Regarding multicurrency for indian store

Devanshbartwal
Visitor
1 0 0

as shopify payment is not available in india so I can’t use multicurrency prices at checkout. So let’s say i have someone in USA who can provide the documents to me and everything . So can i then connect shopify payment gateway to my indian bank account or how it will be? Can anyone please tell me more about it. What about the taxes?

Reply 1 (1)

sanjnalal
Shopify Partner
34 0 0

Hey there, here's my two cents: 

 

1. The person in the US should have an established US entity as a resident or business. The person in the USA will need to set up a business entity (e.g., an LLC) or use their personal details to create a Shopify account.

 

You will also need a US address, employee identification number, and other business registration documents.

 

2. The US-based individual or business can create a Shopify account and enable Shopify Payments using their US details. Ensure the same person/business has a US based bank account to receive payments. 

 

3. You can then transfer the payments to your Indian based account.

 

4. Coming to taxes, there are sales taxes. The United States does not charge a federal sales tax. Instead, sales tax is calculated according to state, county, and municipality, according to physical or economic nexus All of which has to be filled by the US entity. 

 

India Taxes: If you're receiving services from the US entity, it might be considered an import of services, and you may be liable to pay GST on it. Any income received in India will be subject to Indian income tax laws. You might need to report the transferred income and pay taxes accordingly.

 

The good news is that India and USA has a Double Taxation Avoidance Agreement (DTAA). Which basically is created to avoid double taxation. You can claim tax credits in India for taxes paid in the USA on the same income.

 

If this seems too complex, I would recommend using other payment gateways like Paypal, Razorpay, Payu, CCavenue, Amazon pay, stripe, instamojo, etc. 

 

Hope this helps

Sanjna Lal | Content Marketing Manager @ AdNabu


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