The Tiruchi District Financiers and Chit Funds Association has appealed to the Centre to exempt chit fund services from GST.

An appeal to this effect was made at a meeting organised by the association along with the Tamil Nadu Chit Funds Association and Incorporated Chit Funds Association in connection with the Chit Funds Day in Tiruchi recently.

While financial services rendered by banks, non-banking financial companies, and micro finance institutions are exempt from GST, chit funds were levied 18% GST for rendering a similar service, president, Tiruchi District Financiers and Chit Funds Association, said in a statement.

Source: The Hindu