Value to be filled in return

[BAL KRISHAN GARG]

A HAS MADE SALE AS EXPORT FIRST TIME AND MENTIONED THE DOLLAR VALUE IN THE INVOICE . MY QUERRY IS WHETHER THE DOLLAR RATE ON THE DATE OF INVOICE FOR SALE PURPOSE WILL BE TAKEN IN THE SALES TAX RETURN ? BY MULTIPLING THE DOLLAR RATE ON THE INVOICE DATE IN TERMS OF RUPEES VALUE .

AI Summary

Use Prevailing Exchange Rate on Invoice Date for Sales Tax Returns in Foreign Currency Transactions A user inquired about the appropriate exchange rate to use for sales tax returns when making an export sale in a foreign currency for the first time. The responses indicated that the invoice value in foreign currency should be converted to the local currency at the prevailing exchange rate on the invoice date. Additionally, it was advised to follow the exchange rates specified in the monthly notifications issued by the Central Government for import and export purposes, ensuring consistency between the FOB value in the Shipping Bill and the books of accounts.