Composition scheme for a Broker

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Can a Mutual Fund broker or a share broker be registered under composition scheme for service providers ?
Replies (3)
As per Sub-section (2A) of Section 10, Yes. can opt for composition scheme whose Aggregate Turnover do not exceed 50lac in Preceding FY. but with few restrictions :
1. cannot Supply Interstate
2. Cannot supply goods or services. which is not leviable to Tax
3. Required to pay 6% GST on turnover (Cannot collect tax from Recepient)
4. No ITC available
Hence if above conditions fulfilled , can opt for said scheme

Thanks for such a detailed reply. So even if the person is a sub-broker, he can opt for the scheme right?

Yes ............................ subject to conditions mentioned above


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