Export of goods and receiptof paymentinthenameofbuyingagent
This query is : Resolved
22 July 2017
BEING AN EXPORTER MANUFACTURED GOODS AND EXPORTED TO A FOREIGN COUNTRY AND RECEIVED PAYMENTS THROUGH BUYING AGENT FOR EXAMPLE RS.95/- AND INVOICE PREPARED BY THE BUYING AGENT (SUPPLIER) TO THE IMPORTER FOR BANK PURPOSE. WITH REGARD TO SHIPPING BILL, CUSTOMS CLEARANCE AND DUTYDRAW BACK ARE RECEIVED BY THE MANUFACTURER EXPORTER AGAINST RS.95/-THE SUPPLIER ( BUYING AGENT ) PREPARE BILLS FOR RS.100/- AND RECEIVES PAYMENT THROUGH BANK RS.100/-IN THE NAME OF NOSTRO BANK A/C AND THE BANK TRANSFERS RS.95/- TO THE EXPORTER-MANUFACTURER AND TRANSFERS RS.5/- TO THE SUPPLIER ( BUYING AGENT)
KINDLY CLARIFY THE IMPACT UNDER GST ACT , SINCE INVOICE PREPARED BY THE BUYING AGENT AND PROCESS THE PAYMENT AND RECEIVES RS.5/- ONLY IN HIS FOREIGN INWARD REMITTANCE A/C. THE BANKER SAYS ALL THE PROCEEDINGS ARE AS PER RBI NORMS. KINDLYCLARIFY THE IMPACT OFRS. 5/-AS COMMISSION AND FUTURE CONSEQUENCES FOR BILLING RS.100/- TO THE IMPORTER.
WITH REGARDS
CA.P.SHANGAR
KINDLY CLARIFY THE IMPACT UNDER GST ACT , SINCE INVOICE PREPARED BY THE BUYING AGENT AND PROCESS THE PAYMENT AND RECEIVES RS.5/- ONLY IN HIS FOREIGN INWARD REMITTANCE A/C. THE BANKER SAYS ALL THE PROCEEDINGS ARE AS PER RBI NORMS. KINDLYCLARIFY THE IMPACT OFRS. 5/-AS COMMISSION AND FUTURE CONSEQUENCES FOR BILLING RS.100/- TO THE IMPORTER.
WITH REGARDS
CA.P.SHANGAR
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