Rate of exchange for GST valuation clarified; export invoice endorsements and return reconciliation procedures prescribed. The amendments align the rate of exchange for valuation of taxable goods to the Customs Board's notified rate and require exchange for services to be determined under generally accepted accounting principles. Input tax credit amounts must be determined separately for each tax head and may be estimated for stock without invoices using prevailing market price. Export invoices must carry prescribed endorsement and delivery and recipient details. Where filing has been extended, the Commissioner may require FORM GSTR 3B and FORM GSTR 3 will be electronically generated and reconciled against GSTR 3B with excess credit credited to the electronic ledger.
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Provisions expressly mentioned in the judgment/order text.
Rate of exchange for GST valuation clarified; export invoice endorsements and return reconciliation procedures prescribed.
The amendments align the rate of exchange for valuation of taxable goods to the Customs Board's notified rate and require exchange for services to be determined under generally accepted accounting principles. Input tax credit amounts must be determined separately for each tax head and may be estimated for stock without invoices using prevailing market price. Export invoices must carry prescribed endorsement and delivery and recipient details. Where filing has been extended, the Commissioner may require FORM GSTR 3B and FORM GSTR 3 will be electronically generated and reconciled against GSTR 3B with excess credit credited to the electronic ledger.
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