IGST for Mutual Fund Distributors
GST has been implemented for Mutual Fund Distributors. Irrespective of his Assets Under Management, He has to submit GST in the form of IGST if he is operating outside the state of Maharashtra. His income per annum can be as low as Rs.7,000/-, if he/she does not submit monthly GST invoice online, he has to pay by reverse charge mechanism. by this he looses about 10-11% of his brokerage. As he is paying income tax etc. There should be some mechanism deducting under reverse charge and for small distributors, Asset Management Companies themselves should file monthly GST
Viewed by 818
I think, if you r not registered for GSTIN as mutual fund advisor, AMC's are deducting GST under reverse charge mechanism, and advisor need not to file returns. Only if your AMC is out of your state, then GSTIN is mandatory. Not when your investor is out of state. Experts , pl comment.
Sep 21
No exceptions should be made for payment of Taxes, where ever Taxes are needed to be paid. For far too many years, the Indian Businessman and others also, have avoided paying taxes, thus resulting in inadequate income/ resources for public benefit. Thats another reason for high level of taxation for all, since a few are avoiding paying their due taxes. Ih fact if people do not follow taxation rules, there should be no mercy on them. Fighting court cases is no use. Recoveries need to be made by attaching property, which they have made by NOT PAYING TAXES.
Sep 19
where is the concept of one nation one tax. this and all such news shows MY POCKET WANTS MORE like ye dil mange more.
Sep 19
