Dollar earnings for consultation

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An individual is seeking guidance on the necessary registrations and procedures for earning less than $500 USD per month from technical consultancy work in Vietnam. While the amount is below the GST threshold, they are inquiring about specific provisions for foreign exchange earnings. The consensus is that as long as the aggregate annual turnover remains below the Rs 20 Lakhs limit, no GST registration or monthly returns are required, even for forex income.

Krishna Murthi

Krishna Murthi (Querist)
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07 July 2022 I am an individual who has an opportunity to offer technical consultancy to Vietnam company and earn fees in USD. The amount per month will be less than 500 USD. What procedures are registrations are required?

CA Altamush Zafar

CA Altamush Zafar (Expert)
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07 July 2022 If your annual aggregate turnover is less than Rs 20 Lakhs then there is no need for registration in GST. If it exceeds the limit then GST registration is required. For more detailed clarification you can mail me.

Krishna Murthi

Krishna Murthi (Querist)
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07 July 2022 Thanks for the reply but it does not address my specific query. Even though the earning is well below GST limit, since it is forex, is there any special provision or procedure, forms to file to earn forex?

CA Altamush Zafar

CA Altamush Zafar (Expert)
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07 July 2022 Even if the earning is forex for your case registration limit still applicable.

Krishna Murthi

Krishna Murthi (Querist)
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07 July 2022 Thanks for clarification and I believe that no ether registration nor monthly returns are needed

CA Altamush Zafar

CA Altamush Zafar (Expert)
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08 July 2022 Yes not required.......

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