Reference:
Master Direction – Export of Goods and Services (Updated as on November 22, 2022)
RBI/FED/2015-16/11
FED Master Direction No. 16/2015-16
C12> (iv) In case the goods are exported on consignment basis, freight and marine insurance must be arranged in India.

I have a case where an overseas buyer is paying for the freight and insurance in case of consignment exports and also for the re-import of goods of the same consignment exports so we export on the basis of FOB.
Our bank says that as per RBI Master Circular it cannot be FOB as freight and insurance has to be paid in India.
I would like to understand the interpretation of this guideline.
Does it mean that:
1) Freight and Insurance has to be paid by the exporter
2) Freight and Insurance has to be paid in India by anyone of the exporter/overseas party/third party
3) Freight and Insurance has to be "arranged" in india at the time of exporting but can be paid by anyone anywhere
4) Freight and Insurance has to be paid/arranged in India only so as to safeguard the FOREX involved in the transaction in case of any loss/damage of the product (since in case of consignment the ownership has not yet passed to the overseas buyer)

If TDS is not deducted and we have not claimed the expense in our profit and loss accounts, what are the consequences of it? Further, we are filing our Income Tax Return under section 44AD for the current year. I am aware that a 30% disallowance is there, but since we are not claiming expenses, it does not matter. Are there any other consequences?

Hello,

whether drawal of foreign exchange by resident Indian for remittance of gift $20000 to grand daughter(NRI) is allowed under LRS scheme of FEMA Act 1999?

Reply at earliest

One of my client, residing in Assam, has taken a GST registration in the name of his firm situated in Arunachal Pradesh. Regular GST Returns are filed by him for his said firm in Arunachal Pradesh. But, my client, in his individual capacity, has also earned commission u/s.194H. Whether my client is liable to pay GST on this commission ?

Dear Sir,

Please suggest Proprietor have 2types of Term Loan - Home Loan and Yearly Interest from Home Loan for FY 2023-24 Rs.800000/- So can we adjust Home Loan Interest with Proprietor,s Capital account. Or its mandatory to show under PNL account

Please suggest

Sir,

FY 2021-22 & FY 2022-23 I have filed ITR-1 income from Salary and Interest from FDR. FY 2023-24 i have income from Salary and Interest from FDR and some short term Capital Gain Rs.3024/- from Stocks ( Stocks through delivery ) and Mutual fund I have never done Intraday and never done f&N but by i have done One Single Transaction through Intraday. Purchase Price Rs.546/- Sale Rs.520/- Loss Rs.26/- only one Single Transaction During FY 2023-24. So can i go for ITR-2 Please suggest

do we have to file board resolution where private limited company's director salary is fixed with ROC

Can anyone please provide the project report on the general warehouse construction?

sir,
A Registered dealer itc claimed amount in gstr3b for april-24 month
1.itc claimed as per books rs:947500/- 55200 cgst 55200 sgst
2.Itc clamied as per gstr2b in gst portal rs:613500/- 40210/- cgst 40210/- sgst
3.Itc claimed as pe gstr2a in gst portal rs:550600/- 35700/- cgst 35700/- sgst
Doubt:
Dealer itc claimed amount gstr3b for april-24 month.

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