TFCF bats for exemption of chit funds from GST

Hyderabad: Telangana Federation of Chit Funds (TFCF) on Wednesday resolved to request the GST Council to exempt the GST on services of Chit Funds, citing them as Non Banking Financial Companies.

According to a press release, the General Body meeting of the Federation which was held in Secunderabad elected the new State Managing Committee of the Federation. The Federation elected K Srinivas Reddy as president, P Rajaji as Chairman and Suman Linga as secretary general, while J Bhaskar, H Raji Reddy and V Bhupathi Reddy were elected as vice presidents.

K Srinivas Rao, G Preetham Reddy and Ch Satyanarayana Rao were elected as joint secretaries and M Ramesh as treasurer. A total of 10 zonal secretaries and 17 committee members were elected, informed Srinivas Reddy.