HI, I started a consultancy service and my billing per annum would be nearly 40 lacs or more some times if all goes well, my consultancy services is for a clients in european continent. so all the revenue will be billed in usd or euro, mainly usd. will i be liable to pay gst on the consultancy charges received or can i opt under exempt, since it fall under export services, pls guide me - Anand kris
Ans: Hi Anand, you are on the right track. Getting European clients is a success by itself in the consultancy field. All foreign remittances are tax free in India. Only you may have to inform your bank about receiving of foreign funds. I would suggest you still consult a tax expert or CA who would guide you in this matter as far as compliance is concerned. Best wishes Dr Radhakrishnan Pillai