Any tax applicable on foreign remittances

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Dipak Yeshi (Querist)
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04 September 2020 I have proprietorship business and i have export services with GST tax invoices and i have received foreign remittance. So my question, is any tax applicable on foreign remittances
and any limit for receiving foreign remittance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2020 No tax and no limit on remittance from relative.

Dipak Yeshi

Dipak Yeshi (Querist)
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04 September 2020 Sir,
I have my own company as proprietorship and that company is registered under GST and I have provide IT services in Dubai and USA and I get its money from client in foreign remittances so is any limit for that and any government tax applicable for foreign remittances received from client.
My annual turnover Rs.2cr.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 September 2020 It will fall under export of service. No GST applicable on furnishing letter of undertaking in GST portal.
Only income tax payable on such remittance. No limit for such remittance.

Dipak Yeshi

Dipak Yeshi (Querist)
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04 September 2020 Thanks Seetharaman for your valuable feedback

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