Foreign exchange earning and impact on business
This query is : Resolved
Quick Summary
Krishna Murthi
(Querist)
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.
Read more at: https://www.caclubindia.com/forum/foreign-exchange-earning-and-impact-on-business-process-598100.asp
Read more at: https://www.caclubindia.com/forum/foreign-exchange-earning-and-impact-on-business-process-598100.asp
CA R SEETHARAMAN
(Expert)
27 March 2023
No need to file GST returns nor charge GST to your clients till turnover within 20 lacs.
Continue with existing practice
Continue with existing practice
Krishna Murthi
(Querist)
27 March 2023
Excuse me for reiteration. Pl clarify this even when the earning is in forex
CA R SEETHARAMAN
(Expert)
27 March 2023
Yes, it's clarified even the earings in foreign exchange GST not applicable.
Krishna Murthi
(Querist)
27 March 2023
Thanks for clarifying patiently and definitive manner. I appreciate
CA R SEETHARAMAN
(Expert)
27 March 2023
You are welcome..
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