The exporter shall receive the payment in convertible foreign exchange within the time limit prescribed under FEMA, failing which
the exporter shall be liable to pay the tax along with interest within 15 days after the expiry of such time limit.
IGST plus interest will be applicable or not if payment received after time limit
IGST and interest are payable initially if export proceeds are not realized within the FEMA-prescribed time, but IGST can be refunded later when payment is eventually received.
❌ Interest is NOT refundable.
Shyam Joshi & Associates
Pune
B.Com
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SMJ global advisors pvt ltd
New Delhi
B.Com
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CAclubindia
