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2019 (6) TMI 719 - AAR - GSTLevy of GST - Advisory & Management Fees received in Indian Currency from Domestic Contributors located in India - HELD THAT:- The advisory and management fees received by the applicant are for financial services rendered to the AIF - Since the location of both, the applicant and the ALF are in India, the place of Supply is to be determined by applying Sec 12 of the IGST Act, 2017 - It is very clear that both, the applicant and the AIF are in taxable territory and the services rendered by the applicant to the AIF are taxable and therefore GST is payable, by application of the provisions of Section 12(12) of the IGST Act, 2017 - GST is thus leviable on the above transaction. Levy of GST - Advisory & Management Fees received in Foreign Currency from Overseas Contributors located outside India - HELD THAT:- The Advisory and management Services are provided to the AIF, which is a separate legal entity which makes investment decisions on the advice of the applicant and therefore sub-section 12 of Section 12 of IGST Act, 2017 will apply in this case also as both supplier and the recipient of service are located in India. For the same reason, we do not agree with the applicant’s contention that the transaction with foreign investors should be determined in terms of Section 13 of the IGST Act, 2017 because the recipient of service i.e. AIF is not located outside India and the applicant are not providing any services to the Overseas Contributors. The transaction also do not qualify to be an export of service as the condition specified in sub-clause (ii) of Sub-section (6) of Section 2 of IGST Act, 2017 that recipient of service should be outside India, is not satisfied, and therefore it is not a zero rated supply - GST is thus leviable on the above transaction.
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