WHETHER THE EXPORTER OF SOFTWARE GETS REFUND ON INPUTS USED? IF YES KINDLY PROVIDE REFERENCE OF SEC OR NOTIFICATION, IF ANY.
WHETHER IMPORT OF SOFTWARE ATTRACTS GST? IF YES, CAN IT BE TAKEN AS INPUT OR CAN GET REFUND OF UNUTILIZED CREDIT?
ramakrishna kamisetty (Final student) (73 Points)
07 June 2018WHETHER THE EXPORTER OF SOFTWARE GETS REFUND ON INPUTS USED? IF YES KINDLY PROVIDE REFERENCE OF SEC OR NOTIFICATION, IF ANY.
WHETHER IMPORT OF SOFTWARE ATTRACTS GST? IF YES, CAN IT BE TAKEN AS INPUT OR CAN GET REFUND OF UNUTILIZED CREDIT?
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 07 June 2018
Export of software qualifies as zero rated supply as per Section 16 of IGST Act. You can export on payment of IGST and claim refund or export without payment of IGST under LUT, claim refund if accumulated ITC under Section 54(3) of CGST Act.
Import of software attracts tax under RCM as import of service. you can take input tax credit of the same and claim refund if the same is used for exports, as explained above.
ramakrishna kamisetty
(Final student)
(73 Points)
Replied 07 June 2018
THANK YOU Ms.PADMA SRI FOR YOUR VALUABLE ADVICE.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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