 st March,2006 and was last amended by notification No. 38/2007-Service
Tax, dated the 23 rd August,2007, G.S.R. 565 (E), dated the 23 rd
August,2007.
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