Rcm on insurance

This discussion clarifies the GST implications for insurance agents operating under the Reverse Charge Mechanism (RCM). It confirms that insurance companies, not individual agents, are liable for GST on policy amounts under RCM. Agents do not need to show policy amounts on their GST portal (GSTR1 or GSTR3B). Commission received by the agent is treated as income for Income Tax purposes and declared in their ITR.