Home Forum Goods and Services Tax - GST Month 4 2021 2021 (4) This
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Amount Recd in INR - Goods and Services Tax - GSTExtract Dear Sir, Our head office in UK transferred funds to TransferWise UK and they converted pound in UK to INR and transfered through their vostro account maintained with HDFC bank in India in INR. Officer has rejected our refund saying foreign credit advice is not acceptable. We raised the issue with transferwise UK Ltd and HDFC India and we got this answer from the banker. With reference to your mail request seeking our confirmation regarding credit in your account. We (HDFC) would wish to clarify that the said remittance was received in INR currency and executed on basis of remittance request received from TRANSFERWISE LTD, UNITED KINGDOM through their Vostro account held with us. We have received the inward remittance in INR currency from TRANSFERWISE LTD, UNITED KINGDOM and foreign currency conversion has been taken care by them. As per arrangement/instructions the funds were credited to your account XXXX held with STANDARD CHARTERED BANK. The details of transactions are mentioned below, Beneficiary Name XYZ PRIVATE LIMITED Remitter Name - XYZ Ltd. Can we take help of the Circular no : 88/07/2019-GST where it is allowed. However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible 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 We need to file the appeal against the refund rejection order. Your Suggestion on the above would be of great help. Thank you in advance sir.
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