Export sale in current year but amount received 4 years
This query is : Resolved
20 July 2019
WE HAVE RECEIVED ADVANCE PAYMENT FROM OUR CUSTOMER 4 YEARS BACK SO WE TREARTED IT AS UNSECURED LOAN(OR ADVANCE RECEIPT FROM THE CUSTOMER)
NOW WE EXPORTED THE GOODS AFTER FOUR YEARS FROM SUCH RECEIPT WHAT ARE THE CONSEQUENCES FROM VIEW POINT OF FEMA, INCOME TAX AND GST?
NOW WE EXPORTED THE GOODS AFTER FOUR YEARS FROM SUCH RECEIPT WHAT ARE THE CONSEQUENCES FROM VIEW POINT OF FEMA, INCOME TAX AND GST?
21 July 2019
For advance payment against export received, the exporter is supposed to effect the shipment of goods within one year from the date of receipt of the advance.The rate of interest, if any, payable on the advance should not exceed LIBOR +100 bps.
In case the export order provides for shipment of goods extending beyond one year from the date of receipt of the advance payment, prior approval of the RBI is required to be obtained by the exporter.
You should have raised GST export invoice. IGST paid or LUT furnished.
Income tax, account the income in current year.
In case the export order provides for shipment of goods extending beyond one year from the date of receipt of the advance payment, prior approval of the RBI is required to be obtained by the exporter.
You should have raised GST export invoice. IGST paid or LUT furnished.
Income tax, account the income in current year.
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