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THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
There is stipulation under the GST law for receipt of payment in convertible foreign exchange in case of Export of Goods.
But, in accordance with Regulation 9 of theForeign Exchange Management (Export of Goods and Services) Regulations, 2015, the consideration should be realized within 9 months (or within extended period, if permitted)
Receipt in convertible foreign exchange required for export GST exemption; realization must meet foreign exchange timelines. Whether export of goods qualifies for exemption or zero-rated GST depends on receipt of consideration in convertible foreign exchange and adherence to the realization timeframe under Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, which requires realization of export proceeds within nine months (subject to extension).
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