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Insurance Commission Received whether taxable or not under GST?? He is also doing sale of taxable supplies., Goods and Services Tax - GST

Issue Id: - 116151
Dated: 18-3-2020
By:- Rajendra Prasad
Insurance Commission Received whether taxable or not under GST?? He is also doing sale of taxable supplies.

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Sir

Insurance commission received whether taxable under GST or not????

He is also doing sale of taxable supplies...

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Showing Replies 1 to 3 of 3 Records

1 Dated: 18-3-2020
By:- CAVenkataprasad Pasupuleti

It is liable for GST and only premiums for certain policies is exempted from GST.


2 Dated: 19-3-2020
By:- Ganeshan Kalyani

Yes, insurance commission is liable to GST subject to threshold limit of taxability.


3 Dated: 23-3-2020
By:- Rachit Agarwal

Insurance commission is liable to GST under reverse charge. The Insurance company will discharge the tax on the commission paid to Insurance Agent under reverse charge pursuant to Notification No- 13/2017 dated 28.06.2017.

Hence there will be no liable to discharge GST on Insurance Agent.

However for the purpose of computing the turnover, the insurance commission received would form part of the turnover


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