Export Proceeds realised in INR

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..... Export Proceeds realised in INR
Query (Issue) Started By: - Nikhil Agrawal Dated:- 21-7-2021 Last Reply Date:- 21-7-2021 Goods and Services Tax - GST
Got 4 Replies
GST
Dear Sir/Ma'am, Hope all are doing well ! Case:- Client has provided service to a foreign company & raised the invoice in foreign currency. The export proceeds for the same were received in INR through the establi .....

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..... shment of a foreign company in India, also the bank has not issued FIRC for the same. Que. 1- Will it be treated as Export? Reply By ABHISHEK TRIPATHI: The Reply: Dear Nikhil Ji, 2 (6) "export of services means the supply of any service when,-- (i) the supplier of service is located in India; (ii) the recipient of service is located outside India; (iii) the place of supply of servic .....

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..... e is outside India; (iv) the payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India; Hence you may receive the payment in INR. Further kindly refer Circular No. 88/07/2019-GST and the allied circulars. Reply By ABHISHEK TRIPATHI: The Reply: *Addition: You must be worried regar .....

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..... ding the situation "where the payment is received by the foreign establishment in India". Whether such payment will fall under the definition of export of services? The answer to this question lies in RBI Circular. RBI Circular has stated situation when such payment is recognized as receipt of export. Check your details and see whether your case falls under the RBI Circular. The entire .....

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..... logic for this comes from the definition itself, relevant part, 'in Indian rupees wherever permitted by the Reserve Bank of India'. Thus you need to see whether RBI has permitted such payment in INR. Reply By KASTURI SETHI: The Reply: I support the views of Sh.Abhshek Tripathi, Sir. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: Whether the query is in regard to GST?
Discussion Fo .....

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..... rum - Knowledge Sharing .....

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