in case of export of services, if the recipient of service is in india and payment made in INR, whether this would qualify as export service. I am of the view this will not
Query (Issue) Started By: – janakiraman iyer Dated:- 21-12-2017 Last Reply Date:- 23-12-2017 Goods and Services Tax – GST
Got 3 Replies
GST
in case of export of services, if the recipient of service is in india and payment made in INR, whether this would qualify as export service. I am of the view this will not
Reply By Somil Bhansali:
The Reply:
The section 2(6) of the IGST Act defines the term " Export of Service:" which is as follows :
(6) “export of services” means the supply of any service when,
(i) the supplier of service is located in In
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nominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency.
(b) However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal or Bhutan. Additionally, rupee payment through Vostro account must be against payment in free foreign currency by buyer in his non- resident bank account. Free foreign exchange remitted by buyer to his nonresident bank (after deducting bank service charges) on account of this transaction would be taken as export realization under export promotion scheme
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