AAR : Services by AIF's investment manager not 'export' despite fees receipt from overseas contributors

Maharashtra AAR holds that Advisory & Management fees received by the Applicant from domestic as well as overseas contributors, for financial services rendered to the Alternate Investment Fund (AIF) is liable to GST at 18%; Observes that AIF is to be set up in India as determinate, contributory trust and Applicant would provide advisory and management services for which payment would be made by domestic and overseas contributors, notes that Applicant and AIF are different...