Thanks Aman. It's quite complicated, that's why I'm happy that my fx broker helps me with all tax questions.
it was very important for me when I started trading.
Durgesh Mourya 04 August 2019
If the Payment is directly received in Bank from Foreign. No other Party involved [except RBI]. Then their Charges are Correct, but they can take GST on their services.
For Entry purpose, you just give Bank Charges.
NOTE: THERE ARE MANY IRREGULARITY IN AUTHORITIES & ENTITIES. WHAT TO DO, EVEN BANKS ARE SOME TIME DID WRONG CALCULATIONS.
Sanjeev Kumar (Company Secretary) 01 May 2020
How you have deal with the situation
Kindly share your experience
ANIL (Others) 01 May 2020
In purchase entry, we show taxable value and after this we reverse taxable entry by journal.
Aman Goyal (Finance Manager) 29 August 2020
the taxable value as stated by you is Rs 6534.17, that means the amount of foreign currency converted in INR is Rs 2034170/-,
the bank charges of Rs 6534.17 has been included in the amount of conversion as it is a consolidated amount being deducted from your bank account, it does not show up separately in the payment advice received from the bank.
so the correct entry would be as follows
advance to supplier DR. 2027636 (2034170 - 6534)
to bank 2027636
(Being advance for import to supplier)
Bank charges Dr 6534
to Bank 7710
(Being Bank Charges on foreign currency conversion and GST)
ANIL (Others) 26 September 2020
I do journal entry in Tally as under:-
Dr Bank charges Rs 500
Dr Input CGST 9% Rs 45
Dr Input SGST 9% Rs 45
Dr Input CSGT 9% on Forex Rs 535.74
Dr Input SGST 9% on Forex Rs 535.74
Cr Bank Rs 1661.48
Rujuta Hadkar 19 January 2021
I am also facing same issue.
What about Taxable value of GST on forex?
Where u have booked it?