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import of service

Naresh Faujdar (4 Points)

28 April 2018

Provisions with respect to import of services into India

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CA Shivam Arora (Chartered Accountant) (2414 Points)
Replied 28 April 2018

Import of service means the supply of any service, where-

1) the supplier is located outside India

2) the recepient of service is located in India

3) place of supply of service is in India

IGST is levied on such transanction

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Shaik Sharief (Article Assisant) (87 Points)
Replied 28 April 2018

addition to shivam auroras...IGST is levied and taken as refund if u dont have lut bond..when export of services treat the foreign company as seperate person and invoice him accordingly..when the money is being remitted to your account banker will issue FIRC and certifies payment..the date of invoice and the date of credit to your account the currency rates are different if u got loss by currency rate transfer it to foreign currency fluctuation .. and same with the gain..banker will collect service charges and gst from u for the conversion charges .. u can claim input of that..hope this helps good day