Rate of exchange for cross currency valuation set; export invoicing endorsements and GSTR 3B reconciliation procedures clarified. The amendment prescribes exchange rate benchmarks for valuation: for goods, the Customs Board notified rate on the time of supply; for services, rates determined using generally accepted accounting principles on the time of supply. It mandates specific export invoice endorsements distinguishing taxed supplies from supplies under bond or letter of undertaking, requiring recipient and delivery addresses and country of destination. Where filing timelines are extended, the Commissioner may require FORM GSTR-3B; subsequent generation of FORM GSTR-3 Parts A and B and reconciliation rules apply, with excess input tax credit to be credited to the electronic credit ledger.
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Rate of exchange for cross currency valuation set; export invoicing endorsements and GSTR 3B reconciliation procedures clarified.
The amendment prescribes exchange rate benchmarks for valuation: for goods, the Customs Board notified rate on the time of supply; for services, rates determined using generally accepted accounting principles on the time of supply. It mandates specific export invoice endorsements distinguishing taxed supplies from supplies under bond or letter of undertaking, requiring recipient and delivery addresses and country of destination. Where filing timelines are extended, the Commissioner may require FORM GSTR-3B; subsequent generation of FORM GSTR-3 Parts A and B and reconciliation rules apply, with excess input tax credit to be credited to the electronic credit ledger.
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