Hi
GST shall be applicable on brokerage + transaction charges.
The rate of GST shall be 18%.
Feel free to revert/call in case of any query.
GST charges in commodity trading
I am an Online Commodity Trader. My Broker is charging me 18% GST on brokerage as well as on transaction charges, stamp duty & SEBI fees. As far as I am concerned, a broker is entitled to charge GST only on service provided i.e brokerage & not on other heads. Also, the other charges (transaction charges, stamp duty & SEBI fees) are levies by themselves. Therefore, charging GST on them is like charging tax upon tax. Kindly, let me know whether a broker is entitled to do the above as per GST Rules & Regulations? Thanks
Asked 6 years ago in GST
Could you kindly also let me know any possible legal action I can take against my broker for extra charges levied together with channels or agencies where I can file my complaint?
Asked 6 years ago
Hi
GST can at the max be levied on brokerage charges plus transaction charges.
GST should not be levied on stamp duty and other statutory charges.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Who is the broker? Is it a well known company? I think you should communicate such provisions with your broker only. They should rectify the mistakes.
Hello,
You can ask him to reverse the GST and send him the same in writing so that in case he avoids doing it you can use the mail records to lodge a legal complaint.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
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