TMI BlogAdvance from foreign customerX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir/s, We are manufacturing tailor made items and taking 20% or 30% advance against Bank Guarantee from customers (including foreign customers) for raw materials procurement. Our Queries are as under :- 1. Whether we should claim advance including proportionate GST and pay GST on receipt of advance against Receipt Voucher. 2. Whether GST will be payable against advances received from fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ign buyers also against export orders. 3. Since invoicing is done and advance is adjusted in proportionate to quantity supplied, whether advance will also be adjusted accordingly from each supply invoices. - Reply By Kishan Barai - The Reply = There is 0 GST on Export of Goods. GST are zero rated on exports if you prepare the bill of Export, you need to show 20% Advance 80% via LC in it bil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l amount would be 100% without charging any GST. More over you will get ITC on GST for raw materials / domestic purchase ment for Exports - Reply By MohanLal tiwari - The Reply = Dear Mr Barai, For Export GST is 0 rated but if someone is opting to pay IGST and getting refund ? - Reply By Kishan Barai - The Reply = Yea , you can get refund of IGST paid after filing or shipping bill, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is also provision for purchasing via Bond / LUT to source goods without payment of IGST - Reply By KASTURI SETHI - The Reply = I support the views of Sh.Kishan Barai, an expert. - Reply By Kishan Barai - The Reply = Thank You Very Much Sir, you are really great. - Reply By Ganeshan Kalyani - The Reply = Yes, export is zero rated i.e. no GST is liable to be pay on export. However, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is option of payment of GST while export and the exporter can claim refund of the IGST paid on export. Thanks. - Advance from foreign customer - Query Started By: - MohanLal tiwari Dated:- 14-7-2017 Goods and Services Tax - GST - Got 6 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia.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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