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GST on advance receipt from Parent company
A company having parent company in US , registered office in Delhi and branches in Bengaluru and Chennai received 2 amounts in bank account which is opened in Chennai in the month of JULY 2019. What will be the GST implications? LUT has been applied for.
Replies (2)
go through the notification no 40/2017 & 66/2017 central
In terms of Regulation 16 of Notification No. FEMA 23/2000-RB dated May 3, 2000,
where an exporter receives advance payment (with or without interest), from a buyer
outside India, the exporter shall be under an obligation to ensure that the shipment of
goods is made within one year from the date of receipt of advance payment;
where an exporter receives advance payment (with or without interest), from a buyer
outside India, the exporter shall be under an obligation to ensure that the shipment of
goods is made within one year from the date of receipt of advance payment;
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