Export sales - gst

Import / Export 916 views 4 replies

GUNASEKARAN.S

Accountant

122 Points Joined May 2015

Q1 : what is the date is taken for export under GST regime. Invoice date / Shipping bill date / Bill of Lading (or) Airway Bill date? for example invoice date : 10.08.2017 , shipping billdate : 18.08.2017, bill of lading (or) Airway bill date 24.08.2017 which one is correct ? why ?

Q2 : what is the correct conversion rate? which INR value was taken for Export ? Shipping bill value (or) bank realisation value? for example shipping bill conversion EUR 10000 @ 69.50 = 695000 & bank rate EUR 10000 @ Rs.70.05 = 700500. which one is correct why?

Replies (4)

Jaishankara H M

Accounts Officer

63 Points Joined April 2015

Q1: Invoice date

GUNASEKARAN.S

Accountant

122 Points Joined May 2015

thank you sir @ Jaishankara H M.

why invoice date was taken, because some times we raise the invoice earlier, but after completing buyer's inspection we move the shipment 4,5 days later. then shipping bill & BL date is differ from invoice date atleast 10 days later. but actual export menas goods is move from out of the port thats right? then shipping bill date is correct one ?

M Agarwal

Consultant

228 Points Joined March 2014

Even if you don't ship something the same day/month but raise an invoice, GST for that has to be paid for the same. That is why sticking to invoice date everywhere makes sense.

Q2: I'd say bank realization value, as that is what you'd be finally getting. Just write the bank conversion rate on the invoice, and you'd be good.

Pramod Pillai

Advocate

78 Points Joined June 2014

Hi,

If it is the bank rate , then the collection bill will realise after a certain period like 60 days.Then what will be the rate taken for Invoice value.

Also the shipment will happen after 10-15 days from the Invoice date and it may be in the next month, what will be the effect.

Thanks