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MF News GST relief to distributors earning less than Rs.20 lakh until September 2018

GST relief to distributors earning less than Rs.20 lakh until September 2018

CBIC has deferred implementation of reverse charge mechanism (RCM) until September 30, 2018.
Nishant Patnaik Jul 16, 2018

In a major relief to mutual fund distributors earning less than Rs.20 lakh, the government has deferred implementation of reverse charge mechanism (RCM) for three more months i.e. until September 2018.

The Central Board of Indirect Tax and Custom (CBIC) has notified that the provisions relating to RCM have been deferred for 3 months until September 30, 2018.

This deferment will benefit distributors earning less than Rs.20 lakh who do not have GST registration.

In case you are earning less than Rs.20 lakh, but have GST registration, you can cancel your GST registration. You can cancel your GST registration by visiting this link https://services.gst.gov.in/services/login.

For distributors with GST registration, AMCs continue to follow forward charge mechanism, i.e., AMCs will pay the gross commission to them. These distributors can avail of the benefits of input credit.

 

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5 Comments
Prabhakar Bembalgi · 1 month ago
Good news great relief.Thanks for the ms
harish chandra · 1 month ago
sir i from uttarakhand and my earning is less then rs.20 lac but uttarakhand govt relaxation gst limit is 10 lac . sir can i avail this facility. i can not cancel gst registration because i am working as a subbroker in nse
SJ Date · 1 month ago
This facility is available w/o any expiry, if distributor is not dealing interstate & if earning is less than Rs 20L?
KAMLESH BHAYANI · 3 weeks ago
sir until the launch date of GST many MF distributors were confused/afraid what will happen if we do not register for GST ( under mutual funds ) whether the amount will be deducted from brokerage by AMC or the ARN will get on HOLD or cancelled etc..., in this fear many distributors below 20 lacs or even below 5 lacs income per year got registered with GSTIN...... now the problem is how to cancell it and get rid of those monthly returns and fees to CA...or GST consultant...... so thru this comment I request you to disclose the secret of exact procedure how to get GSTIN cancelled ..... bcoz since last 6 months my GSTIN is still pending for cancellation.....
Binoy Paul · 2 weeks ago
Good dicision. Let our Government continue this benefit coming months/ years.
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