TMI BlogExport of Services payments not received in foreign currency - Refund eligibilityX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, For export of services, one of the conditions stipulate that payments are to be received in convertible foreign currency. Suppose, export of services done through online, payments are received through Paypal, deposited in servie providers' Bank account in Indian currency, whether ITC refund can be claimed in this case. Please advice. - Reply By KASTURI SETHI - The Reply = Pl go thro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh C.B.I. C. Circular No. 88/07/2019-GST, dated 1-2-2019 . It will be helpful to you. - Reply By Rajagopalan Ranganathan - The Reply = Sir, According to para 3.2 of CBIC circular No. 88/07/2019-GST dated 01.02.2019 , there is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions framed under the Foreign Exchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge Management Act, 1999 . Further, in terms of Para 2.52 of the Foreign Trade Policy (2015-2020) , all export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely conv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertible Vostro account of a non-resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal or Bhutan . Further, attention is invited to the amendment to section 2(6) of the IGST Act, 2017 which allows realization of export proceeds of services in INR, wherever allowed by the RBI. Therefore, even when you receive the payment in Indian rupee you c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an claim ITC refund subject to approval given by RBI. - Reply By KASTURI SETHI - The Reply = Comprehensive reply by Sh.Ranganathan, Sir. Thanks for incorporating statutory force. - Reply By Krishna V - The Reply = I thank Shri Kasturi Sir and Shri Rajagopalan Ranganathan sir. - Export of Services payments not received in foreign currency - Refund eligibility - Query Started By: - Krishna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V Dated:- 27-9-2019 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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