Can i Claim
Query (Issue) Started By: – Harish GV Dated:- 17-8-2018 Last Reply Date:- 20-8-2018 Goods and Services Tax – GST
Got 5 Replies
GST
Im a self employee & providing software services to inside/outside India, all my services transactions was credited to my personal saving bank account, but first time I provided software service to US within few days ago and received very big amount to my personal saving bank account and not yet converted to Indian currency(Bank needs disposal instructions for FOREX department to convert it into Indian currency and credit to my bank account).
Later I opened current account with trade name(sole proprietorship), registered the GST, Taken LUT Bond, within a one or two days i'm getting
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use that money for hiring employees and renting new office, etc..?
Thanks
Reply By DR.MARIAPPAN GOVINDARAJAN:
The Reply:
Whether the invoices were issued in the name of sole proprietorship or in the name of individual?
Reply By Harish GV:
The Reply:
Thank you for replying Dr. Mariappan Govindarajan
From the buyer side i received invoice in the name of individual
Reply By ANITA BHADRA:
The Reply:
Dear Sir
point wise reply to your query :-
(a) Point of taxable event for software exporter is – Earliest of Advance Received,/ Provision of services/Invoice raised ..
In your case point of taxable event is PROVISION OF SERVICES
(b) GST REGISTRATION FOR SOFTWARE EXPORT SERVICES
export service is an inter-state taxable supply and liable
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ing month ( the date you received advance / registered in GST )
USE OF MONEY
In GST Act , use of money is not restricted . As long as you are paying applicable GST , The only concern is availing Input Tax Credit on payment for business purpose .
You can claim refund for input expenditure made in course of export of services.
Reply By Harish GV:
The Reply:
Thank you Anita Bhadra mam for replying
and thank you clarifying about the Advance Payment, what i received is a full payment of service and service was exported before receiving the payment itself, i listed details below with time frame
* Service was exported on 25th July 2018
* July 27th 2018 i received amount to my personal saving bank account, invoice sent from the buyer i
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