We have delivered goods to Indian party as per order from overseas party. Billing is in the name of overseas party and ship to is Indian party. We have paid full gst amount since goods are not crossing Indian border .
Now we want to receive payment from overseas customer but bank is not allowing us to receive payment. we are ready for payment in INR too
what is way out. how to get this payment. Has anyone faced this problem? How to resolve it. whom to contact in RBI for this issue.
pls reply urgently
Indian Company Faces Payment Hurdles Due to 'Bill Overseas - Ship India' Model; Explores IGST Act and FEMA Solutions An Indian company faced issues receiving payment from an overseas customer for goods delivered within India, as banks were not allowing the transaction due to the 'Bill to overseas - Ship to India' model. Participants in the forum discussed the legal and regulatory challenges under the IGST Act and FEMA regulations. Suggestions included receiving payment in Indian currency from the Indian buyer or through a Vostro account. The complexities of GST and foreign exchange regulations were highlighted, with recommendations to consult the Reserve Bank of India (RBI) or use alternative transaction methods like Free Trade Warehousing Zones (FTWZ). The discussion also touched on potential solutions and shared experiences to navigate the regulatory landscape. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
