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THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
As per Regulation 4 of the FOREIGN EXCHANGE MANAGEMENT (MANNER OF RECEIPT AND PAYMENT) REGULATIONS, 2000, an exporter is permitted to receive the payment through alternative mode.
Since FCNR / NRE account has been specified therein, in the opinion of the author, it may be treated as received in convertible foreign exchange if the payment is received from FCNR/NRE account of the buyer.
Government should come out to clarify the matter in order to avoid difficulty in such situations.
Convertible foreign exchange: payments from buyer FCNR/NRE accounts may qualify for zero-rated export benefit under GST. Payments received from a buyer's FCNR/NRE account may be treated as received in convertible foreign exchange for claiming the zero-rated supply benefit under GST where such receipt conforms to modes authorised by Regulation 4 of the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000; the position is interpretive and authoritative clarification is suggested to resolve compliance uncertainty.
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