GST on Insurance Commission paid to Bank

[sumanta nayak]

1.Is RCM applicable on Insurance Commission paid to banks?

2.Is GST appicable on Commission on Exempted Insurance scheme like PMJJBY

AI Summary

GST on Insurance Commissions: Reverse Charge Mechanism Applicability and Exemption for Schemes like PMJJBY Analyzed A discussion on the applicability of GST on insurance commissions paid to banks raised two main queries: whether Reverse Charge Mechanism (RCM) applies to such commissions and if GST is applicable on commissions from exempted insurance schemes like PMJJBY. One respondent clarified that services by an insurance agent to an insurance company are liable under RCM, but sought clarity on the exemption under specific laws. Another respondent requested further elaboration on the queries to provide a detailed response. The original poster questioned if banking companies qualify as insurance agents under RCM notifications.