Humble Request, Please avoid requesting the Finance Ministry to include MFD income under the reverse charge mechanism in GST. If the AMC has paid GST under RCM, then the threshold limit of ₹20 lakhs will not be applicable, resulting in additional tax burdens for smaller MFDs. Additionally, I would like to remind you that under the Service Tax regime, MFD services were subject to RCM, but after many presentations and discussions, the government agreed to move towards a forward mechanism. Finally, this forward mechanism should be favorable to all MFDs. Please take note of this
The IT department stating that you are coming under GST with all the income put together reached above 20 Lakhs income in a FY. (life+health+mutual fund) As an agent.