Gst on advances received from foreign buyers
This query is : Resolved
Guest
Guest
(Querist)
05 August 2017
Hello sir,
Whether GST applicable on advances received from foreign buyers. If yes then on which exchange rate cause money still not converted in indian currency.
Whether GST applicable on advances received from foreign buyers. If yes then on which exchange rate cause money still not converted in indian currency.
05 August 2017
Export is exempt from GST hence GST not applicable on advance received.
Guest
Guest
(Querist)
05 August 2017
Thank You sir,
Export is zero rated GST Supply and can be made either payment of IGST and claim for refund the same or on LUT/Bond. Here i am making export sale on Payment of IGST & will claim refund of output IGST. so whether advances are exempt or not ? Sir, can you please provide circular or reference number for Export Advances Exemption.
Export is zero rated GST Supply and can be made either payment of IGST and claim for refund the same or on LUT/Bond. Here i am making export sale on Payment of IGST & will claim refund of output IGST. so whether advances are exempt or not ? Sir, can you please provide circular or reference number for Export Advances Exemption.
05 August 2017
In such a case pay IGST on advance.
Guest
Guest
(Querist)
05 August 2017
Respected Sir,
Can you please provide circular or notification for the same?
Can you please provide circular or notification for the same?
05 August 2017
GST applicable on advance received see GST provisions.
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