Implications of Service Fee received in Tether (USDt) from foreign Client.
This query is : Resolved
16 September 2021
Please guide me regarding Tax implications of Service Fee received by a IT service provider to a foreign client as service fess received in Tether (USDt) via wazirX.
16 September 2021
It will fall under export of service exempt from GST on registration under GST and furnishing letter of undertaking in GST portal.
Income tax applicable including the income with local income.
Income tax applicable including the income with local income.
16 September 2021
Do I have to report it as foreign exchange earning in Balance Sheet & Directors Report. Also is their any special compliance as the payment is being done in Crypto i.e Tether (USDt).
17 September 2021
Yes, report it as foreign currency earning.
17 September 2021
Thankx for your guidance.
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