MF News Just seven days left to opt for GST composition scheme

Just seven days left to opt for GST composition scheme

Only Maharashtra distributors can opt for GST composition scheme till June 30, 2020.

Team Cafemutual Jun 24, 2020

Only seven days left for Maharashtra MF distributors to opt for lower GST rates under composition scheme.

If you earn up to Rs.50 lakh and do not have any business with AMCs outside the Maharashtra, you are eligible to avail benefits of lower rates under the composition scheme.

Eligible distributors can opt for the composition scheme on GST portal before June 30, 2020.

Under the scheme, service providers earning up to Rs.50 lakh can pay GST rate of 6% instead of 18% with effect from April 1, 2019. However, these service providers cannot avail input credits if they opt for the composition scheme. Also, they will have to pay taxes quarterly but file returns annually.

In addition, MF distributors can file GST returns for March, April, May and composition returns till June 30, 2020.

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5 Comments

JAGJIT · 4 years ago `

What about distributors other than Maharashtra
Any information on composition scheme for them
Kindly share

JAGJIT · 4 years ago `

What about distributors other than Maharashtra
Any information on composition scheme for them
Kindly share

K V RAGHUPATHI · 4 years ago `

It’s an insult done to IFA community by the mutual fund industry by not considering non-Maharashtrian IFAs at par with them. No provision of GST holds AMCs to get register in state capital. That can facilitate to consider all are equal and eligible for composition benefit.

But, what that is missing is commitment by AMCs to create an environment amongst IFA community pan India that all are equal. So called and projected themselves as leaders of the industry should understand that the differencial rate of GST between Composition - 5% and others 18%.

Fund managers spending their time to count on their annual compensation in crores, where as IFAs are struggling to meet their living.

Gaurav · 4 years ago `

Hi, I have got the conversion done to composite GST.
Kindly suggest the next step. Where to inform regarding the change?

Sandeep Shetty · 4 years ago `

I had applied for composition scheme for FY2019-20, but GST portal does not allow to opt for the same for FY 2020-21 it show already opted.

Further as per my knowledge, due date for March20 return filing is 30th June, For FY 20-21 the same will be quaterly, correct me If I am wrong.

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