Whether commission paid to insurance agents shall be construed as supplies received under Section 9(3) of CGST Act, 2017? If yes, whether the Life Insurance Company can raise a consolidated invoice for such commission payments?
Sr. No. 7 of notification No. 13/2017-Central Tax (Rate), dated 28th June, 2017 as amended covers supplies received from Insurance Agents and provides for the Insurance Company to pay GST on such supplies under Section 9(3) of the CGST Act, 2017.
In such cases, the insurance company may issue agent-wise consolidated invoice at the end of the month for the supply of services received during the month.
Q 67 of GST FAQs on Financial Services Sector published by CBIC
The post How GST will be paid on commission to insurance agents : CBIC Clarify appeared first on Tax Heal.
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