Our US client has made all the
payments by RTGS in INR from US in FY 17-18. Does our company still be exempted from GST payment for FY 17-18 as we have filed LUT or we will have to pay 18%GST as we did not received payment in USD.
please suggest......
6 Replies
Manoj
(CFO)
(34 Points)
Replied 28 April 2018
As per IGST Act 2(6) “export of services” means the supply of any service when,––(i) the supplier of service is located in India;(ii) the recipient of service is located outside India;(iii) the place of supply of service is outside India;(iv) the payment for such service has been received by the supplier of service in convertible foreign exchange; and (v) the supplier of service and the recipient of service are not merely establishments of a distinct person in accordance with Explanation 1 in section 8;The (iv) condition is not fulfilled as you have received the payment in INR .
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 28 April 2018
Yes you have to pay tax as payment is not received in forign currency
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 April 2018
@ Mr. Jitendra Singh.,
Your query about "Supply of goods or Services"
Your query about "Supply of goods or Services"
Jitendra Singh
(32 Points)
Replied 28 April 2018
@ ca rashmi Gandhi......is not there any way to get out of this situation.......??
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 28 April 2018
No such way.However this rule is for export of services only...
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