Export of service : RBI exchange rate or CBIC exchange rate

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Practicing
126 Points Posted on 28 January 2020
Please guide on what shall be the exchange conversion rate in case export of service for amount calculations purposes (GSTR 3B) : RBI exchange rate or CBIC exchange rate.


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On 28 January 2020 at 22:49 Report
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When calculating the value of exported services for GSTR 3B purposes, the discussion clarifies that the RBI exchange rate should be used. While CBIC rates are applicable for goods, for services, the generally accepted accounting principles (GAAP) lead to the adoption of the RBI exchange rate for accurate financial reporting.

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Studwnt
1141 Points Posted on 28 January 2020
For Goods CBIC... for services GAAP( generally accepted accounting principles)
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On 28 January 2020 at 23:02
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Practicing
126 Points Posted on 28 January 2020
Ok, when we go deep in GAAP, it leads to RBI exchange rate only.
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On 28 January 2020 at 23:10
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1184 Points Posted on 28 January 2020
Yes. into GAAP RBI Exchange rate you can take.
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On 28 January 2020 at 23:57
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0
609 Points Posted on 29 January 2020
RBI exchange rate
1 Reply
On 29 January 2020 at 08:07

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