You're leaving money on the table
If you export services to clients abroad, you are unaware of this.
Meera, an IT services provider from Bangalore, works with clients in California.
She was focused on delivering great work but hadn’t explored the export incentives available to her business.
Here’s what she discovered:
𝟭.𝗚𝗦𝗧 𝗥𝗲𝗳𝘂𝗻𝗱𝘀
Meera realized she could claim a refund on GST for expenses like office rent, software, internet, LinkedIn subscriptions, and IT equipment. 💡
This simple step put money back into her business!
𝟮. 𝗘𝗣𝗖𝗚 𝗦𝗰𝗵𝗲𝗺𝗲
a) Meera could import capital goods like furniture and laptops without paying Customs Duty.
b) She could also procure them locally without GST! 📦 This gave her more flexibility to grow.
𝟯.𝗦𝗼𝗳𝘁𝗲𝘅 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲
Meera learned the importance of staying compliant with Softex filings, SERF, MPR, and APR.
𝟰.𝗥𝗲𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗘𝘅𝗽𝗼𝗿𝘁 𝗣𝗿𝗼𝗰𝗲𝗲𝗱𝘀
Meera discovered it’s crucial to ensure export proceeds are realized within 9 months and updated in the system. ⚠️ Skipping this could lead to penalties.
𝟱. 𝗦𝗘𝗭 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀
Meera also found out that setting up shop in an SEZ allows GST-free procurement of goods/services from India or abroad, with fast-track approvals from state and union governments.
𝟔. 𝐒𝐓𝐏𝐈 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬
Finally, she also realized that obtaining registration with Software Technology Parks of India allows GST-free procurement of goods from India or abroad.
✨ 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗜𝗧 𝗮𝗻𝗱 𝗜𝗧𝗘𝗦 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀 providing services to clients abroad✨
1. Services are 𝗻𝗼𝘁 𝗲𝘅𝗲𝗺𝗽𝘁 𝗯𝘂𝘁 𝘇𝗲𝗿𝗼-𝗿𝗮𝘁𝗲𝗱 under GST
2. 𝗚𝗦𝗧 𝗿𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗺𝗮𝗻𝗱𝗮𝘁𝗼𝗿𝘆, even if no GST is payable on export of services.
3. File a 𝗟𝗲𝘁𝘁𝗲𝗿 𝗼𝗳 𝗨𝗻𝗱𝗲𝗿𝘁𝗮𝗸𝗶𝗻𝗴 on the GST portal.
4. Obtain an 𝗜𝗺𝗽𝗼𝗿𝘁 𝗘𝘅𝗽𝗼𝗿𝘁 𝗖𝗼𝗱𝗲 (𝗜𝗘𝗖) for foreign currency realization and Foreign Trade Policy benefits.
6. 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝘄𝗶𝘁𝗵 𝗦𝗧𝗣𝗜 to comply with the Foreign Exchange Management Act.
🔑 𝗜𝗳 𝘆𝗼𝘂’𝗿𝗲 𝗮𝗻 𝗲𝘅𝗽𝗼𝗿𝘁𝗲𝗿, 𝗱𝗼𝗻’𝘁 𝗺𝗶𝘀𝘀 𝗼𝘂𝘁 – 𝘁𝗵𝗲𝘀𝗲 𝗶𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀 𝗮𝗻𝗱 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘀𝘁𝗲𝗽𝘀 𝗰𝗮𝗻 𝗺𝗮𝗸𝗲 𝗮 𝗯𝗶𝗴 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲!
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