Hi All
I wanted to know if the below is possible. We are sourcing services from vendors outside india. We would like to pay them on a monthly basis but on the basis of a single invoice recieved annually in USD. Can this be done? or do we need monthly invoices for making monthly payments?
Regards
Ajit
it is to be noted that the payment remitted to foreign parties are on the bases of Forn 15CA and CB and 15CA and CB are invoice based. So you need to consider the aspect. Otherwise you can make the payment as advance or with any other mode.
Dwell into this point also. As per my opinion, the RBI requires us to submit the invoice for which payment is done at the time of remittance. Is it allowed by RBI to submit the same invoice 12 times a year..
Even for advance payment , an invoice is required.
The best option would be to ask the vendor to provide monthly invoices and the contract or agreement can be for a year and in that the cost could be per annum.
better to take monthly invoices
CAclubindia
