Exports and receipt of payment through buyin agent
This query is : Resolved
29 July 2017
Kind attn. sir
In the instanat case, the manufacturer himself exports to the foreign buyer for Rs.95-(FOR eg.) and shipping bill are raised in the name of manufacturer exporter in turn he receives duty draw back based on the same. But the buying agent for bank purpose raise bills the same for Rs.100-to the foreign buyer , the bank accepts the proceedings and receives payment from the buyer Rs100/- and the bank transfers to Rs.95- to the exporter and balance Rs.5- only to the buying agent.
Kindly clarify the accountability of the buying agent under GST .
WITH REGARDS
CA. P.SHANGAR
In the instanat case, the manufacturer himself exports to the foreign buyer for Rs.95-(FOR eg.) and shipping bill are raised in the name of manufacturer exporter in turn he receives duty draw back based on the same. But the buying agent for bank purpose raise bills the same for Rs.100-to the foreign buyer , the bank accepts the proceedings and receives payment from the buyer Rs100/- and the bank transfers to Rs.95- to the exporter and balance Rs.5- only to the buying agent.
Kindly clarify the accountability of the buying agent under GST .
WITH REGARDS
CA. P.SHANGAR
31 July 2017
Is the manufacturer raising the invoice in the name of the agent? And in whose name is the agent raising the invoice?
31 July 2017
KIND ATTN. SIR
In the instatnt case, the manufacturer raises invoice in the name of foreign buyer for RS.95/- AND the buying agent in turn raises the invoice to the foreign buyer for Rs.100/- at the time of negotiation of documents with bank. the buyer makes payment to the bank RS.100/-NOSTRO BANK
In the instatnt case, the manufacturer raises invoice in the name of foreign buyer for RS.95/- AND the buying agent in turn raises the invoice to the foreign buyer for Rs.100/- at the time of negotiation of documents with bank. the buyer makes payment to the bank RS.100/-NOSTRO BANK
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