TaxTMI 
TaxTMI 
GST on Payments made to Collection Agent
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....ST on Payments made to Collection Agent<br> Query (Issue) Started By: - sumanta nayak Dated:- 8-6-2021 Last Reply Date:- 13-6-2021 Goods and Services Tax - GST<br>Got 6 Replies<br>GST<br>Is RCM applicable to Payments made to daily collection agents of Banks? Reply By Rajagopalan Ranganathan: The Reply: Sir, According to sl. No. 8 of Notification No. 13/2017-C.T. (Rate) dated 28.06.2017 as amend....
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....ed in respect of services supplied by a recovery agent to a banking company or a financial institution or a non-banking financial company, gst is payable under RCM by a banking company or a financial institution or a non-banking financial company, located in the taxable territory. Reply By Ganeshan Kalyani: The Reply: Services supplied by a recovery agent to a banking company or a financial inst....
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....itution or a non-banking financial company: A banking company or a financial institution or a non-banking financial company, located in the taxable territory receiving service from a recovery agent shall pay tax under reverse charge. Reply By sumanta nayak: The Reply: Is RCM aplicable to daily deposit collection agents ? Reply By YAGAY andSUN: The Reply: In our view, yes GST is payable on Dail....
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....y Collection under Reverse charge Mechanism. Reply By sumanta nayak: The Reply: If RCM is payable then under which clause of the notification? Reply By KASTURI SETHI: The Reply: Dear Querist, I think that you are not talking about Recovery Agent. The activities of recovery agent and collection agent are entirely different. The nature of collection agent can be likened to intermediary service....
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..../ commission agent. Pl. elaborate your query.<br> Discussion Forum - Knowledge Sharing ....