TaxTMI 
TaxTMI 
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 ?
Exchange rate for Export of Service in the invoice and while filling GSTR-1
07 May 2025 
2 Replies 
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Exchange rate for export of services: use AS-11 rate for invoice and GSTR-1, consistent with accounting books.
Apply the exchange rate determined under generally accepted accounting principles for time of supply - namely AS-11 - typically the RBI closing rate or an entity-specific AS-11-consistent rate. Use that same AS-11-compliant rate for the invoice and for converting and reporting the INR value in GSTR-1 so that reported INR matches the books; customs rates for goods do not apply to services. (AI Summary)
Apply the exchange rate determined under generally accepted accounting principles for time of supply - namely AS-11 - typically the RBI closing rate or an entity-specific AS-11-consistent rate. Use that same AS-11-compliant rate for the invoice and for converting and reporting the INR value in GSTR-1 so that reported INR matches the books; customs rates for goods do not apply to services. (AI Summary)