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3 min read. GST registration applies to all commission and brokerage income irrespective of the turnover limits of the taxpayer. This article discusses the GST implications on commission agents and brokers. Who is a Broker and Commission Agent Under GST?
The HSN CODE FOR Services provided for a fee/commission or contract basis on wholesale trade is 996111. The full form of HSN Code is Harmonized System of Nomenclature. It was introduced in 1988 by the World Customs Organization (WCO). It is a 6-digit code that separates different products.
Jun 30, 2019 · (I) KEY ASPECTS IN GST LEGISLATION: (a) GST Registration: A Commission Agent is required to obtain Compulsory Registration u/s 24 (vii) of CGST Act, irrespective of its turnover. Thus, the threshold limit of Rs.20 lakh as enunciated in section 22 (1) of CGST Act, does not apply to an Agent.
Apr 27, 2023 · The HSN code for commission (998351) should be used when reporting income earned from commission-based services. In addition to taxation purposes, the HSN code for commission can also be useful for trade purposes.
Dec 13, 2022 · As per Section 7 of the CGST Act read with the Schedule I, ‘Supply of goods, by a principal to his agent or by an agent to his principal, where the agent supplies such goods on behalf of the principal’ is chargeable to GST even if made without consideration, but for conducting business.
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Apr 1, 2021 · Service Accounting Code are mandatory on invoices for supply of services as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more t.
Search and Find HSN Codes, SAC codes & GST Rates of goods and services under GST in India. Under GST, tax slabs have been fixed at 0%, 5%, 12%, 18% and 28% Products
Sep 5, 2023 · What Is GST? GST on Commission and Brokerage. GST Rates on Commission and Brokerage. The Threshold for GST Registration. Reverse Charge Mechanism (RCM) on Commission and Brokerage. Importance of GST Compliance for Commission and Brokerage Businesses. GST Registration for Commission Agents and Brokers. Conclusion.
