Related to IGST in export

1. 9701

2. In case of export of goods, GST registration is required when turnover crosses limit of Rs.20 lacs. If you have obtained the registration due to other reasons then you should apply for LUT and then do the export transaction. LUT will allow you to export without payment of tax.

3. Invoice should contain the heading Invoice for export of goods with LUT, name of supplier, date of invoice, unique serial no.,name of purchaser, place of supply, GSTIN of supplier, HSN code, description of goods, taxable value, invoice value. Invoice should be signed by authorised representative.

4. You can claim refund for GST paid on inputs.

5. Please take phone consultation for other details as the topic is comprehensive.

Hello,

Please note following

a) Painting fall under HSN code of 9701 (Both Modern & Contemporary)

b) So if the painting is Exporting to USA Market through courier or logistics arrnagement from Indian and you are reciving foreing funds through banking channel than said transaction will be treated as export of goods. You can take LUT after taking registration under GST and can export this goods without making any tax payments

c) There will be 2 Invoices - 1 in USD for client and customs delcaration & 2 In indian supees for indian accounting records.
Invoice must contain following details

• Unique Invoice No. – Not exceeding 16 Digit
• Invoice Date
• Name of Buyer / Service Recipient
• Buyer / Service Recipient full address
• Place of Supply
• GST No. of Supplier
• Product Details / Description of Service
• HSN Code 
• Total Taxable Value
• GST Bifurcation (Only if LUT not taken)
• Signature by the person authorized under GST
• Decalration stating that it is exported under LUT and hence not subject to GST
• LUT ARN

Is purchasing and selling painting your business?

The HSN code for painting would be 9701.

You need to charge GST @12% on such painting under the above mentioned HSN code but you need to mention 6 digit HSN code 970110.

The main details include name of seller, name of consignee, address of both party, HSN code, quantity, description etc.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Obviously on the selling price and since you'll get the refund of entire amount you can assume the selling price inclusive of GST.

You need to show Indian value GST on it and then make a column for amount in USD.

If you need professional assistance feel free to contact me

It will be on selling price if you are not taking LUT

Hi,

Please let us know if you are already registered under gst or not?

Because, sale of painting in USA will be an export transaction and will not be liable to igst if you have taken LuT. Please make sure you receive the money in foreign currency and maintain FIRC for the same.

If you have not taken LUT, please take that. Still, if you want to supply without LuT, then you will have to charge gst. HSN code is 9701.

Invoice must contain following details:

Invoice No. – Not exceeding 16 Digit
Invoice date
Buyer's name
Buyer/ Service Recipient full address
Placef of Supply
GST no. of Seller
Product details / Description of Servicso
HSN code 
Total taxable Value
Signature by the person authorized under GST

- Why to pay tax when you can export without tax by applying LUT?.

Hello,

1. HSN 9701.

2. If you are registered under GST, then you are liable for GST compliance on such a sale of a painting. Either you can take a LUT before making the sale and supply such painting without payment of IGST. Or else you can supply such painting with payment of IGST and later on claim the refund.

3. 

The tax invoice issued must clearly mention information under the following 16 headings:

1. Name, address, and GSTIN of the supplier
2. Tax invoice number
3. Date of issue
4. If the buyer (recipient) is registered then the name, address, and GSTIN of the recipient.
5. If the recipient is not registered and the value is more than Rs. 50,000 then the invoice should carry:
    i. name and address of the recipient.
   ii. address of delivery.
6. HSN code of goods or accounting code of services.
7. Description of the goods/services
8. Quantity of goods (number) and unit.
9. The total value of the supply of goods/services
10. The taxable value of supply after adjusting any discount
11. The applicable rate of GST
12. Amount of tax
13. Place of supply and name of destination state for inter-state sales
14. Delivery address if it is different from the place of supply
16. Signature of the supplier

17. LUT Details.

I hope that this answer satisfies your requirements. 

Regards,

CA Hunny Badlani

If LUT is not applied for, then on the selling price.

Dear Sir,

Hope you are doing well !!

1. HSN 9701

2. Regarding GST Liability, Since this would be considered as export of goods, you have two options:

First, to apply for LUT for a F.Y. and then supply goods without payment of IGST on such services.

Second, supply such goods with payment of IGST  without LUT and then later claim the refund of such IGST paid.

3. Components of Export Invoice Under GST

It would be on selling price.

You want to claim refund of ITC?

If you are bearing the cost of such shipping then you can claim refund of such shipping as it will be for such export.

- Yes shipping cost would be part of taxable value.

- No we can not claim the refund.

Yes.

No, you cannot claim refund of the shipping cost. However, you may clain refund of the GST charged on the shipping cost by the shipping co.

1. Yes, it would form part of the Taxable Value.

2. No, a refund for the shipping cost won't be available. 

1.Yes, it would be part of taxable value.

2.No.

If its CIF Transaction than yes