TaxTMI 
TaxTMI 
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 .
Value to be filled in return
20 May 2009 
3 Replies 
1238 Views Asked by
Exchange rate for export valuation: convert foreign currency invoices at invoice-date rate or use monthly government export rate.
Export sales invoiced in foreign currency should be converted into rupees for VAT/Sales Tax returns using the prevailing exchange rate on the invoice date; alternatively, exporters may adopt the Central Government's monthly notified exchange rate for import and export so that the FOB value in the Shipping Bill matches the value in accounting records. (AI Summary)
Export sales invoiced in foreign currency should be converted into rupees for VAT/Sales Tax returns using the prevailing exchange rate on the invoice date; alternatively, exporters may adopt the Central Government's monthly notified exchange rate for import and export so that the FOB value in the Shipping Bill matches the value in accounting records. (AI Summary)