What is the GST applicable on Export
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In Case of Export of Goods,IGST
(Integrated Goods and Service Tax)
What is Rate of IGST on Good
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IGST is to be charged at Effective Nil Rate
This is because Exporter has 2 Options
Option 1
Pay IGST at full Rate applicable on Item and Claim Refund after Receiving Money from Abroad
Option 2
Do not pay IGST and Export Goods Under Bond Undertaking
Summary
What type of Invoice to be Issued in Case of Export Sales
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Tax Invoice to Be Issued in this case
It has to compulsorily mention Wording
- “ Supply Meant For Export On Payment Of IGST ”
or
- “ Supply Meant For Export Under Bond Or Letter Of Undertaking Without Payment Of IGST ”
What are compulsory Details to be mentioned in case of Export Invoice
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i Name and address of the buyer
ii. Delivery address
iii. Destination country
iv. Number and date of application for removal of goods for export
GST Settings in Tally for export of goods