Export of IT Consulting services as an Individual consultant
This query is : Resolved
15 September 2019
Hi, I have entered into an agreement with companies in Geneva and Singapore for providing IT consulting services as an independent consultant. From two companies I receive consulting charges in INR while from another company I receive in USD.
Recently, I have setup a proprietorship company for future business.
Request clarification on the following:
1. Is GST applicable on export services?
2. Is income tax applicable on the earnings from export services. If so, what the applicable rate.
3. Can I transfer my individual earnings in the current financial year to my new company books?
4. Is RBI compliance required for both Rupee and USD transfers? What the applicable limit and policy? Do I have to submit any application/ returns with RBI or other regulator bodies?
Recently, I have setup a proprietorship company for future business.
Request clarification on the following:
1. Is GST applicable on export services?
2. Is income tax applicable on the earnings from export services. If so, what the applicable rate.
3. Can I transfer my individual earnings in the current financial year to my new company books?
4. Is RBI compliance required for both Rupee and USD transfers? What the applicable limit and policy? Do I have to submit any application/ returns with RBI or other regulator bodies?
CA R SEETHARAMAN
(Expert)
16 September 2019
1 GST not applicable on exports provided you get registered in GST and submit LUT in GST portal.
2 Yes income tax applicable on slab rates.
3 Yes it's only prop.
4 For exports receipts should be in foreign currency, Report the receipt to RBI through your bankers/yourself.
2 Yes income tax applicable on slab rates.
3 Yes it's only prop.
4 For exports receipts should be in foreign currency, Report the receipt to RBI through your bankers/yourself.
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