Inward remittance

[J eswar]

Sir,

May I know the GST rates payable by agents for inward remittances received from overseas suppliers? Both IGST and CGST payable?

Thanks

[Ganeshan Kalyani]

Pls eloborate your query to answer appropriately.

[KASTURI SETHI]

It is inter-State service. IGST applicable. Rate of GST depends upon the nature of service being provided/received. Pl. elaborate your query for correct and complete reply as rightly pointed out by Sh.Ganeshan Kalyani Ji.

[Rajagopalan Ranganathan]

Sir,

'Inward remittance' indicates that the amount is remitted towards export of goods or service or both. Import/Export og goods or services or both will be treated as inter-state supply under IGST Act, 2017. You have stated that such remittance is made by agents. Payment of gst depends upon the clauses of the contract, if any, entered into between you and the agents. Therefore as suggested by Shri. Kalyani and Shri. sethi please give full details so that appropriate reply can be given.

[DR.MARIAPPAN GOVINDARAJAN]

I endorsed the views of the experts. You have to further elaborate your query.

[Yash Jain]

Sir,.

From your query I interpretate that you are asking for gst liability for foreign currency conversion charges, I.e inward in fcy converted to local currency. Sir, for this there is prescribed slab which is available easily on net.

Agent must have remitted at your end the net proceeds.

However if you are asking that what is the gst liability on agents for collecting money on your behalf, sir then please first check how will you regularize your bill (BRC) and whether same is permissible as per RBI circular on third party remittance. If you are complying with rbi then only pay gst or else it will invite penal consequences.

Rgds

AI Summary

IGST applicability on inward remittances for export related supplies, with liability and rate depending on service nature. Inward remittances for export transactions are treated as inter state supplies and attract IGST, with the applicable GST rate depending on the nature of the service. GST liability allocation depends on contractual terms and transaction facts. Foreign currency conversion and collection charges follow prescribed GST slabs; agents often remit net proceeds. Proper regularisation of remittance documentation and compliance with RBI rules on third party remittances are essential, as noncompliance may affect GST treatment and invite penalties.