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Commission paid to brokers and commission agents will be subject to GST on specific conditions and the applicability depends upon the definition of agent.
Dec 13, 2022 · Agent – compliances under GST: Registration under GST applies to all commission and brokerage income irrespective of the turnover limits of the taxpayer. The threshold limit condition for registration does not apply to commission agents.
Jun 30, 2019 · 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. The extract of Section 24 of CGST Act, 2017 is reproduced as under:
Standard HSN codes apply to Customs and GST. Codes deducted from Customs tariffs are used for GST purposes. For tax purposes, the HS code is determined by subject (4 HS digits), sub-title (6 HS digits) and tax items (8 digits).
Disclaimer: Rates given above are updated up to the GST (Rate) notification no. 05/2020 dated 16th October 2020 to the best of our information. We have sourced the HSN code information from the master codes published on the NIC's GST e-Invoice system.
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 than Rs. 5 crore. Annexure: Scheme of Classification of Services
Explanation-This service does not include sale or purchase of goods but includes: Services of commission agents, commodity brokers, and auctioneers and all other traders who negotiate whole sale commercial transactions between buyers and sellers, for a fee or commission Services of electronic whole sale agents and brokers, Services of whole ...
Goods & Services Tax (GST) | Services ... Top ...
Use ClearTax HSN Calculator to find out the HSN code for your product. Our ClearTax GST Software has all the HSN codes inbuilt. You need to select the items you sell only once in the Item Master. Once you are done, your HSN code will be automatically populated in all your invoices and returns.
Sep 5, 2023 · Are you a commission agent or a brokerage service provider in India? Understanding how Goods and Services Tax (GST) applies to your income is crucial for your business compliance. In this article, we will dive into the intricacies of GST on commission and brokerage.
