firm is sole proprietorship,
GST registration done in August -2017,
till now no GST return filed till now,
but it's not a issue.. return will be filed with late fees,
till July-2018 No Business i.e nill return,
now in August-2018 month,
1 sale invoice which is IGST (Egypt) sale,
seller given invoice in USD say 20,000 USD..,
no separate IGST shown in invoice,
commodity is (purchase tobacco leave from farmer and supply to Egypt)
now what is the tax treatment in GST
how to calculate USD to INR
selling date = dollar conversion..
give some advice .....
Menu
GST on Tobbaco leaves Export to Egypt
Replies (3)
Firstly, for purchase, you are required to pay tax @ 5% under reverse charge mechanism.
Secondly, for sale, you are required to determine equivalent INR, which is 20000 x Exchange rate notification issued by CBEC prevailing on the date of issue of invoice. Suppose Taxable value= 20000 x 71= 14,20,000/-.
IGST @ 5% on 14,20,000/-.
Total Invoice=14,20,000+14,20,000 x 5%
You have to pay this IGST, which you may claim as refund later on.Another option is not paying IGST by filing LUT.
There are many more procedures to be followed.
thanks for reply...
we can claim IGST as refund...nice to hear..,
I think RCM is suspended now......i.e August-2018 need to pay RCM...?
and u said about LUT.
LUT I will try to get knowledge on that...
we can claim IGST as refund...nice to hear..,
I think RCM is suspended now......i.e August-2018 need to pay RCM...?
and u said about LUT.
LUT I will try to get knowledge on that...
RCM under section 9(4) is suspended, but section 9(3) is still active.
Recent Topics :
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
Related Topics :
CAclubindia
