https://www.taxtmi.com/article/detailed?id=13064 Conversion to Indian rupees for GST requires applying Section 15 and Rule 34: goods use the Customs Board rate and services use the GAAP determined rate. Fixed rate contracts must be bifurcated into supply revenue recognised at the contracted forward rate and an embedded derivative representing the forex difference, which is outside GST and adjusted via financial credit/debit notes. Tax invoices must show the taxable value determined under these rules, and recipients may claim ITC as shown on the invoice subject to usual conditions. en-us Mon, 28 Oct 2024 10:16:07 +0530 Mon, 28 Oct 2024 10:16:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13064 Conversion to Indian rupees for GST requires applying Section 15 and Rule 34: goods use the Customs Board rate and services use the GAAP determined rate. Fixed rate contracts must be bifurcated into supply revenue recognised at the contracted forward rate and an embedded derivative representing the forex difference, which is outside GST and adjusted via financial credit/debit notes. Tax invoices must show the taxable value determined under these rules, and recipients may claim ITC as shown on the invoice subject to usual conditions. Articles Goods and Services Tax - GST Mon, 28 Oct 2024 10:16:07 +0530 https://www.taxtmi.com/article/detailed?id=13064