Export in usd but payment in inr
This query is : Resolved
03 December 2011
We make Export of product worth USD10000. We made Invoice in USD and got Duty Drawback.
But we received payment in INR. Our client said that He in his country bought USD and got it converted to INR.
Our Bank received payment worth INR420000.
Now what to right on BRC i.e. Whether Export is in Indian Rupee or Freely Convertible Currency.
Secondally, will it be considered as Export as we got payment in INR.
If not what should be done. Shall we return Drawback or other steps what can be taken.
But we received payment in INR. Our client said that He in his country bought USD and got it converted to INR.
Our Bank received payment worth INR420000.
Now what to right on BRC i.e. Whether Export is in Indian Rupee or Freely Convertible Currency.
Secondally, will it be considered as Export as we got payment in INR.
If not what should be done. Shall we return Drawback or other steps what can be taken.
04 December 2011
i) the export is in USD.
ii) Yes, it will be considered as export though you got payment in INR. Conversion can be taken place at the buyer's end or seller's end.
ii) Yes, it will be considered as export though you got payment in INR. Conversion can be taken place at the buyer's end or seller's end.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
