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of <h1>Maharashtra GST Confirms INR Payments via Vostro Accounts Qualify as Export of Services Under IGST Act Section 2(6)(iv.</h1> The Trade Circular 23 T of 2023 issued by the Maharashtra State GST clarifies the applicability of a CBIC circular regarding the export of services under the IGST Act 2017. It confirms that payments received in Indian Rupees (INR) through Special Rupee Vostro Accounts, as permitted by the RBI, fulfill the conditions for export of services under Section 2(6)(iv) of the IGST Act. This measure aligns with the RBI's guidelines and the Foreign Trade Policy 2023, ensuring that such transactions are recognized as exports. Any difficulties in implementing this circular should be reported to the Commissioner of State Tax, Maharashtra.
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