Export Invoice and settlement after FEMA prescribed period

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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 

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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.


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