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march month commissionNo. of comments:7 rahul kulkarni, mumbai, 38875 On 14-Mar-2017

This month (march 2017) every AMC will release brokerage even for march 2017 during month end. However there is one hitch. Those IFAs who are on border accumulating of 10 lakhs gross commission (from insurance, mediclaim, and mutual funds) will be netted into service tax criteria. Getting more that 10 lakhs commission per annum is a good thing means he/she is earning decent. However at last stage (march year end) if anybody crosses that limit just because of early release of commission, he/she will be compulsorily have to obtain service tax registration. I request AMCs to release brokerage as per regular schedule only.

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Comments Posted

Lalitasood ARN NO :105737 Shumla, 15 Mar 2017

Amcs should not release commission in March end because ifa near 10lakh commission have to pay service tax

Shobhit Agrawal ARN NO :ARN-52471 Gurgaon, 14 Mar 2017

There is always a big confusion wheteher we have to pay service tax on the commission received from Insurance (Life & General) & Medical policy. Can anyone in this group get a legal opinion on this?

Kajal Parag Teli ARN NO :ARN-65790 Surat, 14 Mar 2017

Just wanted to have clarity on following. If a distributor is earning more than 10 Lakhs in current year for first time. Whether ST Liability is only on the amount exceeding 10 Lakhs or on total commission earned for the year? Comments please.

sameer kank ARN NO :114306 pune, 14 Mar 2017

Best

Deepak Khurana ARN NO :15783 Pulgaon, 14 Mar 2017

How to compute the threshold of Rs 10 Lac for the benefit of small scale provider? Ans: The threshold for the benefit of small scale service provider should be computed by including all taxable services provided by the distributor. (Including but not restricted to distribution commission from sale of MF, distribution commission from sale of Insurance policy, advisory fee and any other professional fee etc.)

Deepak Khurana ARN NO :15783 Pulgaon, 14 Mar 2017

I think that the total Commission includes only commission from MF which is subject to Service tax Deduction,As the Insurance & Mediclaim commission are not subject to ST deduction

AMIT ARORA ARN NO :ARN-96772 JALANDHAR, 14 Mar 2017

YES I ALSO WANT THAT AMCs release brokerage as per schedule