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Forex conversion

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30 June 2021 Sir.

We have made advance payment to exporter of UAE. And for making payment by bank to exporter they have deducted the conversion charges and some gst also imposed. Should I take the input credit of gst.

2.Is this entry put under indirect exp and what is the suitable to keep for this entry.

Regards

30 June 2021 1) Yes, you may avail such ITC provided your gstin is updated in the records of the bank.
2) Such expense may be debited to bank charges.



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