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GST applicability on LIC commission agent.


parth kalani (Article)     20 January 2020

parth kalani
Article 
 25 points

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Wheter GST registration needs to taken when commission income exceeds Rs. 20 lakhs of insurance agent ?

prasad Nilugal   20 January 2020

prasad Nilugal

 127 likes  1961 points

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Irrespective of the turnover , Compalsary registration for Agents . Rcm applicable .

avater

Pankaj Rawat (GST Practitioner)     20 January 2020

Pankaj Rawat
GST Practitioner 
 3568 likes  48200 points

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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.

prasad Nilugal   21 January 2020

prasad Nilugal

 127 likes  1961 points

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Yes , Pankaj rawat is correct , registration not required , sorry for mistake due to oversight .

avater

PK Sood   17 August 2020

PK Sood

 11 points

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What is the position if insurance agent is also accountant and his turnover exceeds taxabke limit and he is registered under gst


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