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GST applicability on LIC commission agent.

parth kalani (Article) (25 Points)

20 January 2020

Wheter GST registration needs to taken when commission income exceeds Rs. 20 lakhs of insurance agent ?

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5 Replies

prasad Nilugal (3914 Points)
Replied 20 January 2020

Irrespective of the turnover , Compalsary registration for Agents . Rcm applicable .

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 20 January 2020

No......... As the services of Insurance Agent is Under RCM, cover under Section 9(3) , hence in term of Notification 5/2017 CT , the person who are ONLY engaged in making supply goods or Services ,the tax on which is paid on RCM by Receptient is not required to obtain Registration.

prasad Nilugal (3914 Points)
Replied 21 January 2020

Yes , Pankaj rawat is correct , registration not required , sorry for mistake due to oversight .

PK Sood (18 Points)
Replied 17 August 2020

What is the position if insurance agent is also accountant and his turnover exceeds taxabke limit and he is registered under gst

Deepak K (Mutual Fund Distributor INSURANCE ADVISOR) (47 Points)
Replied 06 February 2022

What about if Life Insurance agent is also a MFD & cross threshold limit of 20 Lakh?

on first time registration under composition after crossing threshold limit, Whether have to pay GST on LIfe & General insurance commission also, Or on MFDs Commission ?

Please clarify