15 Mar
Export Service Receipts Crossed ₹20 Lakhs
Export Service Receipts
Crossed ₹20 Lakhs? Here’s What You Need to Do!
If your export service receipts have crossed ₹20 lakhs, you must comply with GST regulations. Here’s what you need to do next:
1️⃣ GST Registration is Mandatory
✅ If your total turnover
(including exports) exceeds ₹20 lakhs, GST registration is compulsory.
✅
Even though export of services is a zero-rated supply, you must
register under GST to claim benefits.
2️⃣
Choose the Right GST Filing Method for Exports
✔ With LUT (Letter of
Undertaking) – No GST Payment
- If you apply for LUT in GST Portal, you can
export services without charging GST.
- Ensure compliance and avoid cash blockage.
✔ Without LUT – Pay IGST
& Claim Refund
- If you haven’t filed an LUT, you must charge
18% IGST on export invoices.
- Later, you can claim a refund of IGST paid through Form RFD-01.
3️⃣
Report Exports Correctly in GST Returns
✅ File GSTR-1 & GSTR-3B
correctly by reporting export sales under zero-rated supplies.
✅
Ensure invoice details match with ICEGATE data to avoid refund issues.
4️⃣ Maintain Proper Documentation
✔ Keep records of export
invoices, payment receipts (in convertible foreign exchange), and contracts.
✔ Ensure that your bank FIRC (Foreign Inward
Remittance Certificate) is available as proof of receipt.
5️⃣ File for GST Refunds Timely
If you have accumulated ITC
due to zero-rated supplies, file for GST refund (RFD-01) regularly to
avoid cash flow issues.
Need Help with GST
Compliance & Export Filing? Contact Alliance Tax Experts today
for smooth GST registration, refund claims, and tax planning!
Call/WhatsApp:
9769201316 / 02249742166
Email: santoshpatil@alltaxfin.com
Visit: www.alltaxfin.com
Facebook: Alliance Tax Experts
Twitter: @alliancetaxexpr
LinkedIn: Alliance Tax Experts
Instagram: @alliancetaxexperts
Google My Business: Alliance Tax Experts
#ExportGST #ZeroRatedSupply #GSTCompliance #ExportsIndia #AllianceTaxExperts #GSTRefund #ExportBusiness #FinancialPlanning #TaxFiling