EXPORT CLEARANCE

[SURYAKANT MITHBAVKAR]

We have passed shipping bill and ready to clear export consignment on 30th March,2018. But Bill of lading of the same consignment is generated in month of April-18.

In above case can we book our export sales in current year i.e. 2017-18 or next financial year i.e. 2018-19.

AI Summary

Time of supply determination by invoice date dictates export sale recognition and financial year allocation
The statutory rule ties the time of supply for export goods to the date of issue of the tax or commercial invoice; Section 12(2) CGST (as applied to IGST) makes invoice issuance the operative event for time of supply, so an invoice issued before a financial year end attributes the export sale to that year even if shipment documents postdate the invoice.