GST ON INSURANCE AND BANKING COMMISSION RECD BY PROPRIETOR
This query is : Resolved
10 January 2020
One of my client has taken registration under GST,he is receiving two commissions,one from banks for loans and other services and another is insurance commission,so i wanted to know the gst applicability on both the incomes and how to charge and pay the gst and whether there is any reverse charge applicable or not.he is required to prepare the bill and send to the banks and parties or not.which record is to be maintained for gst return filing both GSTR 1 and GSTR 3B.
Thanks
SNEHAL
Thanks
SNEHAL
10 January 2020
Insurance Agent & Banking recovery Agents - Both the services fall under RCM - Section 9(3) of CGST Act .
Recipient( Banking sector & Insurance company ) will make the bill and pay GST on it.
Recipient( Banking sector & Insurance company ) will make the bill and pay GST on it.
10 January 2020
So for the person receiving the commission how it is to be shown under gst return and in books?
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