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GST for Distributors.
No. of Comments: 40
By Deepak K Khurana, Pulgaon, 15783 On 18-Jun-2017
The services provided by Mutual Fund agent/distributor to a Mutual Fund or Asset Management Commission, are being made taxable under forward charge with effect from April 1, 2016. The Small scale exemption i.e. threshold turnover of Rs 10 lakh per year is available to the Mutual Fund agent/distributor, subject to fulfillment of other conditions prescribed, These is regarding Service tax. What conditions will be applicable regarding GST & when we will have to Register for GST.


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Posted by virendra kumar arya on 29-Sep-2017 ARN NO :6001 City :gangapur city
My annual income is less than 20L limit. I have registered GSTIN and receiving commission from AMCs without GST deduction. Also receiving invoices from AMCs. There is no clear instruction from AMCs about what to do with these invoices. Also ther is no clarity on whether the GST amount shown on invoices to be remitted to Govt. eventhough annual income limit is less than 20L. If it so, then there is no point in registering GSTIN as there is no scope in input tax deduction. Different people giving different versions. For other industries Govt. notifying on newspappers by way of FAQ, still there is no FAQ for MF industry.

Posted by M Barani Kumar on 23-Sep-2017 ARN NO :ARN-52571 City :Vellore
My annual income is less than 20L limit. I have registered GSTIN and receiving commission from AMCs without GST deduction. Also receiving invoices from AMCs. There is no clear instruction from AMCs about what to do with these invoices. Also ther is no clarity on whether the GST amount shown on invoices to be remitted to Govt. eventhough annual income limit is less than 20L. If it so, then there is no point in registering GSTIN as there is no scope in input tax deduction. Different people giving different versions. For other industries Govt. notifying on newspappers by way of FAQ, still there is no FAQ for MF industry.

Posted by K A PATWARDHAN on 20-Sep-2017 ARN NO :64228 City :mumbai
i am charging advisery charges to my client,so under which head it is aplicable for gst.

Posted by Imran Hasan khan on 12-Sep-2017 ARN NO :39397 City :Lucknow
what is Chennel Code..?

Posted by Avinash K on 11-Sep-2017 ARN NO :ARN-92113 City :Satara
I fully support the one who has started this topic on this forum. I would like to see this put into action rather than just commenting on this forum. Sorry if this sounds rude to anyone. Dear all, please tell us what plan should be executed so that IFAs in India get justice for this mindless GST policy. Currently all I can say is that Mr. Pravin Dhuri, a hard working IFA like all of us had started a petition so that we all get justice. I strongly urge you all to please sign this petition. This will take just 1 minute of your time. But this 1 minute of every IFA will do justice with all IFAs. The link to sign this petition is: https://www.change.org/p/amfi-ministry-of-finance-sebi-appeal-against-wrongful-unjustified-deduction-of-gst-from-mutual-fund-advisor-commission There is nothing as simple as signing this petiition. Its the most important duty for an IFA at this hour. Thank you.

Posted by akhilesh upadhyay on 04-Sep-2017 ARN NO :105040 City :RANCHI
plz show the way.i am a very small distributor.getting less than twenty lakh per year.what should i do.i dont have the idea of gst at all.should i pay the said 18 % or i am exempted .

Posted by Ananth Padiyar on 01-Sep-2017 ARN NO :ARN-126417 City :Mumbai
Can anyone tell me the GST Channel Code for Mutual Fund Distributor?

Posted by Prasad on 06-Aug-2017 ARN NO :44107 City :Pondicherry
Channel Friendly AMCs needed One of my principal company to prove that they are channel friendly has done the following steps under GST 1. They have taken a branch GST registration in each state including Pondicherry 2. They have advised me to raise invoice for the commission as below Example Commission let say is Rs 10,000 CGST/SGST 9% each Rs 1,800 My commission is intact and there is no reverse charging involved in this. Hope AMCs will follow this good practice and bail out IFAs from 18% loss in their hard earned commission. AMCs should not deduct 18% from IFA''s commission and claim that amount as input credit against the GST payable by AMC.

Posted by Lakshya wealth services on 05-Aug-2017 ARN NO :111483 City :delhi
it is obvious that, GST have made the distributors path so difficult as one side SEBI is segrigating advisory from distribution and on other side distributiors crying commission would be penalised for compulsory tax burden of 18% specially for those falls under the IGST.

Posted by suhas kokadwar on 04-Aug-2017 ARN NO :56071 City :parbhani
sir, I am mutual fund distributors working since last 8 year. My all AMC commission recived last year Rs 650000. So under GST registration me compalsary or not. I not register under GST AMC less 18% commission or register not less 18 %. As per low above 20 lac commission on GST. How monthly gst return to be filed and pay tax ?

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