sbi life insurance broker reverse charge

[satbir singhwahi]

sir

insurance brokers are covered by reverse charge . Is there any change as sbi life insurance co. is asking brokers to put gst in invoice and pay. pls guide

AI Summary

Insurance companies, not brokers, must pay GST under Reverse Charge per Notification No. 13/2017-CT (Rate). An individual inquired about whether insurance brokers are subject to reverse charge under GST, as SBI Life Insurance requested brokers to include GST in their invoices. Respondents clarified that according to Notification No. 13/2017-CT (Rate), the company is responsible for paying tax under the Reverse Charge Mechanism (RCM). Despite the issuance of Notification No. 3/2018, the GST liability remains unchanged, and the insurance company must pay GST under RCM. The definition of 'Insurance Agent' has been broadened, but this does not shift the tax liability to the agent.