14 August 2007
what should be the date of which exchange rate is to be taken while converting export sales in indian rupees?whether it should be the rate as on the date of bill of lading or it should be a rate mention in shipping bill(exchange control copy)?pls clarify
my second querry is regarding booking of sales .sales should be booked at FOB value or it can be booked at CIF value.is there any statutory req.regarding the booking of sales at FOB or CIF?
15 August 2007
Mr. Shashi Mohan i dont agree with your reply, rather the conversion rate must the date of bill of entry on which valuation is done for duty and that rate be the correct as per my opinion
16 August 2007
Yes if you can take input credit of any applicable taxes as per Bill of entry then definitely ,sale must be booked on the the date of B.I along with applicable exchange rate.
CAclubindia
