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Mutual Fund Agents - Service Tax

Service Tax - Started By: - CA. Puneet Gupta - Dated:- 29-5-2016 Last Replied Date:- 10-6-2016 - The Finance Bill, 2016 proposes to make services provided by mutual fund agents/distributor to a mutual fund or asset management company liable to service tax under forward charge, i.e. the service provider is being made liable to pay service tax ( mutual fund agents / distributors).I have 2 queries relating to same : -1. Whether a Mutual Fund Agent / Distributor can avail threshold exemption of S .....

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ssing the threshold limit and therefore the exemption benefit cannot be availed in the current year. Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir, Sri Kasturi Sir has briefly explained his views. Thanks. - Reply By KASTURI SETHI - The Reply = Yes Sir. we should be brief and to the point. Too much details confuse the querists. - Reply By CA. Puneet Gupta - The Reply = Thanks for your reply Sir..But in previous year , mutual fund agents commission was covered under Reverse Charge , so whe .....

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ce was not exempted at all during the preceding year. Your client has provided taxable service during the previous year though liability for payment of ST was shifted to SR. Therefore, if taxable value was more than ten lakhs during 2015-16, the assessee/Service Provider is not eligible for threshold exemption this year 2016-17. - Reply By CA. Puneet Gupta - The Reply = Thanks again for such an instant reply..But Sir..Lets take an example : There is a service provider providing services as servi .....

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