Foreign exchange earning and impact on business
This query is : Resolved
26 March 2023
I run a proprietary technical consultancy in India and come under GST exempted limit. Now I have an opportunity to earn consultancy in foreign currency and even that total value including local earnings will be well under GST exemption limit. I don’t file GST returns nor charge GST to my clients. I regularly file my ITR3 as required. Please let me know what all I need to do or follow in terms of GST, Foreign exchange earnings and income tax implications. I also have the option to opt for billing as an individual rather than a firm.
Read more at: https://www.caclubindia.com/forum/foreign-exchange-earning-and-impact-on-business-process-598100.asp
Read more at: https://www.caclubindia.com/forum/foreign-exchange-earning-and-impact-on-business-process-598100.asp
27 March 2023
No need to file GST returns nor charge GST to your clients till turnover within 20 lacs.
Continue with existing practice
Continue with existing practice
27 March 2023
Excuse me for reiteration. Pl clarify this even when the earning is in forex
27 March 2023
Yes, it's clarified even the earings in foreign exchange GST not applicable.
27 March 2023
Thanks for clarifying patiently and definitive manner. I appreciate
27 March 2023
You are welcome..
...
...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
