Gst impact on mutual fund distributors
This query is : Resolved
23 June 2017
Is it mandatory for MF Distributors to register for GST even if the annual TO is less than Rs 20 Lacs, as FAQ from one of the AMC (https://www.miraeassetmf.co.in/mailers/gst_faq/GST_FAQs.pdf) states that all payments under GST will Attract Tax and that there is No Threshold limit that is applicable.
06 July 2017
As per section 24 of CGST Act, every persons making interstate taxable supply have to get registered irrespective of the turnover.If the MF distributor is in one state and MF head office in another state, the MF distributor will be making an intertstae supply.In such a case, he has to get registered irrespective of the turnover.
As most MF houses have thire HO in Mumbai, Distributors outside Maharshtra will have to get registered under GST.Alternatively ,MFs have decided to deduct GST from the commissions for unregistered dealers and pay it to Govt.This is as per recommendations of Pwc
As most MF houses have thire HO in Mumbai, Distributors outside Maharshtra will have to get registered under GST.Alternatively ,MFs have decided to deduct GST from the commissions for unregistered dealers and pay it to Govt.This is as per recommendations of Pwc
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
