Hyderabad: The Telangana Federation of Chit Funds (TFCF) has decided to ask the GST Council to remove the Goods and Services Tax (GST) on services provided by chit fund companies. They believe chit funds should be considered under the same category as Non-Banking Financial Companies (NBFCs).
This decision was made during the Federation’s General Body meeting, which took place in Secunderabad. During the meeting, the Federation also elected new leaders to its State Managing Committee.
K Srinivas Reddy was chosen as the president, P Rajaji as the Chairman, and Suman Linga as the Secretary General. J Bhaskar, H Raji Reddy, and V Bhupathi Reddy were elected as vice presidents.
Other members elected to key positions include K Srinivas Rao, G Preetham Reddy, and Ch Satyanarayana Rao as joint secretaries. M Ramesh was appointed as the treasurer. In total, 10 zonal secretaries and 17 committee members were also elected, as shared by Srinivas Reddy.
