TMI BlogGST on Incentive amount to insurance agentX X X X Extracts X X X X X X X X Extracts X X X X ..... GST Query General Insurance Agent got *incentive* for his performance in form of out of country trip with family and deducted TDS under section 194R of IT Act 1961 . Total incentive amount is Rs 22 lakh for each and every Agent. Is GST applicable on incentive amount? If yes then GST on RCM basis and insurance company will pay GST or is GST payable on forward charge basis and GST is to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid by insurance Agent. Insurance company debited such amount as Conference exp. in their books of accounts. - Reply By GUNASEKARAN K - The Reply = Description of Supply of Service Supplier of Goods Recipient of Service Services supplied by an insurance agent to any person carrying on insurance business An insurance agent Any per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son carrying on insurance business, located in the taxable territory GST Payable by Insurance Company under Reverse Charge - Reply By KASTURI SETHI - The Reply = Showing as conference expenses in the books of accounts will not serve any purpose. Actually, it is incentive expenses. RCM is applicable by the Insurance Company. - Reply By KASTURI SETHI - The Reply = Such ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... camouflaging' will not be digested by the department. - Reply By Ganeshan Kalyani - The Reply = I agree with the views of the experts. - Reply By Padmanathan Kollengode - The Reply = I agree with experts, it is payable on RCM by insurance company. - GST on Incentive amount to insurance agent - Query Started By: - SHARAD ANADA Dated:- 26-8-2023 Last Replied Date:- 7-9-2023 Goods and Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rvices Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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