An export import company from India secures an order from country X @ USD 200 to supply agri products (40MT) which are procured from a supplier in Country Y @ USD 150. Can this transaction be termed as Import and Export Bill to Ship to; Bill to India Ship to Country X. Bank tells this is not import or export as goods are not supplied from/to india. How do this type of transactions take place are they legal in India. Does RBI have any direction in respect of remittances and whether GST is applicable.
Syed Abdal Hussain (owner) (21 Points)15 November 2023