Exchange rate for Export of Service in the invoice and while filling GSTR-1

[RevanthKumar Nettem]

In case of Export of Services under LUT without payment of tax.

What exchange rate we need to show, while raising an invoice? And While filling GSTR-1, what exchange rate should be considered for Conversion and Reporting INR value ?

AI Summary

Navigating GST Export Services: Rule 34(2) Clarifies Currency Conversion Using RBI Rates and Accounting Standards A discussion forum thread explores exchange rate determination for export services under GST regulations. Participants clarify that Rule 34(2) of CGST Rules mandates using generally accepted accounting principles (AS-11) for currency conversion. The recommended approach involves using RBI closing rates or consistent entity-specific rates when invoicing and reporting export services in GSTR-1, ensuring alignment between invoice, accounting records, and tax documentation.