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TMI BlogClarity on payment in foreign currency to foreign contractor executing Turnkey Contract in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... Clarity on payment in foreign currency to foreign contractor executing Turnkey Contract in India X X X X Extracts X X X X X X X X Extracts X X X X ..... s related to payment in Turnkey contract to be executed in India by Foreign Company . The contract will be a Work contract under GST regime .The Customer is an Indian customer and he would be required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make payment to the foreign contractor.For execution of the project - the foreign contractor shall set up a "Project office" in India [Liaison office or Branch may not work in the current fact pat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tern].The foreign contractor shall be supplying a turnkey project to the customer wherein the contractor shall buy all equipment/services and then resell/rebill to Indian customer.The payment is to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made in India - as the foreign contractor would use the money to pay off the foreign/other vendors. The invoices shall be raised from the Project office of the foreign contractor in foreign currency. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I require following clarification: * As it is a work contract and invoices will be raised from project office located in the Rajasthan (India), where contract is to be executed . Whether Foreign co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntractor can raise invoices in foreign currency under work contract ( Any relevant circular of RBI in this regard ) * Whether Customer has to full fill certain formalities for releasing the foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... currency payment under work contract . X X X X Extracts X X X X X X X X Extracts X X X X
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