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eBRC system is revamped by DGFT
Electronic Bank Realization Certification (eBRC) is a certificate issued by the bank certifying that payment is received in foreign currency against the export of service and goods. As per FEMA, exporters are required to receive payment against export of goods and services within a specified period of time. Timely receipt of foreign currency is a condition for issuance of GST refund as well.
By CA. Kavit Vijay
Last update on March 12,2024
RBI issued circular on regulation of Payment Aggregator-Cross Border
Reserve Bank of India (RBI) has issued a detailed circular on the regulation of Payment Aggregator-Cross Border (PA-CB) vide RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/ 2023-24 dated 31st October, 2023. Processing of payment or receipts transactions in cross-border transactions is not something an Individual entity can do itself. All these facilities are provided by Payment Aggregator through Payment gateways.
By CA. Kapil Mittal
Last update on December 5,2023
All you need to know about new Foreign Trade Policies 2023
Foreign Trade Policy 2015-2020 was applicable and after 8 years the government has announced a new Foreign Trade Policy 2023 (FTP 2023) on 31st March, 2023 which is applicable from 1st April, 2023.
By CA. Kapil Mittal
Last update on August 29,2023
Postal Export (Electronic Declaration and Processing) Regulations, 2022 and Implementation of PBE Automated System
In the automated system, exporters will not be required to visit foreign post offices. Rather, he can file PBE online from his own place and hand over the consignment to a nearby post office (not necessarily Foreign Post Office) for export.
By CA. Sachin Jindal
Last update on December 26,2022
Whether Marketing Services agreed to be provided under Marketing Services Agreement is export of services
Gulf Turbo Solutions LLP (hereinafter referred to as the ‘Applicant’) is in the business of service and repairs of various types of turbochargers. It also supplies spare parts required for turbochargers and ship spares.
By CA. Kapil Mittal
Last update on May 6,2022
GST on Contribution made by RWA members| Exemption is available upto INR 7,500
No GST is applicable on contribution received upto INR 7,500 and in case of contribution received in excess of INR 7,500, GST would levy only on additional amount.
By CA. Sachin Jindal
Last update on September 10,2021
Overseas commission Agent | Not chargeable to GST under RCM
The applicant is not required to pay GST on RCM basis under section 5(3) of the IGST Act, 2017 on commission paid to the “Overseas Commission Agent:.
By CA. Kapil Mittal
Last update on August 24,2021
Know all about Turnkey Project Exports from India
One of the special modes of carrying out international business is a ¨ Turnkey Project exports ¨. Generally, projects that involve rendering of services like designing, civil construction and erection and commissioning of plants/factories along with supply of machinery, equipment and materials are known as turnkey projects. In this article you can find various essential provisions related to Turnkey project exports.
By CA. Sachin Jindal
Last update on June 4,2021
Manner of calculation of Adjusted Total Turnover for GST Refund | Clarified
Considering the representation, CBEC has clarified various refund related issued vide Circular No. 147/03//2021-GST dated 12th March, 2020 where following issues are clarified:
By CA. Sachin Jindal
Last update on April 6,2021
Benefit of Sanctioning IGST refund where data has not been transmitted to IEC Gateway | Extended till 31.3.2021
1. Issue with respect to transmission of data to IEC Gateway in case of IGST refund from customs Under Goods and Service Tax, information related to exports are furnished at following two places: Summary information is given in Table 3.1(b) of GSTR-3B where details are given of Value of Export and Amount of IGST paid […]
By CA. Kapil Mittal
Last update on March 16,2021