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In Union Budget 2015 it is understood that proposal has been given to impose Service Tax @ 14% on the commission on Distributors of MF Industry. We know that Service tax is payable by the end users of the product not by the intermediaries. Then why it is different for MF Distributors? ARE WE REALLY DIFFERENT?an any body enlighten me on this?
On Feb-28,2015 Finance Minister withdraw the exemption of service tax on commission given by mutual Fund Amc We the IFA say to Fm that we are giving service to the investor on behalf of MF AMC Mf is not giving service to IFA AMC giving service to investor so service tax should be imposed tp customer or AMC not on commission of IFS Our commission is taxable under income tax Ifa is paying 10-30% on his mf commission. How IFA can pay the double tax I request the Head of all AMC Amfi and Sebi to take the matter to Finance Minister