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Why MFDs every time ? Why we have to suffer ? Sometimes SEBI sometimes government policies, why we are here? The petition should be filed against this. Can the wealth forum do this for the MFDs?

Mutual funds are within the ambit of financial services. Also are life insurance health insurance etc. I have been selling these products where the manufacturer charges the end user ie the client and remits the same to the government. we advisors are not put to any inconvenience. Ironically Mutual fund distributors have been subjected to a lot of trauma for quiet some time. As we now know the statastics of the number of advisors who are earning insignificant brokerage, i request the Mutual fund associations to represent all and sundry protecting their interest as majority of the IFA''''s are hardly earning any decent monies. The AMC''''S should also be sparing us from all this and allow us to concentrate on tapping the market potential.

Why is it so that Insuarance Companies are kept in Reverse Change and not M.F Distributors?? Why Step Motherly treatment with MF Advisors? Reverse Charge means :- If commission payout of Insurance Agent is Rs.100 then LIC is paying 18 Rs. GST on reverse charge that is Out of Own Pockets and claiming ITC.. Thus Insurance Agent is paid full Rs.100 and he will not have to pay GST. But MF companies are cutting 18 Rs from 100 Rs. Commission if MF Advisor is not Registered for GST.. Even if he is registered thay will Pay 100 Rs but DIstributor will have to Pay GST while filing return... Is GST Income Tax to be levied on MF Commission only ????????? If MF Distributors dont unite and agitate this will become Parlance to do Anything

solution for the problem lies in system. solution can be found only by filing a petition or arbitration in court, where all the parties presents their case, and difinitely we will win. Fifa or others associations should do and collect expeneses from members otherwise no solution will come .. write to naybody, either pmo, finace ministry or Dr hasmukh adhiya. otherwise, simple solutions is that Amc should pay us excluidng taxes. force them or compell them, it is best solution. amc provide services through their agents and payment of taxes should be either of seller or buyer. we ifa,s has no space in between. if you seems, a good solution, than spread it , demand from amc to pay excluding taxes

I am fully agreed that charging GST from Distributors commission is unfair and exactly against the rules provided by Excise and commercial Tax dept.I have a newspaper cutting which tells that the service provider having income below 20 lakhs need not to get GST registration and also need not to pay GST. But what we can do. Only way is to challenge in the court of law to seek justice. I don''t know how far it will bring result communicating to the Finance Ministry or Finance Secretary.

Its ridiculous. We pay GST on what we earn and then also income taxes. Is this not double taxation now. ?

I have a one valid objection GST is a indirect tax under which law AMC ''s are treating this as a direct tax for MFD by deducting the same from our gross commission , FInance Minister should immediately address this issue , it means MFD will pay 48% tax on his income ( including GST & INCOME TAX ) it means we will bear the highest tax slab in the country is penetrating the financial products has become crime in India , it looks like that

It''s unfair and injustice .we should make one forum and protest .we all should gather in one place .make a one group and all ifa share the numbers in wf discussion.i will make one Wats app group by collecting all numbers and than we all will meet at public place or we can discuss in Wats app group also .look unity is main..even 100 ifa the together can do many big things .

Thus MFD community will pay GST twice. Once when they earn and next when they purchase to survive. There is another payment(mostly in cash) from the same commission. It is to heir a consultant to prepare returns of income and submit them. Imagine the lot of small distributors like me who earn hardly 4lakhs a year. It will be very difficult to allocate that meager sum for rent, bread, diseases, maintaining relationship etc. etc. Of course, our RMs suggest one(the only) way out, "Multiply your business."

it is also rutheless for those whose income has to bear double taxation as per the tax slab. is the representative body is only a counceller head of collection of fees . while amcs,distributors are going scot free. while on one hand the cbec states no tax amfi states you have to register. it is paradox . why this discrimination . while those persons whose income falls in 30% bracket may have shell more than 50% of the income earned, which is the highest in the universe. is this justified. the finance ministry is always quixotic in their approach. while many professions in india are burdended the poor IFA have to bear the entire burden of the nation while covering those not legibily paying it what a justice this nation gives .

I agree with you that 18 percent GST on MF distributor is not fair It should be brought down or NIL Yours Suman Shah Ahmedabad 9426076619

Mutual fund industry have grown primary due to hard work of distributors done in past by visiting investors at their home/office and convincing them to invest. They have earned the goodwill of investors by their hard efforts. Most of such distributors have now become Senior Citizens and most of them are earning less than one lac per annum (RS 100000/-) Per Annum. Even most of new generation individuals distributors are earning less than Rs 100000/- Per Annum. In my opinion only hand full of about 5% mutual fund distributors may be earning More than Rs 20,00,000/ Per Annum. Out of this percentage about 80% are from business community and Private Companies. So is it justified to punish about 95% distributors who are otherwise not required to get registered under GST ? Due to this they may be forced to leave the Distribution business and adopt other career. This will also affect the mutual fund industry and will leave bitter experience in the minds of persons who took hardships to promote the mutual fund Industry. . If finance ministry , any AMC (Who calculates commission of distributors), AMFI or any other person is having the figures which are different from my above given figures then they can disclose the figures and justify the act of forcing all distributors to register under GST.

I again saying that IFA union leaders are getting paid by AMCs and SEBI also so to not to raise our voice. They have taken bribes from amcs. Union ministers are also paid by AMCs. IFAs we kuch nahi honewala. Bus aap ye industry chod do isiliye ye sab chal raha hai. Sabji bhecho. Wo acchaa hai.

To all IFA Aapase kuch nahi hone wala. Aap keval baat karate ho. Baaki kuch nahi karate. Bas kuch nahi hone wala aapase. Likh lo mere se. Agale saal yahi post padhana. No IFA and their union will fight on this matter.

I am the small mfd whose income is less than 20 lakh. But I have forced to take GST No. No AMC had clear guidelines about this. Sir, I would like to express my vews that every business solicited by me is Very hard and forced to my investor to come and invest in mutual fund. But now this time the investor has no confidence to invest in mutual fund. Apart from this I am able to do business in mutual fund. So, I urge to our Honourable Finance Minister to wave me as a small mfd.

Can somebody please provide the tweet, email id of the respected Prime Minister, Hon''ble Finance Minister and venerable Revenue Secretary so that all affected can apprise them of the ground realities? There should be reverse charge mechanism, if the govt, cannot see its way to exempt small IFAs from GST and registration for GST. Like service charge deduction under reverse charge deduction was withdrawn for IFAs, GST should also be withdrawn. Registration should be only necessary for those who cross the thrshold of Rs.20 Lakhs.

This is totally unfair, I strongly have objection towards this kind of double standard play by the government. One side showing relief to small businessman whose turnover below 20 Lacs and other side reverse charge mechanism apply for them. This is like saying to thief go for theft and asking police to catch the thief. I am totally disagree with this double standard action from the government. This should be rectify with immediate effect. This can be resolve by lowering GST rate with different slab like 5, 10 & 20 Lacs.

While the Govt will come out with a lame excuse that those earning less than Rs.20 lakhs will have to only register - but will get exemption from GST deduction. But they are conveniently forgetting the most important thing - who will take care of the monthly and annual invoices to AMSC, updating them and sumission of returns to GST Dept., especially those IFA who are senior citizen who cannot undertake the pain in going through the hassle. It at all the Govt''s idea is to get their earning taxed, the same can be effectively carried out though TDS @ 2% where it exceed the threshold. While the problem of getting refund will be there, it would be one time affair but he would at least be saved from invoicing and submission of returns. Will some one think on these lines ?

Imagine the plight of a small distributor whose sole annual earnings is only by way of commission earned by selling MF schemes of different AMCs! If his annual commission earnings does not exceed the taxable limit of Rs 2,50,000, is it not very unjustifiable and unfair to charge an 18% GST on his paltry hard-earned commission income? Also, why should he suffer the rigors of registering himself under GST? It is high time that the AMC industry, instead of bulldozing all distributors to fall in line and register under GST, rose to the occasion and raised its voice at the gross inequality being imposed on small-time, meek voices who also serve the industry in no small way! Nishikant may not have been articulate enough in his post but the sum and substance of initiating this discussion by him is fully justifiable. Remember, Service Tax too was imposed on small distributors for some time in the past but good sense finally prevailed and it was withdrawn.

You are very right Sir.We the small distributor really don"t understand why we are being forced to pay 18% GST. Both the INSURANCE sectors (LIFE & GENERAL) agents, Postal & Bank agents are not being forced for the same though they are also intermediaries like us.The AUTHORITY / Decision makers should think deeply once again about it as it is directly connected with our bread and butter.It is really undemocratic, unfair, partial,injustice................................. for us.

very true but nobody is ready to give it a ear......

right said. these big players playing with law and law makers. even securities watch dog too dance on AMFI''s words and do what AMFI wants. these big players do what is in their best interest. they are trying to ignore the role of ifa and for this they will have to pay.