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can we claim refund on commission recd by lic agent

PRATHIMA REDDY (CA ) (115 Points)

19 June 2018

Lic agent is currently paying gst can he claim refund on that

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11 Replies

Vinod Babu (24191 Points)
Replied 19 June 2018

What is your nature of business. Please mention it.

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Ashish Khillan (Gaining knowledge) (1039 Points)
Replied 19 June 2018

Vinod Sir,
any type of commission received by person have to compulsory register under GST?

PRATHIMA REDDY (CA ) (115 Points)
Replied 19 June 2018

What if he is mutual fund agent

Vinod Babu (24191 Points)
Replied 19 June 2018

In my knowledge, I have not come across lic agents taking registration because my relatives and friends(above 25 nos) are lic agent, till now no gst registration is taken by them. But they are filing income tax.

I

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Jatin (Accountant) (3479 Points)
Replied 19 June 2018

Your company LIC pay GST on reverse charge basis & recovered from you . you can't claim refund

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Ashish Khillan (Gaining knowledge) (1039 Points)
Replied 19 June 2018

and wht about other commission like under 194 H?

and as written in the GST, person work as an agent or on other register person thwn he also have to be registered?

plz clarify both.

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PRATHIMA REDDY (CA ) (115 Points)
Replied 19 June 2018

Vinod sir please tell me about mutual fund agent is he liable to register can he. Claim itc on commission

Vinod Babu (24191 Points)
Replied 19 June 2018

GST rate on commission income: GST is mandatory for all commission agents, whether their annual turnover is above the threshold or not.

GST registration is compulsory for every person who makes taxable supplies of goods and services on behalf of another taxable person.

GST on brokerage: The tax will be applicable on any income earned through commission or brokerage services.

TDS is also deductible on GST bill relating to a commission value of a supply.

The rate of GST on commission (agent) services is 18 per cent.

Input credit is available for the GST on commission paid on these services.

GST is not applicable to foreign commission agents.

An agent is a person who is paid a commission for making supplies of goods and/or services on behalf of someone else (Principal). This includes brokers, auctioneer, commission agents...

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PRATHIMA REDDY (CA ) (115 Points)
Replied 19 June 2018

Sir so that u can claim itc on mutual fund agent commission?

1 Like

Vinod Babu (24191 Points)
Replied 20 June 2018

Yes , ITC available on commsion

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 20 June 2018

As per notification 13/2017 CT (R) Insurance Agent services supplied to any person carrying Insurance Business is under reverse Charge (Recepient has to do RCM