Data 5.1.2019

Statistics as on 5.1.2019
Description	Currency	Values
USD vs INR		69.57
Euro vs INR		79.29
Euro vs USD		1.140
Gold / 10 gram	INR	31,463
Sensex		35,695
Crude Oil WTI (NYMEX)	USD	47.96
Brent Crude	USD	57.06

Data 4.1.2019

Statistics as on 4.1.2019
Description	Currency	Values
USD vs INR		69.55
Euro vs INR		79.10
Euro vs USD		1.137
Gold / 10 gram	INR	31,463
Sensex		35,695
Crude Oil WTI (NYMEX)	USD	47.96
Brent Crude	USD	57.06

Data 3.1.2019

Statistics as on 3.1.2019
Description	Currency	Values
USD vs INR		70.17
Euro vs INR		79.61
Euro vs USD		1.135
Gold / 10 gram	INR	31,730
Sensex		35,513
Crude Oil WTI (NYMEX)	USD	46.98
Brent Crude	USD	55.76

Data 2.1.2019

Statistics as on 2.1.2019
Description	Currency	Values
USD vs INR		70.40
Euro vs INR		80.02
Euro vs USD		1.136
Gold / 10 gram	INR	31,610
Sensex		35,891
Crude Oil WTI (NYMEX)	USD	45.64
Brent Crude	USD	54.38

Data 01.01.2019

Statistics as on 1.1.2019
Description	Currency	Values
USD vs INR		69.54
Euro vs INR		79.68
Euro vs USD		1.146
Gold / 10 gram	INR	31,413
Sensex		36,254
Crude Oil WTI (NYMEX)	USD	45.86
Brent Crude	USD	53.80

GST Collections

Monthwise collection of GST (all components - CSGT, SGST, IGST & Cess) is as given below

GST collection (in Rs. Crore)
Month	2017-18	2018-19	% Change
April		1,03,459
May		94,016
June		95,610
July		96,483
August	95,633	93,960	-2%
September	94,064	94,442	0%
October	93,333	100,710	8%
November	83,780	97,637	17%
December	84,314	94,726	12%
January	89,825
February	85,962
March	92,167
Average	89,885	95,948

Compared to previous period 2018 September, October, November and December revenues are higher.  This shows compliance is improving under GST.  In the month of December 2018 - 72.44 lakh GSTR-3B returns were filed. 

Good GST collections led to the Government reducing GST rates for certain items earlier this month.  There is also a promise to reduce GST on cement, if GST collections are vibrant this will also happen soon.

GST - Export of Sevices - Outsourcing of services

A welcome clarification from the Government  on Outsourcing of services for export of services vide Circular No.78/52/2018-GST dated 31.12.2018.

Synopsis of this clarification

Exporter of Services located in India when outsourcing part of their work to service provider in another country for servicing its client, then if

1. RBI approves for retention of partial consideration outside India and
2. If IGST is paid on reverse charge mechanism

then, exporter of services in India can claim credit of IGST paid and also take full export benefit on full export value (including outsourced portion).

Example

ABC India gets a contract for export of services to Client in USA for $ 500,000.   ABC India outsources some of the services to XYZ in Mexico (say 40%).  Now, there are 2 options

Option 1

ABC bills full $ 500,000 to Client in USA.  In this scenario XYZ Mexico bills $ 200,000 to  ABC India and ABC India pays this to XYZ Mexico.  On this $ 200,000 payment ABC India has to pay IGST on reverse charge considering this payment to XYZ Mexico as import of services.  The IGST paid by ABC India can be availed as credit by ABC India when they bill $ 500,000 to the Client in USA and also can claim the entire $ 500,000 as export benefit

Option 2

ABC bills its value of services of $ 300,000 to Client in USA, XYZ Mexico bills to Client in USA its value of services $ 200,000 and both receive their respective payments from Client in USA.  First, ABC India need to take approval from RBI for retaining part consideration outside India, and second, pay on the $ 200,000 billing of XYZ Mexico IGST on reverse charge considering this payment to XYZ Mexico as import of services.  The IGST paid by ABC India can be availed as credit by ABC India when they bill $ 300,000.  If RBI approval is obtained and IGST paid on reverse charge the entire contract value of $ 500,000 can be considered as export benefit by ABC India