GST on wire transfer of USD
Asked by Vasanth ·
How GST will be calculated if I do wire transfer of USD (example, $1000) from a foreign bank to my savings account held with an Indian bank ?
1 answer
Team FileMyGSTRStaff· around June 2020
Hi, Long story cut short, GST is not applicable on foreign transactions (export of goods and or services), you can either apply for Letter of Undertaking (kind of a guarantee that you will export your services) and avoid paying GST, alternatively you can pay GST on exports and claim a refund of GST paid.
One of the most important aspect here is that you must document your Foreign Inward Remittance Certificate (FIRC). This works as an evidence to your export transaction.
I’m happy to share that service export is one of my expertise and I have assisted a good number of freelancers, advisors and consultants who provide their services to clients outside India.
In case if you have further doubt or looking for some quick answers drop an email to me with the subject “Call Back For Service Export” with your contact number in body to contact us and I’ll arrange for a call back to resolve your doubts.
Hope this was helpful. Thanks!