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Balaji (Other)     20 June 2021

Mode of payment for invoice payment from foreign entity

Hi. My company is in Belgium. We don't have a branch in India. We are planning to hire some associates as contract staffing through a consultancy in India. In which currency the monthly invoice payment need to be made ? In INR or EUR ?. Will there be any tax implications for the Belgian company in India if they pay in INR ? Can they do wire transfer or Do they want to open any account in India to do this transaction ?



 2 Replies

Sourav

Sourav (Student)     20 June 2021

Payment should be made in EUR by foreign company and that should be exchanged in INR by the staffs in India through respective SBI branch of foreign exchange.


A special account should be open for foreign transfer or wire transfer may also be applicable.

No there will be no tax implications on Belgium company as it is an foreign company situated outside India
Prachi Bansal

Prachi Bansal   23 June 2021

What are some of the best ways to send money abroad?


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