Export of Service - Invoice Currency

[Sahil Shah]

Dear Experts,

If my export of service invoice raised on client is in USD, how to show that amount in GSTR-1? Because in GSTR-1, they are asking for INR amount in Invoice value tab.

(Note - My transaction is Export of service without payment of tax under LUT)

Thanks in advance.

[Rajagopalan Ranganathan]

Sir,

Convert the invoice value shown in USD into rupees by adopting the exchange value of USD on the invoice date and show the same in GSTR-1.

[Sahil Shah]

Ok sir thanks,

Also, is there any specific source from where the exchange rate has to be taken?

[Rajagopalan Ranganathan]

Sir,

You may refer to Exchange Notification issued by CBIC or exchange rate published in leading newspapers,

[Ganeshan Kalyani]

You may ask your Bank.

[Shilpi Jain]

For services use the RBI rate for conversion of USD to inr

AI Summary

Export of service invoice currency: convert foreign invoice to INR using the invoice date exchange rate for GSTR 1 reporting. Export of services invoiced in a foreign currency must be reported in GSTR-1 in Indian rupees by converting the invoice value using the exchange rate prevailing on the invoice date. Permissible sources for the conversion rate include official exchange-rate notifications, published newspaper rates, the taxpayer's bank rate, or the reference rate ordinarily used for services; taxpayers should adopt a consistent, documentary exchange rate for GSTR-1 invoice-value reporting.