COMMISSION AGENT TO BANK AND OTHER FINANCIAL INSTITTUTION

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CHINNA SWAMY (Querist)
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14 December 2021 Sir,
My client is commission agent to cholamandalam , hdfc and other financial institution.The bank is deducting TDS on commission and pay him.
Now the client want to take GST registration with a trade name xyz (sole proprietorship) firm.
Can he raise the GST invoice in the name of xyz co. to banks and show the service invoice in GSTR1 and file GSTR3b. Also he raise invoices to Direct customers for financial services.How the GST and income tax works.
PLESAE SUGGEST.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 December 2021 GST registration required only on case of total commission income received on a year exceed 20 lacs.
If it exceeds 20 lacs register under GST, issue tax invoice for direct customers of financial services.
File ITR based on such commission income and claim expenses.

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