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Composition scheme for a Broker

Yash Morakhia (107 Points)

22 October 2019

Can a Mutual Fund broker or a share broker be registered under composition scheme for service providers ?

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Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 22 October 2019

As per Sub-section (2A) of Section 10, Yes. can opt for composition scheme whose Aggregate Turnover do not exceed 50lac in Preceding FY. but with few restrictions :
1. cannot Supply Interstate
2. Cannot supply goods or services. which is not leviable to Tax
3. Required to pay 6% GST on turnover (Cannot collect tax from Recepient)
4. No ITC available
Hence if above conditions fulfilled , can opt for said scheme

Yash Morakhia (107 Points)
Replied 23 October 2019

Thanks for such a detailed reply. So even if the person is a sub-broker, he can opt for the scheme right?

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 24 October 2019

Yes ............................ subject to conditions mentioned above

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