export sales valus calculation

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This query is : Resolved

SURINDER SINGH (Querist)

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)

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)

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)

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?

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