Can Indian company raise invoice in foreign currency to another Indian company?

Yes, but the payment is to be received in INR.

Can an Indian company raise an invoice in USD on its Indian customers?

Invoice can be raised in any currency but it has to converted to local currency when it gets accounted in your books and the exchange rates should be at the time of the service you offered or the goods you sold.

Is GST applicable on service provided outside India?

So, to be eligible for export benefit under GST, the service recipient must be located outside India i.e. the recipient shall not be registered in India under GST whether directly or indirectly.

Can an Indian who is resident of India hold foreign exchange?

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notes/coins upto USD 2,000 or its equivalent only.

Can we raise export invoice in INR?

There is no restriction on invoicing of export contracts in Indian Rupee. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit.

Is GST compulsory for export of service?

The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services. An export manifest or report has to be filed under the Customs Act prior to filing an application for refund.

Does export of services attract GST?

Export of goods or services are treated as Inter-state supply under GST and accordingly, IGST is charged on export. # ‘Zero rated supply’ and covered under Section 16(1) of IGST i.e. the exported goods or services shall be relieved on GST and levied upon either at the input stage or maybe at the final product stage.

Is GST payable on place of supply outside India?

For XYZ Ltd. as the transaction is an intermediary service, and place of supply is outside India, it is not an import of service and GST under reverse charge is not payable. GST would be payable on such services, as the concept of ‘intermediary services’ may not hold good in this scenario.

Is GST payable on invoices received from PQR & associates?

The supplier PQR & Associates provides services to XYZ Ltd., invoices ABC Pte Ltd. as an export of service (without payment of GST). For XYZ Ltd. as the transaction is an intermediary service, and place of supply is outside India, it is not an import of service and GST under reverse charge is not payable.

Do we have to pay GST on services provided to foreign clients?

If we provide service to foreign clients than that service may be considered as an export of services and once it is treated as an export of services than their is no need to charge GST in that transaction. Thou the definition is clear but there are different rules prescibed under section 13 (8) regarding the place of supply.

Is GST applicable on invoices raised in US dollars?

Elite freelance platforms like Toptal are where(Continue reading) If you are raising the invoices of your services in US Dollar and also receiving payment in US Dollar (however the amount may be credited in INR in your bank account) then such services shall be treated as export of services and GST shall not be applicable.