Hi everyone! I'm a freelance writer based in India. So I'm super confused regarding the whole GST process and how I should go about it. I'm writing them point-wise so that it's easier for you guys to let me know what the best course of action would be:
1. I work for a foreign client (freelance writing) and I get paid in USD. The amount may vary between 4000-5000$ per month. Until now, I used to use the Local fund transfer (LFT) method, but from now on, I'll have to pay GST.
2. I went through several threads and had a few doubts. I'm okay with the wire transfer (30$ fee) because I'd be withdrawing the money once every 1-2 months. So, I just added a wire transfer to my payment methods. I have an account in HDFC Bank, so every time I withdraw funds from Upwork to HDFC Bank, will I receive the FICR certificate that I can use as proof for the export of services? Will it be auto-generated, or will I have to request it manually? Also, is it compulsory to have a current account?
3. I don't have to have any additional US dollar account in my local bank, right? (Someone mentioned that we had to have some additional US dollar account actually to receive the money in US dollars and show that as proof when filing the GST. For now, I've just provided my Account No. I don't have a separate account within my local bank for foreign transfers.
4. If I use the wire transfer, what would the additional/hidden charges be? (though this is okay because the 18% GST is a lot)
Is there any other hassle-free way to get it done? If yes, I'd love to learn about it. The whole process is very confusing and there's no concrete answer. Thank you.
CAclubindia
