Export Purpose / GSTR-3B Filing

[UmeshC Pandey]

Dear Sir,

We are merchant trader and now we are issuing export invoice of sale amount (not mentioned IGST).

Now we have't any Bond and we had already export 3-4 times after July, 2017.

Can you suggest me for :-

1- If we have to show IGST Value on Export invoice so how can show IGST Value on Export Invoice becuase we are invoicing in USD (Example Sale Amount USD 50,000/- and GST @ 12% so can we show GST USD 6,000/- ?)

2- Which in head we will show export value in GSTR-3B (In GST @ 0% - ?, in GST Nil/Exempt - ? or Taxable Value -?)

3- If we are showing IGST Value in export invoice then can we adjust export IGST with ITC which received from supplier & other sources ?

Awaiting for your proper reply according Serial number.

Thanks,

Umesh C Pandey

[KASTURI SETHI]

Point-wise reply is as under :-. 1. You can mention Value in Indian currency and foreign currency both. 2. Taxable Value. 3. ITC is allowed. You can claim refund /rebate of GST paid on supply of exported goods. ITC is allowed on inputs contained in finished goods which have been exported. ITC on inputs is allowed whether goods exported under bond or on payment of tax.

[Rajagopalan Ranganathan]

Sir,

Query: 1. For payment of IGST you have to convert the amount shown in US dollars to Indian rupees as per Exchange rate Notification issued by CBEC. You cannot show IGST payable in US dollars.

Query: 2. You have to show value of export under column3.1 (b) as outward taxable supplies (zero rated) vide Section 16 (1) (a) of IGST Act, 2017. If you have not executed bond then you have to pay IGST and after export is completed claim refund of IGST paid.

Query: 3. You can use ITC for payment of IGST.

AI Summary

IGST payment and refund: exporters must convert IGST to INR, report zero rated exports, and may use ITC to pay tax. Export invoices may state values in foreign and Indian currency but any IGST payable must be converted to Indian rupees using the prescribed exchange rate; report exports as outward taxable supplies (zero rated) in GSTR 3B, use Input Tax Credit to pay IGST, and if exports occur without a bond pay IGST and later claim refund of the tax paid.