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

GST on foreign exchange gain: contributor opinion that such exchange profit is not taxable under GST reverse charge mechanism. Whether GST applies to foreign exchange gains from buyer's credit for an importer, specifically whether income from dollar exchange rate differences attracts GST under reverse charge; one respondent opined such gains are not subject to GST, while another requested further elaboration of the query.