Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: TDS :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD
 
 
« Service Tax »
 Revised GST legislation may pinch working capital of industries
 GST to result in price reduction for consumers: Hasmukh Adhia
 Bill gives free hand to CAG to audit GST operation
 Lok Sabha to discuss GST bills on Wednesday
 GST to strengthen organised logistics companies
 No need for Parliament nod to waive property tax in Delhi
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today

No service tax on MF distributors from July 1
June, 09th 2012

Mutual fund agents and their sub-agents will not have to pay service tax from July 1 for distributing or marketing mutual funds.

The Centre's move to provide service tax exemption to mutual fund distributors is being seen as booster dose for the mutual industry, which has been agitated over this levy.

Mutual fund investors too will have cause for cheer as service tax is passed on to them. Distribution of mutual funds attract service tax, although the mutual fund houses in many cases absorb this tax to provide relief to their agents or distributors.

NEGATIVE LIST TOO

Wherever the main agent is exempted, it is natural that even their sub-agents would be exempted, a Finance Ministry official clarified at a service tax conference here.

This service tax exemption for mutual fund distributors will be available even under the negative list regime, which is also proposed to be ushered in from July 1.

Under the negative list approach, the Centre would specify the 17 services that would be specifically service tax exempt. All other services would automatically attract service tax, it was pointed out.

This benefit of service tax exemption for distributors of mutual funds and their sub-agents would be available even in negative list regime, Mr J.K. Mittal, Co-Chairman, National Council on Indirect Taxes, Assocham, told Business Line.

In mutual fund industry, it is common practice for main distributor of mutual funds or the main agent to work through various sub-agents.

The industry was under the notion that only the main distributor agent would be exempt from service tax with effect from July 1.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions