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GST applicability on LIC commission agent.
Wheter GST registration needs to taken when commission income exceeds Rs. 20 lakhs of insurance agent ?
Replies (5)
Irrespective of the turnover , Compalsary registration for Agents . Rcm applicable .
No......... As the services of Insurance Agent is Under RCM, cover under Section 9(3) , hence in term of Notification 5/2017 CT , the person who are ONLY engaged in making supply goods or Services ,the tax on which is paid on RCM by Receptient is not required to obtain Registration.
Yes , Pankaj rawat is correct , registration not required , sorry for mistake due to oversight .
What is the position if insurance agent is also accountant and his turnover exceeds taxabke limit and he is registered under gst
What about if Life Insurance agent is also a MFD & cross threshold limit of 20 Lakh?
on first time registration under composition after crossing threshold limit, Whether have to pay GST on LIfe & General insurance commission also, Or on MFDs Commission ?
Please clarify
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