Taxation of Corporate agent to insurance company

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..... How is GST applicable for Corporate agents to insurance company? Is it on RCM basis wherein the insurance company would pay tax or on the basis of forward charge where in the corporate agent is liable to pay tax.Is there is any circular pertaining to this by the Finance ministry. - Reply By Alkesh Jani - The Reply = Sir, In this regards, please refer Notification No.13/2017 dated 28-06-17 .....

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..... as amended from time to time. The relevant portion is reproduced below:- the Central Government on the recommendations of the Council hereby notifies that on categories of supply of services mentioned in column (2) of the Table below, supplied by a person as specified in column (3) of the said Table, the whole of central tax leviable under section 9 of the said Central Goods and Service .....

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..... s Tax Act, shall be paid on reverse charge basis by the recipient of the such services as specified in column (4) of the said Table . Further, Sl.No.7 of the said Notification states that liability is on the Any person carrying on insurance business, located in the taxable territory . The definition of a person is given at Section 2(84) of CGST Act, 2017 and it includes a company . .....

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..... On conjoint reading it ample clear that although you are company, the liability to pay GST is on Any person carrying on insurance business, i.e. Insurance company. Our experts may correct me if mistaken. Thanks - Reply By Ganeshan Kalyani - The Reply = A corporate agent is liable to pay tax. - Taxation of Corporate agent to insurance company - Query Started By: - Tushara Nair Dated:- 2 .....

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..... 0-6-2018 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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