GST has been Implemented Across theCorners of the Country. It’s a Law with which we all have to comply in its true sense.
In 21st Meeting of GST Council held on 9th September, 2017at Hyderabad, rates for about 40 items have been slashed. Since GST Council has appointed 5 Member Committee to Study GSTN Issues, there is a Hope for us to put up the issue before GST Council.
Taking the clue can we as a Distributor Fraternity Unite and Request Slashing Rates on Mutual Fund Distribution Commission. 18% Rate of Tax on Commission is Huge, as there is no Fraternity paying 18% Tax on Income(Commission). Further we are liable to Pay Income Tax as per respective slabs applicable.
· Interestingly GST Council in its 21st Meeting held Yesterday has Exempted some kind of Handicrafts & Job workers from Registration till 20 Lacs – “Even For Interstate Supplies”
· We as Mutual Fund Distributors can use this same Criteria to put forward issue of our Entire Fraternity
· Else request to LevyTax @ 1%as Composition Tax Payers are levied, since Blanket 18 % is Heavy rate of Tax.
Since Government along with GST Council is into Adaptive Mode, trying to listen difficulties of Various Industries and Sectors, if we put up our stand withFull-fledge Effort we may succeed.