Hello all,
Can any one explain why some of finance related companies(TVS finance, Magma finance, Chola mandalam insurance, sundaram finance, HDB) is not collecting GST on reverse charge basis from an agent, but some of the companies are deducting GST.
Here companies includes both banking and non banking companies also.
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RCM related query
Replies (6)
Are you Insurance agent ?.
My client is an insurance agent
Please refer notification 13/2017 ( central Tax rate ) dated 28/6/2017 , ( Sr no 7 ) on CBIC web site / GST
Services supplied by an Insurance agent to any person carrying on Insurance Business RCM applicable , meaning thereby Insurance company located in the Taxable territory will pay GST to GOVT under RCM .
Thank you for your time.
One more thing GST registration is compulsory for Agents as per section 24(ii) of the CGST act 2017
Actually he will come under agency related services not an insurance agent, he will arrange clients to various companies to give finance for buying vehicles. For that companies will pay commissions to my client.
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