Dear Sir, I am a mutual fund advisor and earns around Rs.8000/per month as commission.It works out to Rs.96000/per month.GST Act permits waiver of GST upto Rs.20.00lakhs(Twenty lakhs) turnover per annum.Inspite of this our Mutual fund companies deduct GST from us from the unregistered advisors and registered advisors are forced to pay the GST online irrespective of their commission earned.Nobody knows the correct procedures and simply harass small advisors like me and forcing us to file the voluminous GST Returns every month.Preperation an filing of GST RETURNS are a recurring expenditure for persons like me.LIC IS NOT DEDUCTING GST fromtheir agents whereas mutual fund companies are adopting this unnecessary procedure and penalising the advisors.So I will be thankful if any Govt.official in Finance department,SEBI,AMFI give clear instrutions to the registrars of mutual fund companies like CAMS,KARVY to desist from this practive of GST TDS ,small agents like me will be very happy.Please note that we donot have any input tax and as such we suffer heavy burden by this GST,FILING OF RETURNS ETC.,Please help us. more
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ALL INDIA BODY VIZ.AMFI-ASSOCIATION OF MUTUAL FUNDS OF INDIA SHOULD RISE UP TO THE OCCASION AND SAVE SMALL ADVISORS LIKE US.WILL ANY ONE BELL THE CAT. more
Oct 07
even though GST means goods and services, it is mainly for goods i.e. manufacturing sector.THEY allow medium scale SMEs to file quarterly returns instead of Monthly.But what about us.No one has the clear idea.In what section of GST Act it is specified that there is no basic exemption for service providers like us.Persons who donot have any idea or knowledge simply deducting 18%GST on brokerages especially for mutual funds and not the LIC. jayaprakash easwaran more
Oct 07
I request the Finance Minister to look into the matter in the interest of small distributors like us. more
Oct 06
There are thousands of mutual fund advisors like us who earn much less than Rs 5 lakhs per annum However AMCs dedduct 18% of our commission as reverse charge as we are not supposed to register under GST as our tunover is much less than 20LakhsThis is a clear injustice to us as we are distribution agents of AMCs and not service providers Actually AMCs and registrars are the service providers here and they have to bear pay the service tax and collet from investors Why we are made scapegoats? more
Oct 06
