Insurance Commission Received whether taxable or not under GST?? He is also doing sale of taxable supplies.

[Rajendra Prasad]

Sir

Insurance commission received whether taxable under GST or not????

He is also doing sale of taxable supplies...

[Venkataprasad Pasupuleti]

It is liable for GST and only premiums for certain policies is exempted from GST.

[Ganeshan Kalyani]

Yes, insurance commission is liable to GST subject to threshold limit of taxability.

[Rachit Agarwal]

Insurance commission is liable to GST under reverse charge. The Insurance company will discharge the tax on the commission paid to Insurance Agent under reverse charge pursuant to Notification No- 13/2017 dated 28.06.2017.

Hence there will be no liable to discharge GST on Insurance Agent.

However for the purpose of computing the turnover, the insurance commission received would form part of the turnover

[amit mamgain]

hi Sir ,

Need a clarification . Can insurance deduct GST from the commission paid to the insurance agent?

Thanks

Amit

AI Summary

Insurance commission GST liability: generally taxable; insurer may discharge tax under reverse charge, commission counted in turnover.
Insurance commission received by agents is generally subject to GST, with certain insurance premiums exempt, and the commission forms part of the agent's turnover. Under Notification No. 13/2017 the insurance company must discharge GST on commission under the reverse charge mechanism, relieving the agent of remitting that tax, while a procedural question remains whether insurers can deduct GST from commission payments.