Payment in foreign currency

SUMIT BADYAL (709 Points)

25 August 2020

hi, if we paid in foreign currency for the purchase of goods or services so we need to pay RCM on it.

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3 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 25 August 2020

Yes, if it's your import of Goods / services, than you are required to pay GST under RCM along with custom duty, applicable if any.

SUMIT BADYAL (709 Points)
Replied 25 August 2020

We pay rcm on import then can we claim RCM refund.

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 25 August 2020

You can claim input tax credit ( ITC ) of GST paid under RCM for/on Import of Goods and Services.

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