In case of export of goods under LUT without payment of GST, is there a pre – condition of receipt of payment in foreign currency? If yes under which provisions?
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In my personal view, there is no such pre-condition to receive convertible foreign exchange to qualify as 'Export of Goods' under GST law (i.e. for supplying goods physically out of India without paying any GST, under LUT).
Of-course, you need to fulfill FEMA / RBI requirements as applicable. But, same is separate issues/s related to different law / regulations and they are not linked to subject discussion here (i.e. for supplying goods physically out of India without paying any GST, under LUT) in my view.
All above are strictly personal views of mine and the same should not be construed as professional advice / suggestion.
According to Section 2 (6) of IGST Act, 2017, only in respect of export of service the payment for such service is to be received by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India. For export of goods such condition is not applicable.