Foreign Exchange Fluctuation- Forex gains from invoice and Payment date

[Shan S]

When i raise invoice the forex rate is around 89 and when payment is received exch rate becomes 92 and with bank charges the amount received in the bank.

For GST exch rate as per customs 89 is shown in invoice.

For IT presumptive taxation- Gross amount to be taken with exch rate of 92, so the 3rs of forex gains to be shown in any different schedule? for ITR 4

and also there will be a difference in GST total invoice turn over and ITR filing Gross Income, is that fine?

AI Summary

Foreign exchange gains and gross receipts issue arises when invoice-date and payment-date exchange rates differ in tax reporting. Foreign exchange fluctuation between the invoice date and the payment date raises an issue as to whether the amount realised at the later exchange rate should be taken as the gross income for presumptive taxation, and whether the resulting forex gain should be shown separately in ITR-4. The query also notes that the GST invoice reflects the customs exchange rate on the invoice date, while the amount actually credited to the bank after receipt is lower after bank charges, creating a difference between GST turnover and income reported for tax filing.