can we claim refund on commission recd by lic agent
PRATHIMA REDDY (CA ) (115 Points)
19 June 2018
Lic agent is currently paying gst can he claim refund on that
11 Replies
Ashish Khillan
(Gaining knowledge)
(1039 Points)
Replied 19 June 2018
Vinod Sir,
any type of commission received by person have to compulsory register under GST?
any type of commission received by person have to compulsory register under GST?
Vinod Babu
(24196 Points)
Replied 19 June 2018
In my knowledge, I have not come across lic agents taking registration because my relatives and friends(above 25 nos) are lic agent, till now no gst registration is taken by them. But they are filing income tax.
I
I
Jatin
(Accountant)
(3479 Points)
Replied 19 June 2018
Your company LIC pay GST on reverse charge basis & recovered from you . you can't claim refund
Ashish Khillan
(Gaining knowledge)
(1039 Points)
Replied 19 June 2018
and wht about other commission like under 194 H?
and as written in the GST, person work as an agent or on other register person thwn he also have to be registered?
plz clarify both.
and as written in the GST, person work as an agent or on other register person thwn he also have to be registered?
plz clarify both.
PRATHIMA REDDY
(CA )
(115 Points)
Replied 19 June 2018
Vinod sir please tell me about mutual fund agent is he liable to register can he. Claim itc on commission
Vinod Babu
(24196 Points)
Replied 19 June 2018
GST rate on commission income: GST is mandatory for all commission agents, whether their annual turnover is above the threshold or not.
GST registration is compulsory for every person who makes taxable supplies of goods and services on behalf of another taxable person.
GST on brokerage: The tax will be applicable on any income earned through commission or brokerage services.
TDS is also deductible on GST bill relating to a commission value of a supply.
The rate of GST on commission (agent) services is 18 per cent.
Input credit is available for the GST on commission paid on these services.
GST is not applicable to foreign commission agents.
An agent is a person who is paid a commission for making supplies of goods and/or services on behalf of someone else (Principal). This includes brokers, auctioneer, commission agents...
GST registration is compulsory for every person who makes taxable supplies of goods and services on behalf of another taxable person.
GST on brokerage: The tax will be applicable on any income earned through commission or brokerage services.
TDS is also deductible on GST bill relating to a commission value of a supply.
The rate of GST on commission (agent) services is 18 per cent.
Input credit is available for the GST on commission paid on these services.
GST is not applicable to foreign commission agents.
An agent is a person who is paid a commission for making supplies of goods and/or services on behalf of someone else (Principal). This includes brokers, auctioneer, commission agents...
PRATHIMA REDDY
(CA )
(115 Points)
Replied 19 June 2018
Sir so that u can claim itc on mutual fund agent commission?
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 20 June 2018
As per notification 13/2017 CT (R) Insurance Agent services supplied to any person carrying Insurance Business is under reverse Charge (Recepient has to do RCM
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