Export - Zero Rated supply - Whether amount received from the Foreign Currency (Non-Resident) account or Non-Resident External Account known as FCNR/NRE account maintained by the buyer can be treated as received in convertible foreign exchange for claiming benefit under GST
9 May, 2017
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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 ... Summary
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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