Forex conversion
This query is : Resolved
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
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.
2) Such expense may be debited to bank charges.
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