Online International Procurement via Credit Card, FEMA

[Deepak Kurup]

Hi,

We are a public listed company, and due to the nature of our work, we often do online international procurement with credit card. Since December 2017, our finance team is raising lot of concerns for the same and we wanted clarity on the same. As per finance team, we cannot make overseas procurements through credit card as there are withholding tax and FEMA issues. Before any foreign remittance is made, we have to get form 15CA and 15CB from a CA certifying the forex transfer.

Kindly advise.

Regards

Deepak

Posts / Replies

[YAGAY and SUN]

Please read Master Directions as issued in 2016 on import of goods and services.