 "hearing, case, court")
Chit fund gets service tax relief
The Supreme Court has dismissed an appeal of the central government which had demanded service tax from chit fund firms claiming they were covered by the expression “banking and financial services” under the Finance Act, 1994. The firms challenged the 2007 circular of the Central Board of Excise and Customs in the Andhra Pradesh High Court, arguing their business did not amount to any service. The high court allowed their petitions and quashed the circular. The revenue authorities appealed to the Supreme Court (SC). The law had changed several times since then. The dispute
