- Since, previously , on launching of scheme he was compulsorily to take GST registration, since he was providing interstate supply, he obtained the registration in Aug25,17. For July17, the mutual fund company deducted GST tax@18% under RCM. For Aug17, Sept17, Oct17 he got the gross commission without deduction of GST (since he is now registered). In the meantime, on 6 Oct17, perhaps I m not sure , the govt has also provided exemption from registration (up to 20lakhs turnover) to interstate supplier of service .
- My question is-
- Whether he is liable to furnish GST returns for July17 to Oct17??
- Also can he now apply for cancellation of GST registration, and be free from not filing the GST returns from date of cancellation enjoying the 20lakhs exemption criteria.
- Pls guide, I m in very much trouble, and no one is able to guide..
Sir, brother of mine provides interstate taxable service (his turnover is 5-6 lakhs annually) ,he is a mutual fund agent in U.P, and the mutual fund company is based in M.P. He has not yet filed any GST return till date.
Answers!
Hi Manish
Reverse Charge was and is always applicable on Service of Mutual Fund Agent to Mutual Fund Co
hence Mutual fund co is always liable to pay gst not you
If you are registered,stil Mutual fund co is liable to pay,not you have to deposit
You have to fill Nil GSTR Return
You can show your service amount as Exempt Service
Also you can apply for cancellation if you want as registration is not compulsory
Also reverse charge is not deducted it is always extra
Suppose service provided by agent to co of 100000+gst rate of 18%
Company has to pay you 100000+deposit 18000 extra to govt
Learn more here
Comment
Answer the question...
Hi Manish
Reverse Charge was and is always applicable on Service of Mutual Fund Agent to Mutual Fund Co
hence Mutual fund co is always liable to pay gst not you
If you are registered,stil Mutual fund co is liable to pay,not you have to deposit
You have to fill Nil GSTR Return
You can show your service amount as Exempt Service
Also you can apply for cancellation if you want as registration is not compulsory
Also reverse charge is not deducted it is always extra
Suppose service provided by agent to co of 100000+gst rate of 18%
Company has to pay you 100000+deposit 18000 extra to govt
Learn more here
Comment