Master in Accounts & high court Advocate
9610 Points
Posted on 31 December 2024
Receiving payment in INR for exports shouldn't directly impact your GST refund application.
However, there are some considerations: GST Refund Eligibility To be eligible for a GST refund, you must meet the following conditions:
1. *Export without payment of IGST*: You've exported goods without paying IGST, which is eligible for a refund.
2. *Payment received in convertible foreign exchange*: Although you're receiving payment in INR, this shouldn't affect your refund eligibility, as the payment is for an export transaction. GST Refund
Application When submitting your GST refund application:
1. *Table 6A of GSTR-1*: Ensure you've reported the export transaction in Table 6A of GSTR-1.
2. *GST RFD-01*: File GST RFD-01, providing details of the export transaction, payment received, and bank realization certificate (BRC). Potential Issues While receiving payment in INR shouldn't directly impact your refund, be cautious of:
1. *Bank Realization Certificate (BRC)*: Ensure the BRC is issued by the bank, confirming the receipt of payment in INR for the export transaction.
2. *GST Audit*: During GST audits, authorities might scrutinize transactions, including payment receipts. Maintain proper documentation to support your refund claim. In conclusion, receiving payment in