Three systems an exporter must keep aligned
| System | What it records | Where mismatches show up |
|---|---|---|
| GST | Export invoices in GSTR-1, IGST paid or LUT, refund claims | Refund rejections, notices |
| Customs | Shipping bills, bills of entry, HSN and duty | IGST refund holds, scheme benefits |
| Bank / RBI | Export proceeds, import payments, EDPMS, IDPMS | Reminders, caution-listing risk, delays in future remittances |
We reconcile these three monthly or quarterly for regular exporters in Gurugram, so problems are found early instead of when a refund is rejected.
GST on exports: LUT, zero rating and refunds
- LUT. A Letter of Undertaking filed on the GST portal for each financial year allows export without paying IGST. See our LUT and refund service.
- Invoices. Export invoices must carry the endorsement for supply under LUT or on payment of IGST, the place of supply outside India and, for goods, the port and shipping bill details.
- Refund routes. Refund of unutilised input tax credit under LUT, or refund of IGST paid on export of goods processed through the shipping bill.
- Services. Export of services requires the conditions in the IGST Act to be met, including receipt of payment in convertible foreign exchange or as permitted by RBI.
- E-invoicing. Exporters above the e-invoice threshold must generate e-invoices for exports too. See e-invoice and e-way bill.
FEMA timelines for exports and imports
| Point | Current position (October 2026) |
|---|---|
| Realisation of export value (goods, software, services) | Within 15 months from the date of export |
| Shipment against advance received | Within 3 years of receipt of advance |
| Small-value EDPMS / IDPMS entries | Closure on declaration basis for bills up to Rs 10 lakh |
| Foreign currency account in IFSC for export proceeds | Funds may be retained up to 3 months |
| Extensions and write-offs beyond limits | Through AD bank or RBI as per Master Directions |
These timelines come from the RBI’s amendments of October and November 2025 to the regulations and directions on export of goods and services. Contract terms with your buyer should match these timelines, so that a late-paying customer does not leave you with open EDPMS entries.
EDPMS, IDPMS, FIRC and e-BRC
- EDPMS tracks every export shipping bill until proceeds are realised. We follow up with your bank to close entries with realisation evidence.
- IDPMS tracks import payments against bills of entry. Advance payments for imports must be matched with the bill of entry when goods arrive.
- FIRC or e-FIRC is the bank’s evidence of inward remittance. Keep one for each receipt, especially for export of services.
- e-BRC is the DGFT electronic bank realisation certificate, generated from bank data. It is used for scheme benefits and supports GST refunds.
Customs awareness: HSN, RoDTEP and drawback
- HSN classification decides customs duty, GST rate and incentive rates. The HSN used in GST invoices should match the shipping bill.
- RoDTEP refunds embedded taxes on eligible exports as a credit in your ICEGATE ledger. As of October 2026, it is extended up to 31 December 2026.
- Duty drawback refunds customs duty on imported inputs used in exports, at notified all-industry rates or on a brand-rate basis.
We do not file customs entries ourselves. That is done by your licensed customs broker. We make sure the GST, invoice and bank side is consistent with what the broker files.
FEMA reporting for investment and overseas business
| Transaction | Reporting |
|---|---|
| Foreign investment received by an Indian company | FC-GPR after allotment, on the RBI FIRMS portal |
| Transfer of shares between resident and non-resident | FC-TRS |
| Annual foreign liabilities and assets | FLA return |
| Indian entity investing abroad (ODI) | Forms under the Overseas Investment rules through the AD bank |
| Foreign company opening a branch, liaison or project office | Approval and annual reporting through the AD bank |
For foreign companies setting up in India, see our foreign company setup service.
Documents banks usually ask exporters for
- Export invoice and packing list, shipping bill and bill of lading or airway bill for goods.
- Contract or purchase order, and the service agreement for export of services.
- FIRC or inward remittance advice with the correct purpose code.
- Declarations for small-value EDPMS closures.
- KYC, IEC and GST certificate for the entity.
Importers: what to keep in order
Importers face fewer GST refund issues but more bank and customs follow-up:
| Area | What to check |
|---|---|
| IGST on imports | Shown in the bill of entry and reflected in GSTR-2B for input tax credit |
| Advance payments | Matched with the bill of entry in IDPMS when goods arrive |
| Import payments | Made within the time allowed under RBI directions |
| Customs duty and HSN | Classification consistent with the purchase invoice and GST records |
| Books of account | Import purchase, duty and freight booked correctly for stock costing |
Our book-keeping and CFO support ensures that import costs, duty and IGST credit are recorded correctly in your books.
Our monthly routine for export clients
- Collect sales invoices, shipping bills and bank credits for the month.
- Match each export invoice with the shipping bill or FIRC and with GSTR-1.
- List open EDPMS entries and follow up with the bank.
- Track LUT validity and file refund applications when ITC accumulates.
- Report anything nearing the 15-month realisation limit so you can chase the buyer in time.
Why Gurugram exporters use KSV
Gurugram has garment and handicraft exporters in Udyog Vihar and IMT Manesar, auto-component suppliers and many IT and consulting companies exporting services. We bring GST, FEMA and bank follow-up into one place, and our CFO services can add cash-flow planning around refunds and realisation. See pricing or contact us at +91 88606 30505.
Frequently asked questions
How long do I have to realise export proceeds?
After the RBI amendment to the FEMA export regulations notified on 13 November 2025, the full export value of goods, software and services must generally be realised and repatriated within 15 months from the date of export, up from 9 months. Extensions beyond this need your AD bank or RBI as applicable.
Do I pay GST on exports?
Exports are zero-rated. You can either export under a Letter of Undertaking (LUT) without paying IGST and claim a refund of accumulated input tax credit, or pay IGST and claim a refund of that IGST. Most regular exporters prefer the LUT route.
What is EDPMS and why does my bank keep sending reminders?
EDPMS is the RBI's Export Data Processing and Monitoring System. Every shipping bill for goods is reported in it, and the bank must mark it closed when the proceeds are realised. Open entries past the due date lead to reminders and can affect future exports, so they should be closed with the right documents.
What is a FIRC and is it still issued?
A Foreign Inward Remittance Certificate is the bank's confirmation of the foreign currency received. Many banks now issue an e-FIRC or advice instead of a paper FIRC. It is the main evidence for export of services, GST refunds and income tax.
What did RBI change for small-value EDPMS and IDPMS entries?
From October 2025, banks may close export and import entries up to Rs 10 lakh per bill based on the exporter's or importer's declaration, and quarterly consolidated declarations are permitted. This reduces paperwork for small shipments and marketplace exports.
Is RoDTEP still available?
RoDTEP has been extended in phases. As of October 2026, it has been extended up to 31 December 2026 with existing rates and caps for eligible exports. Check the current DGFT notification before relying on it for future shipments.
Which purpose code should my foreign client use?
The purpose code tells the bank what the remittance is for, for example software services, consulting or goods exports. A wrong purpose code can cause problems in GST refunds and FEMA reporting. We tell you which code to give your client before the invoice is raised.
What FEMA filings arise when a foreign company invests in my company?
Receipt of foreign direct investment is reported in Form FC-GPR on the RBI FIRMS portal after shares are allotted, within the prescribed time. Transfers between residents and non-residents are reported in Form FC-TRS. Annual return on foreign liabilities and assets also applies. We coordinate these with the company secretary.
Kya export of services ke liye bhi IEC aur LUT chahiye?
Haan, generally LUT is needed to export services without paying IGST, and banks commonly ask for IEC. We set up both before your first foreign invoice.
How can I avoid my GST export refund getting stuck?
Match the shipping bill, GSTR-1 and invoice details exactly, keep bank realisation evidence ready for services, file the refund within the time limit, and reply promptly to any deficiency memo. Most delays come from mismatches, not from the law itself.