Foreign exchange earning and impact on business

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An Indian technical consultancy operating below the GST exemption limit is exploring foreign currency earnings. The discussion clarifies that foreign exchange earnings are also exempt from GST as long as the total turnover remains below the threshold. The individual is advised to continue their current practice of not filing GST returns or charging GST, while ensuring regular Income Tax Return (ITR3) filings.

Krishna Murthi

Krishna Murthi (Querist)
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26 March 2023 I run a proprietary technical consultancy in India and come under GST exempted limit. Now I have an opportunity to earn consultancy in foreign currency and even that total value including local earnings will be well under GST exemption limit. I don’t file GST returns nor charge GST to my clients. I regularly file my ITR3 as required. Please let me know what all I need to do or follow in terms of GST, Foreign exchange earnings and income tax implications. I also have the option to opt for billing as an individual rather than a firm.

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