Clarification relating to export of services - Settlement of export consideration in Indian Rupee (INR) through VOSTRO account – sub-clause (iv) of the Section 2 (6) of the IGST Act 2017
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Payment in INR via Special Vostro accounts qualifies as export of services payment under IGST, subject to RBI and FTP conditions. Receipt of export proceeds in INR from balances in designated Special Rupee Vostro Accounts of correspondent banks, opened by AD banks under the RBI Vostro framework and Foreign Exchange Regulations, satisfies the payment requirement of sub clause (iv) of clause (6) of the IGST Act for export of services, subject to conditions and restrictions in the Foreign Trade Policy and applicable RBI circulars and without prejudice to other statutory permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Payment in INR via Special Vostro accounts qualifies as export of services payment under IGST, subject to RBI and FTP conditions.
Receipt of export proceeds in INR from balances in designated Special Rupee Vostro Accounts of correspondent banks, opened by AD banks under the RBI Vostro framework and Foreign Exchange Regulations, satisfies the payment requirement of sub clause (iv) of clause (6) of the IGST Act for export of services, subject to conditions and restrictions in the Foreign Trade Policy and applicable RBI circulars and without prejudice to other statutory permissions.
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