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GST on outward supply of Insurance agent service under composition scheme
In one case along with other service income, insurance commission is also received, which falls under reverse charge. What is the applicability of GST if client has opted for new composition scheme.
Replies (2)
Nothing ... The insurance co is liable to do RCM . & As per Notification 2/2019 CT , he shall not enaged in supply which is not be leviable Tax (Non Taxable Supply) & RCM servoces do not fall under the defination of Non Taxable Supply . Hence its a services which ia taxable at recepient end
RCM has to be paid by recepient at applicable rate of tax ( not composition rate)
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