16 June 2016
Mutual fund distributors/agents are required to pay service tax on their earnings wef 01-04-2016. Previously they were under RCM and the principal used to pay service tax on behalf of agents. They have to get registered for Service Tax.
Some agents whose turnover of earnings was above Rs. 10 lacs in last year ( 2015-16 ) when there was RCM, are they now eligible for threshold exemption of Rs.10 lacs in 2016-17?
16 June 2016
for RCM there is no limit applicable, if you are liable then you have to pay service tax under RCM
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 June 2016
My query is that a MF agent wants to get registered for Service Tax as per new notification, whether he would be eligible for getting exemption of 10 lakhs ? (Please consider the fact that "Now he is not under RCM, now he is covered under Service Tax as per new notification and in previous year his turnover of above 10 lacs but he had not obtained Serv-Tax Regn. since that time he was in RCM" )