Export payments through repatriable accounts, permitted set-offs and net retention satisfy payment conditions; unrealised goods proceeds affect refunds.
Circulars
GST – States
Export service payments received in convertible foreign exchange or repatriable rupee accounts, including SNRR and INR Nostro accounts, satisfy the payment condition under section 2(6)(iv) of the IGST Act. Stockbrokers' payments through NRO accounts must be routed through repatriable SNRR or NRE accounts to satisfy that condition. Export receivables set off against import payables in accordance with RBI directions, and reinsurance brokers' commission retained through net settlement, also satisfy the condition. For exported goods, proceeds unrealised beyond the FEMA-prescribed or extended period make the corresponding refund liable to deposit or recovery with interest within 30 days. Recovery does not apply to amounts written off by the RBI or an authorised dealer bank.
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