Doctrine of mutuality vs GST deeming fiction: whether fund-member transactions are taxable supplies under amended GST rules.
The document addresses whether the doctrine of mutuality bars taxation of transactions between Alternative Investment Funds and their contributors, summarising the three mutuality tests (identity of contributors and participators, obedience to contributors' mandate, and prohibition of profit-taking from the common fund), surveys constitutional and statutory changes including a GST deeming fiction treating funds and members as separate persons, and reviews jurisprudence and tribunal decisions that apply these principles to determine when fund structures and commercial practices defeat mutuality and render inter-se transfers taxable. (AI Summary)