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 more
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. more
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. more
Nephew had applied for GST cancellation a couple of months back but continues to receive notices from GSTN for failure to file monthly return. His accountant tells him that GST office will not proc...
7 years post the launch of GST I must tell you that most retail services businesses in India still evade it and Govt has failed to do anything. From ac repair fellow to caterers and from...
My cousin’s friend runs a local bakery in Goa. He accepts only CASH. No UPI/CC/Debit Card-- nothing! Logic: if he accepts anything in 'white', he will pay around...
Interesting how poor people and commoners pay GST on pretty much everything they buy from biscuits to namkeen, milk to grocery And rich buys iPhone, Luxury Cars, etc as Business Expenses...
Cut & polished diamonds are charged 1.5% GST. Flour & curd are charged 5% GST. Diamond walas can fund politics but aate dahi doodh walas can’t?? Plea...
The GST Council has recommended 5% GST on dairy items like pre- packed, pre-labeled curd, lassi and butter milk and increasing GST on dairy machinery and milking machines from 12% to 18%. This move...
Bicycle will attract a GST rate of 12%, but diamonds will attract only 0.25%. At a time when people aren't able to afford petrol & the poor are forced to commute on cycles, the govt charges 12%...
The Private tutors and coaching classes runners should be registered by the local authorities like Panchayats, municipalities and metros through simple forms with names, addresses of operators, the...
Rs6.14 lakh crore as input tax credit (ITC) remains blocked under Rule 86A by the tax authorities without any due process being followed. Attached is data by state. Can LocalCircles take up this is...
Dear All, I live in an affordable housing society under PMAY in Gurgaon for the past two years. Maintenance is supposed to be free for five years. Builder has increased CAM charges twic...
By Gloria Joseph
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