30 July 2017
As a mutual fund distributor dealing with AMC's located out of my state, is it mandatory to register for GST. The annual income from this stream is less than 20 lakhs. As per my understanding, the AMCs will deduct the applicable GST for unregistered distributors. To avoid the compliance shackles, can I allow the AMCs to deduct the GST and forego the ITC credit. My query is "Will I be liable for any action for not registering for GST" considering the fact that the GST on my income is being paid by the AMC under RCM.
30 July 2017
You are a type of an agent who earns commission income. You registration is mandatory as per section 24(vii) even if you supply within state.
CAclubindia
