Q. 179 What is the GST rate on chit fund or foreman commission after new notification ?

Ans. Services provided by a foreman of a chit fund in relation to chit would be 6% CGST& 6% SGST or 12% IGST, provided that credit of input tax charged on goods used in supplying the service has not been taken. 

Q. 178 For claiming ITC from our 2b, as a stock brokerage firm, how much should we claim? Right now, we are baffled between the following three options. 1)Recover every itc from 2b 2)only claim itc connected to broking, such as bills from NSE or BSE 3)Assert itc in an 80/20 ratio. The reason for this conundrum is that 20% of our turnover comes from our clients trading and 80% of it comes from our own trading. We don't charge any fee for our own trading, but we do charge fee for client trading and the money from those fee goes towards our gst sale return data ?

Ans. First, ITC is to be claimed after mapping invoice-wise details from GSTR-2B. Next, ITC is required to be ascertained after applying rule 42 of the CGST Rules, then full ITC is to be claimed in case of taxable supplies only and common ITC is to be claimed on the basis of turnover. 

Q. 177 What is the updated GST rate for chit fund with and without claiming ITC ?

Ans. Services provided by a foreman of a chit fund in relation to chit would be 6% CGST& 6% SGST or 12% IGST, provided that credit of input tax charged on goods used in supplying the service has not been taken.