Implications of Service Fee received in Tether (USDt) from foreign Client.

This query is : Resolved

Sudipta Das (Querist)
Follow

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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

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.

Sudipta Das

Sudipta Das (Querist)
Follow

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).

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

17 September 2021 Yes, report it as foreign currency earning.

Sudipta Das

Sudipta Das (Querist)
Follow

17 September 2021 Thankx for your guidance.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

George Innocent

SUBHASH SAHA

Narendra

Krishnaveni karur

KRK

Subscribe Now

Implications of Service Fee received in Tether (USDt) from foreign Client.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

CA Final