GST On Foreign Exchange

How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance

Present time where moonlighting is topic of discussion all over the world, Many of india were doing it since years in total secrecy,whether its someone who is doing freelancing work, or selling some product outside india, building some product for client outside india, or someone like me who provide the service to the client outside of the india. We usually received money in our account in INR after

Forex currency exchange rates 

applied and currency conversion is done by bank. In This article We will help you Calculate GST on Inward Remittance basically gst on foreign exchange

In Simple Language Inward remittance refers to the transfer of money to Indian from abroad

When performing foreign exchange service the only tax you’ve to pay is GST.

As per the directive on July 1, 2017 from the Government of India, the GST for foreign Exchange transactions is as follows ;

18% GST will be levied on the portion of the forex transaction which comes under “taxable value” bracket. Don’t let this “18%” scare you, read further!

what will be the “taxable amount” mean?

The “taxable amount” is not the final tax that we have to pay. It is simply the value that is liable to be taxed.

Below will be simple calculator which will help calculate GST on inward remittance