Export payment realisation through repatriable INR accounts, compliant set-offs, and net retention meets GST export conditions.

Export payment realisation through repatriable INR accounts, compliant set-offs, and net retention meets GST export conditions.
Circulars
GST
Receipt of consideration for exported services in convertible foreign exchange or through repatriable INR accounts, including SNRR, INR Nostro and NRE accounts, satisfies the IGST export-of-service payment condition, subject to applicable FEMA and RBI requirements. Payments through NRO accounts qualify only when routed through repatriable INR accounts. RBI-compliant set-off of service export receivables against service import payables, and reinsurance brokers' net retention of commission, also satisfy that condition. For exported goods, the FEMA-prescribed or extended period governs realisation of sale proceeds for GST refund purposes. Refund recovery for non-realisation does not apply where an AD Bank writes off the realisation requirement wholly or partly.
TMI Updates – Highlights, quick notes, marquee, annotation, news, alerts

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =