Income on dollar exchange diff.

[mukesh gupta]

Dear sir,

I m importer of iron & steel . In case of buyers credit there of diff.in exchange rate . So if it exist is there any GST under RCM is applicable on income of such dollar exchange.

Thanks & regards

Mukesh

[Ganeshan Kalyani]

In my view, there is no GST on foreign exchange gain.

[KASTURI SETHI]

Will you please elaborate your query ?

AI Summary

Importer Questions GST on Foreign Exchange Gains Under Reverse Charge in Iron and Steel Transactions An importer of iron and steel inquired about the applicability of Goods and Services Tax (GST) under the Reverse Charge Mechanism (RCM) on income from dollar exchange rate differences in buyer's credit transactions. One respondent opined that GST does not apply to foreign exchange gains, while another requested further clarification on the query.