TMI BlogGST on bank chargesX X X X Extracts X X X X X X X X Extracts X X X X ..... XYZ(India) transferred amount to the bank of the foreign supplier against import of goods. The foreign bank deducted their charges and paid the balance amount to the foreign supplier. Foreign supplier recovered these bank charges XYZ in foreign currency. Is XYZ required to pay GST under reverse charge on this amount paid? - Reply By Padmanathan Kollengode - The Reply = It is a gray area in my op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inion. Better to pay RCM and claim ITC. - Reply By Amit Agrawal - The Reply = As XYZ (India) has not received any services from foreign bank, it need not pay any GST under RCM. However, one needs to look into valuation-issues while paying custom duties IGST while importing subject goods. These are ex facie views of mine and the same should not be construed as professional advice / suggesti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. - Reply By Padmanathan Kollengode - The Reply = Mr Kaustubh Karandikar, I agree with Ld. Amit ji on the point that bank is not providing any service to Indian Importer. Pls clarify how this payment will be accounted in the books of importer? 1. Will it be added to value of goods imported or as separate expense? 2. What document is issued for this transaction by exporter? - GST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on bank charges - Query Started By: - Kaustubh Karandikar Dated:- 1-4-2023 Goods and Services Tax - GST - Got 3 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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