Levy of GST — the applicant, seeking an advance ruling in respect of the following questions.
1: Whether GST is applicable on the Advisory & Management Fees received in Indian Currency from Domestic Contributors located in India for the Services rendered by the applicant?
2: Whether GST is applicable on the Advisory & Management Fees received in Foreign Currency from Overseas Contributors located outside India for the Services rendered by the applicant?

Held that—
the applicant and the AIF are in taxable territory and the services rendered by the applicant to the AIF are taxable and therefore GST is payable, by application of the provisions of Section 12(12) of the IGST Act, 2017.

the applicant should be treated as a financial institution which distinctly falls under Sec. 13(8)(a) of the IGST Act, 2017 because no deposits are made with the applicant. The funds of investors are received directly by the AIF which is a separate legal entity.—Multiples Alternate Asset Management Pvt. Ltd., In Re… [2019] 10 TAXLOK.COM 104 (AAR-Maharashtra)