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Thus, Mr A is nowhere involved in the supply of goods, and so he does not fall under the definition of supply as per Schedule I. Here, M/s ABC issues goods to the highest bidder by raising an invoice in the name of the bidder. Mr A identifies a few potential buyers and carries out the auction process. Mr A is an auctioneer appointed by M/s ABC to auction certain goods. Thus, Mr Y is not involved anywhere, and so he does not fall under the definition of an agent as per Schedule I.īut, in a similar situation, if Mr Y obtains the delivery of goods from Mr Z on behalf of Mr X where Mr Z raises the invoice on Mr Y, then such a transaction is covered under the definition of agent and is a supply under Schedule I. Here, Mr Y identifies Mr Z as a supplier and asks him to supply the goods to Mr X by raising an invoice on Mr Y. Mr X appoints Mr Y for purchasing certain goods. Let us understand better with the help of below scenarios. Here, the important point is whether the agent has the authority to pass/receive the title of goods on behalf of the principal.

If an invoice is raised in the name of principal – Not covered under Schedule I.

If an invoice is raised in his name (agent’s name) – It would be covered under Schedule I transactions and thus liable to GST.

‘supplying or receiving the goods on behalf of the principal.’ The key criteria for determining the existence of a principal-agent relationship is ‘how an invoice is raised?’. Thus, a principal-agent relationship is an essential factor for determining whether a transaction is covered under the definition of an agent.įor this, it is essential to understand whether the agent is carrying out the activity as a representative, i.e. The definition of an agent, as discussed above, includes ‘supply or receipt of goods on behalf of the principal’. Applicability of GST for Brokers and Commission AgentsĪs 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. He carries out activities under the principal-agent relationship.

An agent includes broker, commission agent, factor, auctioneer, or a mercantile agent. Who is a Broker and Commission Agent Under GST?Īn agent is defined under the GST law as a person who carries on the business of supply of goods or services on behalf of another person (principal).

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Fca online invoicing registration#

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Users can continue to use these credentials when they log in before they authenticate with their one-time passcode. Users’ existing account credentials will not change.

Fca online invoicing code#

They will need to authenticate by entering a one-time passcode.Ī user’s code will be generated from either: The user will be prompted to turn on multi-factor authentication when they attempt to log in (expected to be from March 2023 for ESS). Turning on multi-factor authentication will be quick and easy. Electronic Submission System (ESS) – expected to be from March 2023.Connect, Reg Data, Online Invoicing (Fees Portal) and/or Shared Intelligence Service (SIS) – from now.Users will need to enter a one-time passcode each time they log into: Multi-factor authentication ensures that only the user can access their account(s). The regulator its introducing multi-factor authentication to strengthen how firms and others log into its systems and to further protect and control access to its data. The UK Financial Conduct Authority (FCA) announces the launch of multi-factor authentication for its systems, including the Electronic Submission System.