In the budget it has been announced that Service Tax on Mutual Fund commission / brokerage paid to distributor/agent is to be paid by them provided it is more than INR1000000/- annualy. rate applicability 14%
1) If brokerage / commission is 1200000/- than 14% will be applicable on 1200000/- or 200000/-
2) Whether credits of other services can be utilised in setting off the liability arising from mutual fund brokerage / commission.
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