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GST invoice format and SAC code for mutual fund distributor commission

The fields a mutual fund distributor's tax invoice must carry, the rate to charge, CGST/SGST vs IGST, and the SAC code question, in plain English.

MFD Office builds every invoice in the correct format for both registrars. See the KFIN guide and the CAMS guide.

The rate, in one line

Your brokerage is taxed at 18% GST, charged by you to the fund house (AMC) under forward charge. It is CGST plus SGST when the AMC is in your own state, and IGST when it is in another state.

What the invoice must contain

FieldWhat goes in it
Supplier (you)Your name and address, ARN, GSTIN and PAN.
RecipientFund house name, address, state and GSTIN.
Invoice no. and dateA unique serial number for the period, and the date.
Place of supplyThe recipient's state and state code.
Description and SACDistribution commission for the month, with the SAC code.
Taxable valueThe brokerage, exclusive of GST.
GSTCGST and SGST at 9% each in your state, or IGST at 18% for another state.
TotalThe total invoice value in figures and in words.
SignatureName of the signatory, designation or status, and the signature.

The SAC code question

Mutual fund distribution sits under GST heading 9971 (financial and related services) at 18%. On the SAC line, practice is not uniform:

997152

Appears on many registrar indicative invoices, classified under brokerage and related securities services.

997164

Used by some advisers for distribution and fund management services.

Please note: this is general information, not tax advice. The 18% rate is the same under either code, but SAC classification can affect the AMC's input tax credit. Use the SAC that appears on the AMC's own indicative invoice, and confirm with your tax advisor.
Don't want to format each one by hand? MFD Office builds every invoice in the layout your registrar expects, with the GST split worked out and your signature applied, so the format is right every time. See one of your own invoices free, with no signup.

When to raise and upload it

One invoice per fund house each month. KFIN and CAMS open an upload window from about the 7th to the 15th, and the GST on your brokerage is paid only after a valid signed invoice is uploaded and accepted. An invoice once raised cannot simply be reversed; a correction needs a credit note.

Make your invoices the right way, every time

Upload your KFIN or CAMS file and see a real, correctly formatted invoice. No signup, no card.

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Common questions

Is GST charged under reverse charge?

No. The distributor charges GST to the AMC under forward charge and shows it on the invoice.

CGST and SGST, or IGST?

CGST and SGST when you and the fund house are in the same state. IGST when the fund house is in a different state. The total is 18% either way.

How do I file on each registrar?

See the KFIN guide and the CAMS guide.