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CONSIDERATION RECEIVED IN INR FOR EXPORT OF SERVICE UNDER GST REGIME

Goods and Services Tax - GST - By: - Shripada Hegde - Dated:- 10-6-2017 - One of the controversies or discrepancies attached with the Export of Service under the present taxation system for services is the receipt of consideration or payment in INR. This article tries to put light on the Status Quo and the effect under GST Regime. In the present taxation system for services, in order to consider a service as export of service, conditions under Rule 6A of Service Tax Rules, 1994 has to be satisfi .....

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isfied, will the service be considered as Export of Service ? In order to answer this question it is important to note some judgement of judicial authorities. Sun-Area Real Estate Pvt. Ltd. Vs. Commissioner of Service Tax, Mumbai-I [ 2015 (5) TMI 885 - CESTAT MUMBAI] The tribunal in this case made the following observations. Foreign Inward Remittance Certificate (FIRC) is issued only when in respect of Foreign Exchange as per Clause 3A.6(i) of Exchange Control Manual When a person receives in In .....

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a manner of receipt of foreign exchange. Relying on the Judgement of the apex court in case of J.B. Boda and Company the authority has expressed an opinion that when a foreign bank is maintaining Indian rupees in their account obviously, such Indian rupee was obtained in lieu of foreign exchange. The tribunal has held, in this case, that the amount received in INR from a foreign bank fulfils the condition regarding the receipt in foreign exchange. Similar view was expressed by the CESTAT Mumbai .....

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