Insurance commission
This query is : Resolved
23 December 2019
A proprietor engaged in Trading business and he receives LIC commission.LIC commission is Taxable supply or exempted supply to file GSTR-1 and GSTR-3B. Please clarify my doubt
Rajesh Kumar
(Expert)
23 December 2019
Insurance commission is an exempt supply for the insurance agent as GSTis payable under rever charge mechanism.
23 December 2019
If it is exempted supply,Is it mandatory to disclose it as exempted sales in GST Returns in the month when i receive that commission ?
Rajesh Kumar
(Expert)
31 December 2019
Yes. It should be reflected in the exempt sales.
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