Maharashtra distributors need not worry for availing benefits of composition scheme if you have assets in Sundaram Mutual Fund.
The fund house has applied for Maharashtra registration to help distributors opt for composition scheme to avail the benefits of lower GST rates.
GST norms say that distributors earning up to Rs.50 lakh and do not have any business with AMCs outside the Maharashtra can avail benefits of the composition scheme. Instead of paying 18% GST on commission, you can pay 6% if you opt for composition scheme. Remember that you cannot avail input credits if you opt for the composition scheme.
Ensure that you opt for the composition scheme on GST portal before April 1, 2019.
Sunil Subramanian, MD and CEO Sundaram Mutual Fund told Cafemutual that Maharashtra IFAs can expect their March brokerage to be raised from Mumbai. He said, “Majority of our business has come from the IFA community. Also, we are a very IFA centric fund house. Hence, to ease the hardship faced by Maharashtra distributors, Sundaram MF has applied for the Mumbai registration. This would help IFAs avail benefits of composition scheme.”
