GSTR 9C UNDER GST ACT

[ASHISH SINGLA]

Sir foreign exchange gain or loss not taxable under CGST ACTRULES 34

It means it is not a part of sales why it will be added or deducted in GSTR 9C

AI Summary

Debate on Reporting Foreign Exchange Gains/Losses in GSTR-9C Highlights Divergent Views on Table 5N Reporting. A discussion on a forum regarding the treatment of foreign exchange gains or losses under the GST Act, specifically in the context of GSTR-9C, reveals differing interpretations. One participant notes that foreign exchange fluctuations should be reported in Table 5N of GSTR-9C if they cause a difference in turnover between the Annual Return and audited financial statements. Another refers to the ICAI Technical Guide, explaining that discrepancies arise due to different exchange rates used for accounting and GST purposes. Participants agree that foreign exchange gains or losses should adjust the turnover in GSTR-9C, but opinions vary on the exact reporting table.