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

AI Summary

GST on Inward Remittances: IGST Applies for Inter-State Services; Check RBI Rules for Currency Conversion Compliance. A participant inquired about the applicable GST rates for agents on inward remittances from overseas suppliers, questioning whether both IGST and CGST are payable. Respondents advised that the service is considered inter-state, thus IGST applies, with the rate depending on the nature of the service. They emphasized the need for more details to provide accurate advice. One respondent suggested that GST liability might relate to foreign currency conversion charges and advised checking compliance with RBI regulations on third-party remittances, warning of potential penalties for non-compliance. Further elaboration of the query was recommended for precise guidance.