Dear Sir/Madam,
I hope you are well and keeping safe.
Case : A company is into 100% export of services to USA, but they are receiving the proceeds in INR. Banker is providing MT 103 form as proof of foreign inward remittance.
My Query :
1. To constitute the definition of export - should the export proceeds to be received in foreign currency or INR?
2. As the export received in INR in this case are we liable to pay GST @ 18 % ?
3. Whether MT 103 can be used as FIRC for GST refunds on accumulated ITC.
Looking forward for your valuable suggestions
Thanks & Regards,
Gururaj