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 Commissions Taxable Under GST; Subject to Reverse Charge by Insurers as per Notification No-13/2017 An individual inquired whether insurance commissions are taxable under GST, alongside their sale of taxable supplies. Four responses clarified the issue: Insurance commissions are liable for GST, except for premiums on certain policies. The commission is subject to GST, considering the taxability threshold. Under reverse charge, the insurance company discharges GST on commissions paid to agents, as per Notification No-13/2017. The commission forms part of the turnover for GST computation. A query was raised about whether GST can be deducted from the commission paid to agents.