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.
VIKAS VERMA & CO
New Delhi
Others
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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CAclubindia
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