Can i Claim

[Harish GV]

Im a self employee & providing software services to inside/outside India, all my services transactions was credited to my personal saving bank account, but first time I provided software service to US within few days ago and received very big amount to my personal saving bank account and not yet converted to Indian currency(Bank needs disposal instructions for FOREX department to convert it into Indian currency and credit to my bank account).

Later I opened current account with trade name(sole proprietorship), registered the GST, Taken LUT Bond, within a one or two days i'm getting Import Export Code(IEC) also. After receiving IEC, i'm generating service invoice of the transaction on my side along with GST, LUT & IEC treating received amount as a advance payment under my sole proprietorship, now using above money I'm planning to hire employees under proprietorship, renting a new office and etc.. Now my question is

1. Since amount is credited to my personal saving bank account, how can i transfer/show in my sole proprietorship current account
2. Export of service to outside India is treated as “zero rated supplies”, so now can I claim 0% tax under LUT Bond (or Paying IGST, later claiming for refund)
3. What are all the taxes do i need to pay and also when(now or end of financial year)?
4. Is it possible to use that money for hiring employees and renting new office, etc..?

Thanks

AI Summary

Seeking Advice on Fund Transfer, GST Zero-Rated Claims, and Business Expense Compliance for Sole Proprietorship An individual providing software services to clients inside and outside India received a large payment from the US into their personal savings account. They subsequently set up a sole proprietorship, registered for GST, obtained an LUT Bond, and applied for an Import Export Code (IEC). The individual is seeking advice on transferring funds to the business account, claiming zero-rated supplies under GST, tax payment obligations, and using the funds for business expenses like hiring employees and renting an office. Responses highlighted the need for proper invoicing under the sole proprietorship and compliance with GST registration and payment timelines.