Exports related query
Shahan (accountant) (176 Points)
15 February 2024
Sir, in case of export, we will consider the custom exchange rate or we will consider the real time exchange rate.
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 15 February 2024
sabyasachi mukherjee
(26219 Points)
Replied 15 February 2024
Shahan
(accountant)
(176 Points)
Replied 15 February 2024
Sir for example 135388 Saudi Riyal hai uska exchange rate custom mein 21.50 hai aur jo real time exchange rate chal raha wo 22 ke around hai ab mujhe books of account mein 21.50 se sale book karni hai ya sir 22 se books karni accounts and return mein kyunki shipping inv mein 21.50 hai exchange rate
prasad Nilugal
( GST Practitioner & Accounts )
(14217 Points)
Replied 16 February 2024
Shahan
(accountant)
(176 Points)
Replied 16 February 2024
Jo inv bni hai wo 29.01.24 ko bani hai aur shipping inv 31.01.24 ka
Yasaswi Gomes new
(Finance )
(4487 Points)
Replied 20 February 2024
Just for laughs and gags: let me give you the accounting treatment for that
Cost of imported asset 100 usd
Customes duty 10%
Customes fx rate 0.90
Real fx rate 1.1
USD-INR
Customs cost of asset 100/0.90=111
Real fx cost of asset 100*1.1=110
Customs tax payable=111*10%=11
Real rate of translated asset 110+11=111
DTL arises? No I guess cause no one knows whats a tax base lol
Then reconised at 111
Simple!!
Yasaswi Gomes new
(Finance )
(4487 Points)
Replied 20 February 2024
I went through the circular and whats the meaning of it? Does it mean only custom rate must be used to translate the asset?
CAclubindia
