How can a Bank as a commission agent for an insurance company file gst for invoices raised ?

Shaik Abdul Raheem (37 Points)

09 May 2021  

If "X" is a bank and providing services to an insurance company i.e.,"Y" as a commission agent. Y has to pay commission to X based on the business or policy volume that X did. To get commission from Y, X has to raise GST invoice monthly to get the payment from insurance company Y. My doubt is here, X is a bank and provided services to an insurance company which pays commission to the bank which is receivable income. How can a bank raise a gst invoice on the services provided which are not shown in profit & loss account and the commission income which is a receivable item. 

Please guide me through the necessary entries in this case. Thank you.