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2015 (10) TMI 2000 - CESTAT NEW DELHI

2015 (10) TMI 2000 - CESTAT NEW DELHI - 2016 (42) S.T.R. 691 (Tri. - Del.) - Liability of Service Tax BAS - direct service tax liability or not due to reverse charge on recipient of services Received brokerage from LIC Distributor for providing service of distribution of mutual - Service tax liability was on the recipient under Rule 2(1)(d)(vi) Department contends that Appellant was not a distributor of mutual fund or an agent of such distributor and therefore Rule 2(1)(d)(vi) is not appli .....

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cation No.ST/STAY/60470/2013-CU[DB], Appeal No.ST/59758/2013-CU[DB] - Final Order No.53013/2015 - Dated:- 7-9-2015 - Mr. G. Raghuram, President And Mr. R.K. Singh, Member (Technical) Mr. Vishal Kumar, Advocate : For the appellant Ms. Suchitra Sharma, DR : For the respondent ORDER Per Mr. R.K. Singh : Stay application along with appeal has been filed against Order-in-Appeal dated 24.06.2013, which upheld the Order-in-Original dated 29.02.2012 in terms of which service tax demand of ₹ 11,48, .....

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M/s. Zealous Financial Services (P) Ltd. was a LIC distributor and got brokerage from LIC out of which M/s. Zealous Financial Services (P) Ltd. gave mutually pre-agreed brokerage to the appellant for providing service of distribution of mutual fund and therefore the service tax liability was on the recipient of service under Rule 2(1)(d)(vi), which reads as under:- Rule 2(1)(d)(vi) in relation to business auxiliary service of distribution of mutual fund by a mutual fund distributor or an agent, .....

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008 (9) STR 462 (Tri. Bang.)] to state that if the main contractor discharges the service tax liability, there is no need for sub-contractor to pay the service tax. It also cited the judgement of CESTAT in the case of Synergy Audia Visual Workshop Pvt. Ltd. Vs. CST [2008 (10) STR 578] and some other familiar judgements with regard to non-invocation of extended period in the absence of wilful mis-statement/suppression of facts stating that it was under bona fide belief that it was not liable to s .....

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red the contentions of both sides. We find that the appellant was receiving commission only for mobilising customers to invest in LIC Index Nifty Fund through M/s. Zealous Financial Services (P) Ltd. It was not in any way acting as an agent of M/s. Zealous Financial Services (P) Ltd. Indeed the appellant has not given any documentary evidence to the effect that it was a mutual fund distributor or agent thereof. The appellant was not registered as a mutual fund distributor or agent thereof as req .....

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l funds) Regulations and Guidelines including code of conduct. Further, SEBI Circular No.MFD/CIR/210/2002 dated June 26, 2002 inter-alia required them to also follow code of conduct as recommended by AFMI. It has since been decided in consultation with AMFI that all intermediaries engaged in selling and marketing of mutual funds units (distributors, agents, brokers, sub-brokers or called by any other name, whether individuals or of any other organisation structure) shall be registered with AMFI .....

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