GST on life insurance agency under RCM

CA Nitin K. Varshney (FCA DISA CCA Peer Reviewer (ICAI))   (606 Points)

09 August 2021  
a life insurance company is deducting 11% GST & 5% TDS at the time of payment of insurance commission to agent. GST is payable to the company under RCM and company says they will charge 11% from agent and 7% will be born by company. whether it is correct action by the company, when they will be allowed full amount of GST as ITC? what are the implication of GST on Life Insurance companies?