Commission agent gst registration requirement????
This query is : Resolved
19 December 2024
if a individual person having income from LIC agency commission, general insurance and nbfc companies connector code(commission) and turnover is less than 20 lac yearly
Is he required to register under GST???
please guide
Is he required to register under GST???
please guide
19 December 2024
Notification No. 13/2017-Central Tax (Rate): This notification specifies that the recipient of services in the insurance sector is liable to pay GST under RCM.
So, In most cases, these agents are not required to register for GST due to the reverse charge mechanism (RCM). If an agent's aggregate turnover from other sources (besides LIC commission) exceeds the threshold limit of ₹20 lakh (₹10 lakh for special category states), they may be required to register for GST.
If the agent provides other taxable services not covered by RCM, it could also trigger GST registration.
So, In most cases, these agents are not required to register for GST due to the reverse charge mechanism (RCM). If an agent's aggregate turnover from other sources (besides LIC commission) exceeds the threshold limit of ₹20 lakh (₹10 lakh for special category states), they may be required to register for GST.
If the agent provides other taxable services not covered by RCM, it could also trigger GST registration.
19 December 2024
Thanks for your prompt reply Sir1
19 December 2024
You are welcome.
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