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LIC AGENT COMMISSIONS

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1 Points Posted on 20 December 2023
hvg commission as luc agent abv 20lacs
wt to do ? gst applies or nt ? if yes then how? plz guide
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On 20 December 2023 at 09:27 Report
Replies (4)
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Profession Business
28207 Points Posted on 20 December 2023
What's the commission earned annually.
44 Reply
On 20 December 2023 at 11:35
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GST Practitioner & Accounts
15085 Points Posted on 20 December 2023
As per the notification 13/2017 dated 28/6/2017 entry no 7 , In case of Insurance commission Agent GST payable under RCM , by LIC . Just consult with your LIC branch office.

Take others opinion as well.
24 Reply
On 20 December 2023 at 12:08
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Accountant
1227 Points Posted on 20 December 2023
Gst is payable under RCM. but since aggregate turnover is above 20 lakhs. have to take gst registration.
5 Reply
On 20 December 2023 at 16:15
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"Do the Right Thing...!!!"
128147 Points Posted on 20 December 2023
Yes I agreed with Mr Prasad Nilugal reply.
463 Reply
On 20 December 2023 at 21:42


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