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

Export of services zero-rated: elect LUT or pay IGST and claim refund; tax triggers on advance or provision of service.
Export of software services is treated as zero-rated supplies allowing export under LUT or payment of IGST with refund; the time of supply is the earliest of advance receipt, provision of services, or invoice issuance, so payment received before invoicing triggers tax liability in the period following that taxable event. GST registration is required within the prescribed time after becoming liable and invoices must be issued within the statutory period. Use of export proceeds for business purposes is permitted provided GST obligations are met and input tax credits or refunds are claimed per the refund mechanism.