Whether RCM or Forward charge applicability of GST from commission received from an AMC

Question

603 viewsSeptember 12, 2020Charge of Tax

Charu (anonymous) September 10, 2020 0 Comments

I have received commission for service bearing SAC 997153 from an Asset Management Company. I want to know whether GST is payable on forward charge or whether reverse charge taking into account notification 16/2018 IGST (Rate) (I am an individual)

I would also like to know: are AMCs like HDFC AMC, ICICI prudential AMC, classified as NBFCs?

Frah Saeed Answered question September 12, 2020

1 Answer

Answer 1 · 2020-09-12T03:23:29+00:00

AMC’s are not NBFCs and thus RCM will not apply. Instant transaction will be subject to forward charge.

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