exchange rate for conversion of export sales in indian rupees

This query is : Resolved

vineet (Querist)
Follow

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?

Shashi Mohan Jha

Shashi Mohan Jha (Expert)
Follow

15 August 2007 BL Date for booking ( rather INR would be mentioned in the BL)

Booking CIF or FOB is based on your terms of sales. You cannot book a sales as FOB where you are paying for the insurance & freight...

Nitesh

Nitesh (Expert)
Follow

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

Raj

Raj (Expert)
Follow

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.

Shashi Mohan Jha

Shashi Mohan Jha (Expert)
Follow

18 August 2007 Dear Mr Nitesh

You should read th equestion and answers thereof before flashing your views.

Try to add some value as well in case you are spending any time to answer the questions...

You are writing that you dont agree and giving the same answer...???

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now