Commission on insurance
This query is : Open
14 August 2017
Sir
I get comission on mediclaim policies sold to clients. I am not sure if i have to pay GST on commission received. My friends told me that GST is already charged to final client and paid by company and hence u need no pay it again.
Is this correct or should i pay GST again on commission received.
Please note i have my GST number.
I get comission on mediclaim policies sold to clients. I am not sure if i have to pay GST on commission received. My friends told me that GST is already charged to final client and paid by company and hence u need no pay it again.
Is this correct or should i pay GST again on commission received.
Please note i have my GST number.
14 August 2017
Dear
Your service is covered under reverse charge mechanism under GST law.
The insurance company has already paid GST on the commission given to you. Hence you are not required to pay gst.
Your service is covered under reverse charge mechanism under GST law.
The insurance company has already paid GST on the commission given to you. Hence you are not required to pay gst.
14 August 2017
Thanks a lot sir, Do i have to get some confirmation from them. Under which clause or notification i can claim this in return.
14 August 2017
Dear
First you are not required to get registered under GST.
Second what you want to claim in return?
The person who pays the taxes can only claim the credit.
First you are not required to get registered under GST.
Second what you want to claim in return?
The person who pays the taxes can only claim the credit.
14 August 2017
Thanks Sir,
But as i said i have already taken GST number. How do i report this income.Or should i just skip reporting.
But as i said i have already taken GST number. How do i report this income.Or should i just skip reporting.
15 August 2017
dear
tds is being deducted on your commission amount by the insurance company.
hence income needs to be shown in itr
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