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GST on Payments made to Collection Agent, Goods and Services Tax - GST

Issue Id: - 117268
Dated: 8-6-2021
By:- sumanta nayak
GST on Payments made to Collection Agent

  • Contents

Is RCM applicable to Payments made to daily collection agents of Banks?

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Showing Replies 1 to 6 of 6 Records

1 Dated: 8-6-2021
By:- Rajagopalan Ranganathan

Sir,

According to sl. No. 8 of Notification No. 13/2017-C.T. (Rate) dated 28.06.2017 as amended in respect of services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company, gst is payable under RCM by a banking company or a financial institution or a non-banking financial company, located in the taxable territory.


2 Dated: 10-6-2021
By:- Ganeshan Kalyani

Services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company: A banking company or a financial institution or a non-banking financial company, located in the taxable territory receiving service from a recovery agent shall pay tax under reverse charge.


3 Dated: 10-6-2021
By:- sumanta nayak

Is RCM aplicable to daily deposit collection agents ?


4 Dated: 12-6-2021
By:- YAGAY andSUN

In our view, yes GST is payable on Daily Collection under Reverse charge Mechanism.


5 Dated: 12-6-2021
By:- sumanta nayak

If RCM is payable then under which clause of the notification?


6 Dated: 13-6-2021
By:- KASTURI SETHI

Dear Querist,

I think that you are not talking about Recovery Agent. The activities of recovery agent and collection agent are entirely different. The nature of collection agent can be likened to intermediary service/ commission agent. Pl. elaborate your query.


1

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