export sales valus calculation

This query is : Resolved

SURINDER SINGH (Querist)
Follow

03 October 2008 an individual is an exporter of fancy items.it is registered under Delhi VAT/CST Act
it has following export sales transaction
A. bill no. 1 for $5000 dtd. 15/6/08 payment recd. Rs. 222313 on 8/9/08
B bill no. 2 for $ 3100 dtd. 2/7/08 payment recd. Rs. 143310 on 20/9/08
C. bill no. 3 for $ 4200 dtd. 20/7/08 payment recd. Rs 184300 on 1/10/08
D. bill no. 4 for $ 3950 dtd. 10/8/08 payment not recd. Till 3/10/08 the date of filing Sales tax return
what will be the correct export sales for Delhi VAT/CST Return. Kindly explain the basis of calculation also

Venkat Rao Marella

Venkat Rao Marella (Expert)
Follow

03 October 2008 The value of export turnover should be the total of USD value of all the invoices raised multiplied by the exchange rate (so as to convert into INR) on the date of raising the invoice. This has nothing to do with the payment received.

SURINDER SINGH

SURINDER SINGH (Querist)
Follow

04 October 2008 thanks for reply.It mean that actual sales realisation will be different than sales return figure.which will than be adjusted with exchange rate fluctuations while finalising accounts .does it need revising sales tax returns .can you suggest me some good study material on this topic

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

04 October 2008 Your understanding is right. No need for revision of salestax return by including exchange fluctuation gain if the receipt is at a latter date. But how can there be sales tax on export?

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Pinank Arvindbhai Shah

Nayan shetty

madhu sudan

velichety.l.narasimharao

SANJAY GOSALIA

Subscribe Now

export sales valus calculation

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA