9911796707
TMI BlogCan i ClaimX X X X Extracts X X X X X X X X Extracts X X X X ..... Can i Claim X X X X Extracts X X X X X X X X Extracts X X X X ..... mount to my personal saving bank account and not yet converted to Indian currency(Bank needs disposal instructions for FOREX department to convert it into Indian currency and credit to my bank account). Later I opened current account with trade name(sole proprietorship), registered the GST, Taken LUT Bond, within a one or two days i'm getting Import Export Code(IEC) also. After receiving IEC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i'm generating service invoice of the transaction on my side along with GST, LUT & IEC treating received amount as a advance payment under my sole proprietorship, now using above money I'm planning to hire employees under proprietorship, renting a new office and etc.. Now my question is * Since amount is credited to my personal saving bank account, how can i transfer/show in my sole pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prietorship current account * Export of service to outside India is treated as "zero rated supplies", so now can I claim 0% tax under LUT Bond (or Paying IGST, later claiming for refund) * What are all the taxes do i need to pay and also when(now or end of financial year)? * Is it possible to use that money for hiring employees and renting new office, etc..? Thanks Reply By DR.MARIAPPAN GO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... VINDARAJAN: The Reply: Whether the invoices were issued in the name of sole proprietorship or in the name of individual? Reply By Harish GV: The Reply: Thank you for replying Dr. Mariappan Govindarajan From the buyer side i received invoice in the name of individual Reply By ANITA BHADRA: The Reply: Dear Sir point wise reply to your query :- (a) Point of taxable event for software exporter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is - Earliest of Advance Received,/ Provision of services/Invoice raised .. In your case point of taxable event is PROVISION OF SERVICES (b) GST REGISTRATION FOR SOFTWARE EXPORT SERVICES export service is an inter-state taxable supply and liable for registration. Time Limit to take registration - You are required to take registration within 30 days of your supply of software you must provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de a tax invoice for the services within a period of 30 days of the becoming liable (rendering of services) for GST registration All other rules and provisions of export of services are applicable - ie You can raise tax invoice indicating IGST amount , pay the tax amount and claim for Refund or can go for LUT option for Export without IGST . WHEN TO PAY TAXES - If the advance is received be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore the issue of the invoice the time of supply would be the date of receipt of advance. Thus taxpayer receiving advance must pay GST on the money received. You need to pay Tax on 20th of the following month ( the date you received advance / registered in GST ) USE OF MONEY In GST Act , use of money is not restricted . As long as you are paying applicable GST , The only concern is availing In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... put Tax Credit on payment for business purpose . You can claim refund for input expenditure made in course of export of services. Reply By Harish GV: The Reply: Thank you Anita Bhadra mam for replying and thank you clarifying about the Advance Payment, what i received is a full payment of service and service was exported before receiving the payment itself, i listed details below with time f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rame * Service was exported on 25th July 2018 * July 27th 2018 i received amount to my personal saving bank account, invoice sent from the buyer in my name not on sole proprietorship trade name, but still amount is not credited to my bank account(FOREX needs disposal instructions for transaction & i have time still 27th august to provide ) * Current account opened on 14th august and within f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew days getting Import Export Code(IEC) * August 16th i got GST registration number & on the same day i taken the LUT Bond Now again my question is * When i exported the service, i don't had GST Number, LUT Bond, Sole Proprietorship Trade Name, Current account or IEC, but now i have all and how i can show exported service under my Sole Proprietorship * In my current situation what are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the taxes do i need to pay and also when?
Thanks
Reply By Ganeshan Kalyani:
The Reply:
The query is replied in issue id 114054. X X X X Extracts X X X X X X X X Extracts X X X X
|
