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: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: cpt :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Service Tax »
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules
 Valuation of Tax liabilities Under GST Regime

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