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GST council sets exemption threshold for tax at Rs.20 lakh

I am Fully Agree with Mr. Vipulkumar Shah from Mumbai. Please see his comments before jump in to this issue. Anyway Wish you All Happy Financial New Year.

Agree with Mr agrawal. Sensible, makes sense.

I fully agree with the view of Mr. P Ravi Krishnan sir. Service tax is always on the head of receiver of the service. Why we are exceptional. We should have take issue to FINANCE DEPARTMENT again. If An adviser earns more tan Rs.5 lakh , he would have to pay more than 35% Tax.?? Is it Justice ?

It is better if AMC deduct the service tax under abadement scheme .It will not create panic to distributor and give him the freedom to concentrate on sale.

I fully agree with Mr Agrawal.

I also agree with Mr Alok. Reverse charge mechanism is better. As far as small IFA''s are concerned, there should be a mechanism where the income of an IFA can be searched through his/her PAN no. A declaration should also be taken from all IFA''s.

A Distributor deals with the products of various AMCS apart from other source of business , wherein he earn income from different sources for which , Distributor find hardly any time to manage their own taxes separately on a no. of portfolio. As such, as a mutual fund distributor its better off that AMC deduct this tax centrally.

Alok, looking to your ARN, you are new to MF industry. As soon as gst will be applicable basic exemption will be 20 lakhs. 90? of distributors receive commission below that. In your suggestion these 90? who are exempt will be punished. So apply the mind and pl don''t post such comment in future in the interest of our distributor community.

I fully agree with Mr. Alok Agrawal.

the limit of rs.20lac applicable on mutual fund distributor yes or no and the current quarter income include in rs.20lac.

I agree with alok Agrawal. the old method of deducting service tax from brokerage was good. there was no chance of any error. now sometimes while calculating total brokerage ,sometimes we skip the companies whose brokerage sheet is not recd

Mutual Funds is on growing stage, so that it should be exempt on New GST Rules.

After thershold limit of rs 20 lakh as per GST,service tax deducted by amc after taken a declaration whether commision is more than rs 20 lakh or less

I am totally agree with Mr Aloe, reverse charge mechanism is the best way to collect tax from mutual funds distributor.

I am agree with All. Desided by Law.

As per my CA after implementation of GST from July threshold limit is Rs 20 lakh.

For those above threshold limit prescribed in law.

i m agree with you

For those above the threshold limit it would probably be more convenient. However, there should be an option for those IFAs who are not liable to GST to be exempted from reverse charge.

I am agree with view. There is no use of putting extra time and effort for maintaining record for Service Tax (GST).

NO

I am totally agree with Mr. Alok point of view. There is no use of putting extra time and effort for maintaining record for Service Tax(GST). Reverse charges Mechanism is WIN-WIN mechanism for both Distributor and Government.

I think it is ridiculous to charge service tax on a business having a thin margin of 1.5%. as on one hand government is trying to encourage people to divert themselves from traditional investments like FD, post and all other fixed income instruments. Believe me in coming days, it will be a necessity of an individual to take little risk and divert the funds to equity based investments to gain a fair rate of returns - in double digits. It is ok if the service tax is being charged in RIA model as in that we charge approx. 2 to 2.5% from client but in a business of 1.5% and that too half of the same being earned under trail model, it is very tedious job and for any of the advisor.

I wholeheartedly support this suggestion. In entirety.

I think this is very good sugestation. We are free to keeps books of account & Service Tax paid timely by AMC.

Thats ok. My question is why should we pay service tax...? Where were those rules till imposition of Reverse Charge Mechanism??? Hotels, Restaurants, Cinemas, Railways, Flights etc are levying Service Tax on consumers then why not investors pay Service Tax through their investment account....? We have been raising this question across the forums, whatsapp and also raised this issue with Ministry since last year.. Where are those answers...???