GST clarification for MF distributor

Registration 487 views 2 replies

Lakshminarayanan

CEO

64 Points Joined April 2012

Dear Sir / Madam,

I am MF distributor whose income will exceed 20 lakhs this FY: 2021-22. My questions are as below - could anyone clarify them please?

Will I have to register for GST this FY itself after my income has crossed 20 lakhs (or) if it crosses 20 lakhs this year, then next FY only will I have to register for GST?
When I register & start paying GST, will I be paying personal Income Tax too? In that case, won't the total tax be 18% (GST) + 30% personal tax = 48% total tax?

Replies (2)

Mujeeb Doi

309 Points Joined June 2017

If you are trader and not doing business from special states, then the limit of registration will be 40 lakhs and not 20 lakhs

Thank you Mr. Mujeeb. I am a Mutual Fund distributor who is a sub-broker. I am from Tamilnadu. The broker has his office in Gujarat & my clients will be spread across Bangalore, Tamilnadu, Kerala, Hyderabad, Mumbai, Kolkata & NRI clients too. As such, the indovidual fund houses will have their registered offices mostly in Mumbai but may be in other parts of India too.

Kindly let me know in this case.