GST CHARGED FOR REMITTANCE?
Hi
GST CHARGED FOR REMITTANCE? - THIS IS A RIPOFF
I sent foreign currency to India into my NRI & NRO accounts.
I get charged GST? why?
This is a ripoff
Singapore has very simply GST sysytem & certainly they do to rip off people on remittances as there are millions done each day.
Pls pass this to the Minster of Finance to learn the clear and simple GST structure which is fair in all essence.
See:
https://www.iras.gov.sg/IRASHome/GST/GST-registered-businesses/Learning-the-basics/Goods-and-Services-Tax--GST---What-It-Is-and-How-It-Works/ more
GST CHARGED FOR REMITTANCE? - THIS IS A RIPOFF
I sent foreign currency to India into my NRI & NRO accounts.
I get charged GST? why?
This is a ripoff
Singapore has very simply GST sysytem & certainly they do to rip off people on remittances as there are millions done each day.
Pls pass this to the Minster of Finance to learn the clear and simple GST structure which is fair in all essence.
See:
https://www.iras.gov.sg/IRASHome/GST/GST-registered-businesses/Learning-the-basics/Goods-and-Services-Tax--GST---What-It-Is-and-How-It-Works/ more
Viewed by 679
View all 6 comments Below 6 comments
GST is not on Transaction amount but Bank Charges which is a service under GST @18% at present (earlier it was around 14%) more
Oct 16
Dear Krishnamurthy For all service rendered by BANK there is a service charge .This is applicable for all Banks .The individual cusomer can seek a special waiver or discount ,depending on his business connections with the Bank more
Oct 13
I am SHOCKED at the poor implementation. SHOCKED. World's most INCOMPETENT Roll out of policy. INCOMPETENT more
Oct 13
Study the Policy First, Very Strict although but required for the corrupt mentality in India more
Oct 16
I agree with Mr. Sasidharan. The GST charged would have been on the service charges levied by the bank for FC conversion and not on the entire remittance value. This is usually nominal. However, the government could consider making GST on service charges on conversion of inward foreign remittance as inward remittances are beneficial to the country. more
Oct 12
Dear Mayur The wire Transfer receipts involve FC conversion and credit to your intended account,which is a service.Hence GST is applicable on the Service Charge. If the receipient Bank has taken Rs200 as service charge then GST will be Rs.36 and total charges debited to your account is Rs.236. more
Oct 12
When we remit an amount from abroad, a minimum amount of 30-40 USD is deducted by the foreign bank as charges. We will not care for this, even though it will amount to around 2400/- in INR, but will grudge the service charge levied by the local bank and GST on it , although it is a pittance compared to the remittance charge. more
Oct 12
