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News SERVICE TAX

  • Aug 08, 2015
  • Service tax liability on mutual funds, not their agents

    In a big relief to mutual fund agents, the government has said distributors will not have to pay tax on services provided by them and the liability in this regard would entirely be on the fund houses.In a public announcement, the Central Board of Excise and Custom (CBEC) said mutual fund agents and distributors do not have the liability to pay service tax with effect from April 1, this year. "Liability to pay service tax on service provide by mutual fund agents and distributors is on mutual fund and Asset Management Companies (AMCs) and not on mutual fund agents and distributors," it added.