Export of Service- Exchange Rate for Invoice in GSTR 1

[Shan S]

GST-6A Export of Service for exchange rate purpose where can RBI exchange rate can be retrieved.

Can this https://www.rbi.org.in/scripts/referenceratearchive.aspx be used?

[Sadanand Bulbule]

The RBI link cannot be used for current transactions because it has discontinued publishing daily reference rates in July 2018, transferring that role to Financial Benchmarks India Pvt. Ltd. (FBIL).

For Table 6A export of services, Rule 34(2) of the CGST Rules requires using the Generally Accepted Accounting Principles (GAAP)-compliant spot rate on the date of supply, which can be retrieved directly from the FBIL portal or your authorized dealer bank.

AI Summary

Exchange-rate sourcing for export-service invoices concerns reference-rate use in GSTR-1 reporting and GST return compliance.
Exchange-rate reporting for export of services in GSTR-1 is raised as a GST compliance issue. The query concerns whether the Reserve Bank of India reference-rate archive may be used to obtain the exchange rate for invoice reporting. It identifies the need to determine the appropriate exchange-rate source for export-service invoices under the GST return framework, without setting out a concluded position on its permissibility.