Which shipping value to show in GSTR-1

[Ashish Agarwal]

I am an exporter. In one of my shipping bills, the FOB value and IGST Tax value are different due to exchange rate difference. FOB value ia taken @74.90/USD AND TAXABLE value @75.00. I am exporting with payment of IGST. My question is which figure of the shipping bill should i declare in my GSTR-3B and GSTR-01 under table 6A - FOB value or IGST tax value ? Please note that in the shipping bill , the IGST amount shown has been calculated on the basis of taxable value whereas if i show FOB value in GSTR-3B, actual IGST payable will become different.

I have been asked to show FOB value in GSTR by some trade people. For one of my previous invoice also the same thing happened and i declared the FOB value in GSTR but since my IGST refund is still pending for that invoice so I am not sure what to do? Please advice

[Rajagopalan Ranganathan]

Sir,

Since you declare the value in GSTR-1 & GSTR-3B as per your invoice, you have show the value on which IGST is calculated. Otherwise at the time of sanction of refund the Department may raise objection that the value shown in your invoice does not tally with the value shown in GSTR-1 & GSTR-3B.

[YAGAY andSUN]

In our view while issuance of Tax Invoice for exports, the Exchange Rates as issued by CBIC, on bi-monthly basis must be used to cope with such issues.

AI Summary

Export declaration value must match the taxable value on which IGST is computed to avoid refund objections. Report in GSTR-1 and GSTR-3B the value that corresponds to the taxable value on which IGST has been calculated in the tax invoice; mismatching the invoice value and the return value can invite departmental objections during refund sanction. To prevent such discrepancies, exporters should use the official bi monthly exchange rates when issuing tax invoices so taxable value and FOB align for reporting.