Identifiers · Glossary
FIRC (Foreign Inward Remittance Certificate)
Bank certificate confirming receipt of foreign currency payment.
Updated 2026-10-08Source: Income-tax Act · CGST Act · CBDT/CBIC
What it means
FIRC is issued by banks (or AD-I authorised dealers) under the FEMA, 1999 framework when you receive a foreign currency payment. It documents the foreign sender, the INR equivalent credited to your account, the purpose code, and the FEMA compliance category. Required for: claiming export benefits, GST zero-rated supply, GST refund of unutilised ITC, RBI reporting.
Different from FIRA (Foreign Inward Remittance Advice — informal email) which is increasingly common for low-value receipts. Always request a formal FIRC for tax-relevant remittances above Rs. 1 lakh.
A worked example
Arjun receives USD 2,500 (≈ Rs. 2,36,250 at an illustrative Rs. 94.5 to the dollar — the actual figure is whatever his bank credits) from a US client. His bank issues an e-FIRC three weeks later with purpose code P0802 (computer services) and a unique FIRC number — required to substantiate the LUT-route zero-rated export on his GSTR-1 Table 6A.
Request the e-FIRC explicitly from your bank — it’s not auto-issued by most retail banks (HDFC / ICICI / Axis). Get it in writing within 30 days of credit; banks levy small fees (Rs. 200-500) that you can usually waive on relationship grounds.
Going deeper: GST on Export of Services Without an LUT: What It Costs and What You Can Still Do — 9 min read.
Look up the details
- GST rates & SAC codes — the rate and SAC for any service.
- All 28 terms — the full glossary, by category.
Income-tax entries cite the Income-tax Act 1961, which governs FY 2025–26 (the return filed in 2026); from tax year 2026–27 the Income-tax Act 2025 applies, with new section numbers shown where we give them. GST law is unchanged. General information, not tax advice; verify with your CA before you file.
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