Accounting of export of services

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CA Gaurav Arora (Querist)
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18 July 2012 Dear All,

We have a query relating to accounting of revenue in case of export of services. which exchange rate shall we consider while booking of revenue as export of services ?

Is there any specific notification, wherein rates are prescribed or we should take the exchange rate prevailing at the time of raising invoice and while recognizing the payment receipt, exchange rate difference will be booked.

RENGARAJ R.K

RENGARAJ R.K (Expert)
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22 July 2012 In the CBEC.gov.in website, there is exchange rate released every month. This is the rate to be adopted for conversion to INR and to raise commercial accounting invoices.

CA Gaurav Arora

CA Gaurav Arora (Querist)
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23 July 2012 Thanks Mr. Rengaraj,
However the said notifications like current one is - Notification No. 61/2012 - Customs (N.T.) dated 19th July, 2012 [Effective from July 20th 2012], related to import & export of goods.

Does this also apply to Services ?

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