Intermediary services exemption narrowed; certain mutual fund, distribution and lottery agent services now taxable on reverse charge. Exemptions designate specified intermediary roles-such as sub brokers, authorised persons to exchange members, SIM card sellers, BF/BCs to banks or insurers in rural areas, and subcontractors to exempt works contractors-as exempt under notifications, while amendments withdrew exemption for mutual fund agents, mutual fund distributors, and lottery selling/marketing agents making those services taxable under the reverse charge mechanism; the exemption for BF/BCs was refined to cover specified account services for Basic Savings Bank Deposit Accounts and to include intermediaries to BF/BCs and BF/BCs to insurers, with definitions for key terms provided.
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Provisions expressly mentioned in the judgment/order text.
Intermediary services exemption narrowed; certain mutual fund, distribution and lottery agent services now taxable on reverse charge.
Exemptions designate specified intermediary roles-such as sub brokers, authorised persons to exchange members, SIM card sellers, BF/BCs to banks or insurers in rural areas, and subcontractors to exempt works contractors-as exempt under notifications, while amendments withdrew exemption for mutual fund agents, mutual fund distributors, and lottery selling/marketing agents making those services taxable under the reverse charge mechanism; the exemption for BF/BCs was refined to cover specified account services for Basic Savings Bank Deposit Accounts and to include intermediaries to BF/BCs and BF/BCs to insurers, with definitions for key terms provided.
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