d08c4f03_nternational_in_bound___Page_3__Comment
[Reference Code] 034.02 / 01.07.07 [Issue] 'Asset management and all other forms of fund management' are leviable to service tax under 'banking and other financial service' [section 65(12)]. Whether the amount charged as 'entry and exit load' from the investor by a mutual fund is leviable to service tax as asset / fund management services under banking and other financial services [section 65(105)(zm)]? [Comment] 
Entry load and exit load charged by a mutual fund are not for the purpose of management of assets. Thus, amount charged as "entry and exit load" are not to be treated as consideration received by Asset Management Company for asset management and hence not be leviable to service tax under banking and other financial service [section 65(105)(zm)].
014 - Service Tax - Circulars - Year 2007 - Circular No.- 90 /1/2007, dated - 03-01-2007 - Applicability of service tax on international in-bound - Page 3
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