I would like to know the taxes applicable on import of downloadable software used for business purpose.
1. I believe IGST is appplicable under GST act as has to be paid as per RCM.
2. Is full Input credit available for IGST paid as per RCM ? and can it be availed in the same month ?
3. Is TDS / Withholding tax applicable under Income tax on payment to foreign parties for import of downloadable softare.
4. TDS/ Withholidn Tax paid under Income tax -Is it available as deduction ?
thanks & regards,
Jacob