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service tax how can share? please think our re-numeration is less what ever tax may be share govt only not IFA

Service tax is paid by the user of the services ie in our case is AMC and the customer so why we should pay service tax? In case of general insurance companies they pay the service tax on the commission paid to the distributer

MUTUAL FUNDS MUST BEAR THIS BURDEN IF GOVT. IS ADAMANT IN LEVYING THIS TAX. OR ELSE THERE SHOULD BE A THRESHOLD LIMITS OF RS.25 LACS PER IFA BEYOND WHICH THEY CAN CHARGE SERVICE TAX

I Will not oppose this levy because this is for the welfare of the state. But all the staff members who are enjoying income from mutual funds are liable for payment of this levy. Because staff members above relationship managers are all equally qualified as distributors and they have target based income and perks

A LIC agent is not liable to pay service tax on his commission earned. A Post Office agent is not liable to pay service tax on his erarning than why should a mutual fund agent is compelled to pay service tax on his earnings that too without any threshhold limit.

WE MUST BE ORGANISE ABOUT THIS SERIOUS MATTER.MY QUESTION WHAT IS THE REASON A DISTRIBUTER BORNE THE SERVICE TAX ? EITHER IT IS BORNE BY INVESTOR OR AMC . IT IS COMMON PHENOMINA THAT ANY RULE, ANY TIME IS VERY EASILY APPLIED TO ONLY DISTRIBUER . IN INSURANCE MERKET CUSTOMER BORNE THE S. TAX WITH HIS PREMIUM BUT IN MF ,DISTRIBUTER BORNE THE SERVICE TAX.WHY THIS TYPE OF DISCRIMINATION?

It''s very unfair to us, we as a MF Distributor helping the economy to grow,our contribution can''t ignored by impossing a service tax to us apart from to helping us.

This is very clear that AMFI , SEBI all are like to be a Good boy before their respective higher authority and so the Government. Like FII , when the sold share based on MAT issue Govenment compromises . Without Threat We people donot agree to compromise . This service tax issue can only be solved when we directly take the issue to Government with "SATYAGRAHA"

it is correct that god help those who help themselves. we all know SEBI and AMFI ARE NOT FOR US. THEY R BOTH RELATED TO EACHOHTER AND WE THAT IS IFA COMMUNITY IS SOLELY ONE WE SHOULD TAKE UP MATTERS CONCERNING TO US WITH FINANCE MINISTRY WITH COPY TO PRIME MININSTER. LETS TAKE UP THIS SERVICE TAX MATTER WITH FINANCE MINISTER ANS SEEK HIS OPINON. WE SHOULD MAKE IFA PLATFORM HERE. WHEN WE TAKE UP OUR MATTERS WITH FINANCE MINISTRY COPY SHOULD GO TO SEBI N AMFI.

It is a strange rule of partiality that in equity the service tax is borne by the investor who purchases the shares from exchange through the broker.But when it comes to mutual funds the service tax is tobe borne by the distributor.Normally the service tax is charged upon the end user ie the person who avail the service.But when it comes in our case it is different.We should take up the issue with the ministry of finance.After capping the upfront & service tax levying our income will reduce drastically.My opinion is that we have to takeup the issue to extreme end.My one suggession to my friends is we should also optin for transaction fee so that we will get some relief atleast.

Its true self help is the best help

14% service tax impose on IFA is very serious matter. It should be take matter to finance department,G.O.I. please provide emaid address to all IFA of finance minister of india.

All the IFA and Distributors associations should take the Service Tax issue and it implications directly to the Law maker - Finance Ministry ( Arun Jaitely ) apart from the law Executors / Regulators (AMFI & SEBI ) , to make them understand the double taxation ( Service Tax and Income Tax ) on the Distributors commission by the Finance ministry , unlike the Service Tax on other services which are allowed to be charged to the Consumer/ Investor .

AS per the last finance bill the financial advisers are exempted from service tax. No circumstances are changed then Why not the same be followed for ever and Why suddenly a change from year to year. AMC''S should take care of distributors. If this not possible then customers to whom service is provided,service tax should be paid by them. Already commissions are so less that this business is not viable economically. Direct channels are already started .customers want service of distributors at free of cost. Nothing comes free. Even persons making rules will leave their jobs if salary is decided like they will not even meet there travelling expenses to come to office. Those who makes efforts to teach ,get & execute & after sales service to customers & to make our financial market stronger & not so much dependent on FII should be considered. Otherwise there will be no changes unless retail investors are brought to financial markets. I think that AMCs ,Amfi,sebi ,with finance dept.should jointly seat & resolve this issue.

AS per the last finance bill the financial advisors are exempted from service tax. Why not the same be followed for ever and Why suddenly a change from year to tear

We must come together & take up this issue very seriously.

SELF HELP is necessarary 12.36% s ervice tax is more harmful burden for indivisual i f a besides regular taxation.

S WE HAVE TO FIGHT... Am asmall individual IA.. And its a burden.

WHAT THE STATUS NOW? ANY THING NEW IN FRONT OF SERVICE TAX BECAUSE AMC IS NOW STARTED DEDUCTING SERVICE TAX? I THINK BASICALLY THERE IS NO UNITY OF IFA ON INDIA LEVEL. PLEASE UPDATE ME. U GUYS ON FORUM DOING GREAT.

SERVICE TAX IMPOSE ON SMALL DISTBUTORS TO KILL THEM.SO REMOVE SERVICE TAX.SERVICE TAX BURDEN IMPOSE ON CUSTOMERS AS WE PROVIDING SERVICES TO CUSTOMER

Yes. It is perfectly true. We have to fight ourselves. Somebody who knows proper responsible person''s email ids in SEBI/AMFI, then please circulate the same. We, each and every IFA shall send mass emails to protest against the Service tax deduction.

It is rightly said that self help is the best option as no one has stood behind us against service provider(distributors) being levied service tax. Do we live in banana republic ?

its absolutely correct.we have to form an association for protect our legitamate claim.otherwise in future course the situtn wl worse.govt.only protect themselves baki bhar mey jaye.

yes its really very dispointed news for all IFAs

mf distributors are service provider. such tax can not be levied on ifa. it must be charged from who are taking services

yes,we all should come forward,unitedly with the help of ifa associations send a strong message to sebi, amfi to abolish service tax

We will fight jointly against service Tax.

You are right Pinkai. We should raise our voice because it''s totally illogical and why should we bear Service tax we are not taking any service but fund houses take service from advisors so fund houses should bear the service tax.

The service tax deduction on payment of commission to IFAs is totally unjust. You can succeed in its withdrawal if you have political bargaining power.

Fortunately we realised it well in time. So lets understand the ways in which we can represent ourselves and help ourselves. what are the ways in which we can represent to the government?

In India only writing in mail /letter never going to give any output. Writing in wealth forum also no use. Give pressure to AMC for more commission. Find out easy way to make money. Nobody having any respect towards IFA. i WORK from 5 AM to 11 pm. Don''t request, find out way to have.

It seems no one is interested to come forward with us in this issue. Lets talk with ministry of finance and then in court of law.

As far as my knowledge about Service Tax is concerned, the following are the basic principals : 1. Service Tax is chargeable when a service provider provides services to any person/entity and charges for the services. 2. Even if the service provider charges the fee, s/he,it is not bound for them to charge service tax if their collection from service charges is below 10 lakh per annum. More over if you consider the same for insurance products the service tax is chargeable on the amounts calculated the different way, leaving aside the investment amount. Same is applicable with other investment products like houses from a developer. Now my request to authorities to listen to the voice of IFAs who by their services : 1. Do not charge/collect service fees from the customer. 2. The amount paid to them is in the form of commission and not the service charges paid by AMCs. 3. Even if it is considered that AMCs are paying for service charges to IFAs then the IFAs who are below the limit of INR 10 lakh, why should not they be exempted. It will be a genuine consideration and help of the government to step into as we have grown listening and reading to the notion that the democracy is a form of government which is "Government of the people, by the people, for the people" LET US HOPE

Sebi or Amfi not showing interest on service tax issue , till now service tax was paid by AMC . Indirectly pushing on IFA . which is unjustified , as service tax should pay by the end user and not the mediataries . we at our end should negociat through IFAI with finance dept.

really the deportment people who impose the service tax is not a ordinary people they did it by sitting in AC room how they know the common IFA s problem . what is service tax why we have to pay we are not the benefiter first the AMC collect money and the benefit go to end user the investor just we mediate that is help to the both people we wont bare the service tax on behalf them. what is it is correct let they think and act.

Yes I go with Mr. Pinaki

my friends.if govt.are ready to cut service tax 14% from our commission we have make our bill book for service tax which as concern to what we are receiving commission from bussiness we have issue a receipt for what we have to gave service tax for that business.means we have pass on to investor at the time of deposit. when we asking bill from hotel.photo studio,or where service tax is applied they are pass on to customer at the time of billing.they cannot bare the tax then why we are bare the tax?

First of all this month commission are received after deducting 12.36% service tax. As per me it should not be deducted because the ordinance is yet to be finalized by parliament and it has not yet became the law. Previously we were exempt from paying service tax hence we are still in the category of exempted services till the ordinance is passed. We should take up the matter with concerned AMC''s asking the ground of deduction for the month of April 2015. As far as Service tax is concerned all the AMC''s are sending their commission structure indicating that commissions paid are inclusive of Service Tax. In my opinion when we are getting the service tax from receiver of the services than their remains no claim against the same. Instead we should take up the matter with AMC to pay service tax separately over and above commission and then deduct the same for onward remittance to Govt.

why IFA pay service tax it should pay by investor finance minister think same LIC agent and IFA both provide same services why different

i strongly feel a legal recourse is the best option. a section of dominant amcs are also interested in their best interests to deter small time ifas to come to this field. it is incorrigible to incorporate service tax of 14% thrusted on small time ifas whose take home along with upfront and trail will be sufficient to satisfy the big guns . though earlier service tax was their it is not feasible to implement the same. the government needs to relook into this aspect in holistic manner.

customer should pay service tax is the normal practice , then why do render of the service pay tax.

Everyone should come forward for common cause, leaving aside their rivals, competitor, and other stories, else this government will make our life tough. Now it is time to show, our strength by reunited ourselves. Union is Strength. Lalit Kumar Panchkula / Chandigarh 9316132773

fully agree that IFAs should take the matter in their hands . Also agree that most f us are not part of an association as we are not aware on the contacts on these Associations . Suggest if Regional Associations or national associations may contact me 9891248788 or alternately let these associations start a discussion on their association membership and contact details here as this is one site which most IFAs are regularly looking

What is service tax? This month Fund House deducted service tax from our brokerage. What is the Finance Rule regarding S.T.There must be some parity for various financial product. I observed that there is lot of disparity among the various financial organisation.For example Insurance product and Insurance commission. According to rule, we should fight against it. If necessary we should move towards Court.

We will fight jointly against service Tax.

Everyone should come forward for common cause, leaving aside their rivals, competitor, and other stories, else this government will make our life tough. Now it is time to show, our strength by reunited ourselves. Union is Strength. Lalit Kumar Panchkula / Chandigarh 9316132773

R Mishra ji, I am nither attached with any association in kolkata nor known to any association members personally. But the situation is very worse now. I expected that any of the IFA associations will take charge and organise some thing to link all IFAs in the country to come under common umbrella. Unfortunately that has not happend yet. Fighting against AMFI or SEBI is not so easy like we raise our voice in wealth forum. For that reason please you guide us as you are already holding a portfolio and may know some other person also in different states of the country. My cell no is 09433569773. I am always with you for any assitance in kolkata.

we should fight all mutual already started deductung service tax We all shoukd opposed strongly

IFA''s depend on trial/front trial commission as earning ,on the total as income we pay income tax also. Why the question of service tax.The operational charges deducted from the investor amount where there may be profit or losses faced by investor,in turn pay taxes on the fund.where is the service by govt.it is like grabbing by govt from investor and I A''s and fund houses

Everyone should come forward for common cause, leaving aside their rivals, competitor, and other stories, else this government will make our life tough. Now it is time to show, our strength by reunited ourselves. Union is Strength. Lalit Kumar Panchkula / Chandigarh 9316132773

The distributor only facilitate the required action just like a server in a Hotel. Drawing such anology will bring home the adversity of service tax. The doctors,lawyers, professionals are giving indepandantly services. we will distribute the already described and detailed product depending on need and suitability acting as agents.Hence the Govt has to rethink about servicetax,which has to paid by the client as takes service as in the case of hotel administration.

NO DOUBT I AM WITH YOU

AS PER LAW AMC ARE ONLY ALLOWED TO CUT SERVICE TAX WHEN FINANCE BILL IS PASSED BUT FOR HIS SAFE SIDE AMC WILL STARTING TO CUT SERVICE TAX I PERSONALY DEMAND A LETTER TO AMC IN WHICH A FIANANCE MINISTRY SAY TO CUT SERVICE TAX FROM 1ST APRIL BUT NO SUCH AMC WILL GIVE LETTER TILL DATE I PERSONALY ADVICE ALL IFA"S TO DEMAND LETTER OF FINANCE MINISTRY THNKS

lets join hands together n fight against these so called well wishers of IFA''S.

In one way Govt of India, imposed straight away 14% service Tax on par with other services. Here, AMCs are showing over enthusiasm and started charging service tax on March 2015 mobilised business also and penalising in both ways. Both AMFI & SEBI are against the IFAs and will not fight for us and rightly said that we fight for ourselves.

we IFA are individually doing good /great job ,but collectively failed , our association like KAMFA also failed to take any serious step regarding Service tax , so, we individually write emails to AMFI , SEBI ,MOF to express our views that they are imposing service tax on us wrongly ,if that fails we have to contest in court of law .

we IFA are individually doing good /great job ,but collectively failed , our association like KAMFA also failed to take any serious step regarding Service tax , so, we individually write emails to AMFI , SEBI ,MOF to express our views that they are imposing service tax on us wrongly ,if that fails we have to contest in court of law .

Very correct. But may not produce positve results. For finmin know that more than 80% of IFA are not luable to pay tax at all & it is not possible to claim refund of tax deducted at source. The government is in a mood to raise resources. This act is knowingly done by the govt.

The bussiness which we have done prior to 31st march 2015 not liable to deduct tax need to take opinion of legal expert and service tax experts

IN DIRECT CODE WHO PAY SERVICE TAX ? SERVICE TAX INCLUDE IN NAV IS BEST SOLUTION..

AMFFA Kanpur is taking the matter seriously. We did write to AMFI. since I am the secretary of association, seeking the action taken by others and ready to join with other associations. Thanks

Every one among us is against this service tax, imposed upon us. There is no logic behind this. Neither Govt. nor AMCs are servicing to retail customers. Only we are providing service and we are being penalised. On the other hand Insurance agents are getting much more higher commission and has not to pay any such tax. But I don''t think that we can escape this. I am with you in this fight.

service tax issue best option is self helf

I STRONGLY OPPOSED FOR SERVICE TAX.THERE IS NO SERVICE TAX ON INSURANCE AND REVENUE OF MUTUAL FUNDS IS VERY LOW. EVEN TILL TODAY VERY DIFFICULT TO SELL THE PRODUCTS IE MUTUAL FUNDS. TOO LITTLE INCOME GIVEN TO IFA, NO SERVICE TAX WILL BE IMPOSED ON COMISSION OF IFA.

It is very difficult to get business in our rural area to mutual fund,because in this area people do not know mutual fund. To convince and to bring the business is very difficult.we have to met them several times. We have to answer up & Down Of the market.for that we have to give service several times. Our service may be apprecited & pl give exemption from tax & leave us to service.

FIGHT TO SERVICES TAX

We are work as a commission agent like INSURANCE agent & post office agent. Govt not impose SERVICE TAX on INSURANCE agent & post office agent so why govt impose tax on mutual fund agent I request finance minister please waived us on service tax

Hi Friends,I also agree with u all. We have to fight against injustice.

I strongly object for inclusion of IFAS,for deduction of Sales Tax,in 2015-2016 budget. AMFI must direct all AMCS,not to deduct Sales Tax for the business done before 31st March2015.As Sales Tax is applicable only from 1st April2015 For small time IFAS,the Govt. must direct the companies and the Sales Tax authorities that Sales Tax must not be deducted for IFAS,who are earning less then Rs.10 Lakhs. For this ,all the IFAS whose earnings are below Rs.10 Lakhs must give an undertaking to mutual fund companies,where they are empanelled. Y VENKAT PRAKASH

It will us very adversily in a long to IFA. Non of agent of other industry pay service tax. It always paid by beneficiary of service. Please raise the issue on highest lavel.

Hi Friends, I agree with you. Lets come together and fight!!!

WE AGREE WITH YOU WE WILL FIGHT FOR SAME

It is completely unjustified for us we are running business by way or providing services to AMC and client Both, but instead we should be chaging service tax from whom we extend service Here rather after providing service we are also paying service tax................