IGST REFUND ON EXPORT OF SERVICES

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Proprietor
89 Points Posted on 22 October 2020
Hello All,
 
Suppose i have raised one invoice towards Export of services Say Rs. 1 Lacs +  GST @ 18% Rs. 18000 
Total Invoice Value Rs. 118000 recovered from a client abroad, now as per IGST Rule i can get refund of IGST Paid on export of Services. Can we recognise in books IGST refund of Rs. 18000 refund as income ?
Can we recognise in books IGST refund of Rs. 18000 refund as income ?
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On 22 October 2020 at 22:37 Report
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Quick Summary
This discussion explores the process of claiming IGST refunds for exported services. It questions whether the refunded IGST amount should be recognised as income in the company's accounts. The conversation also delves into the conditions under which a refund might not be applicable, particularly if the full invoice amount, including GST, has been recovered from the overseas client.

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155 Points Posted on 22 October 2020
You can claim refund
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On 22 October 2020 at 23:39
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Proprietor
89 Points Posted on 23 October 2020

But wether it is treated as Income ?

 

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On 23 October 2020 at 16:22
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26 Points Posted on 23 October 2020
If whole amount including tax is recovered from customer then refund cannot be applied.
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On 23 October 2020 at 21:44
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Proprietor
89 Points Posted on 24 October 2020

But under which provisions of the act, we cannot apply for refund in that case ?

Because what i understand is IGST Refund is an export benefit to us, can anyone please elaborate on this ?

 

 

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On 24 October 2020 at 10:58
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Proprietor
89 Points Posted on 30 October 2020

Hi can anybody please reply on the Topic ?

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On 30 October 2020 at 17:22

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