Hi,
I am working as a software freelancer for an Indian company, 'A'. The exports the services that I provide to a foreign entity. Our work contract is done in US dollars. As per the contract, I am supposed to get $20 per hour for the services that I provide.
So, my question is
a. Can I raise an invoice or a bill to this Indian company 'A' in USD and get paid in INR at applicable conversion rates?
b. What precautions do I need to take while filing GST returns ?
Nature of Supply: Domestic B2B service (not an export).
Invoicing: Must be in INR for GST purposes; GST must be charged to the Indian company.
Returns: File as a regular B2B supply; do not report as a zero-rated export.
Client Benefit: The Indian company can claim the GST you charge as Input Tax Credit (ITC).
Shyam S Gupta and Company
New Delhi
CA Inter
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CCI
Pro
CAclubindia
