Service Tax on MF Brokerage

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Mahendra Naik (Querist)
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08 June 2010 I am a distributor of Mutual Funds. As per law, mutual fund houses, deduct service tax @ 10.3 % on brokerage payable to me, similar to TDS. Since my total brokerage income does not exceed Rs.10 Lakhs, I am exempt from payment of service tax. In my case can I claim a refund of service tax deducted by mutual funds. If yes what is the procedure to claim refund ?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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11 June 2010 In case of service tax payment on reverse charge basis, the exemption of Rs. 10 Lac is not available.

You are not eligible to claim refund.

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