TaxTMI 
TaxTMI 
Dear Sir,
A Share broker receiving brokerage from Jainam Share Consultants Pvt. Ltd. is required to get registration under GST if annual brokerage is below ₹ 20 Lakhs ?
Whether it falls under S. 24(vii) of CGST Act for compulsory registration ?
GST Registration for Share Broker is compulsory or not
05 Jun 2020 
7 Replies 
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Compulsory GST registration for brokers: agent or intermediary status triggers mandatory registration irrespective of turnover.
Whether a share broker must obtain GST registration depends on the broker's character as an agent or intermediary: brokers and sub brokers performing agency/intermediary functions and supplying taxable stock broking services are subject to compulsory registration regardless of turnover thresholds; deposits are treated as non consideration unless appropriated; brokerage is taxable though certain recoveries may qualify as pure agent; invoices must meet tax invoice rules and place of supply rules follow client address or intermediary provisions. (AI Summary)
Whether a share broker must obtain GST registration depends on the broker's character as an agent or intermediary: brokers and sub brokers performing agency/intermediary functions and supplying taxable stock broking services are subject to compulsory registration regardless of turnover thresholds; deposits are treated as non consideration unless appropriated; brokerage is taxable though certain recoveries may qualify as pure agent; invoices must meet tax invoice rules and place of supply rules follow client address or intermediary provisions. (AI Summary)