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.
Kishen K Warrier
(Expert)
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
- Tax on Amount transferred in HUF Account
- Nursery business
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
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
