EXPORTS ACCOUNTING

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26 Points Posted on 27 January 2020

At what rate exports have to be recorded in the books of accounts. Whether at CBIC rate or Exchange rate available on that date ?

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On 27 January 2020 at 16:09 Report
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This discussion clarifies the correct rate for recording export transactions in accounting. It addresses the common query of whether to use the CBIC rate or the prevailing exchange rate on the transaction date. The consensus leans towards using the CBIC rate, though an ICAI illustration suggests using the RBI/Reference rate, prompting a need for definitive guidance.

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CA
428 Points Posted on 27 January 2020
CBIC rate
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On 27 January 2020 at 16:35
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26 Points Posted on 27 January 2020

But in this illustration given by icai, it showing that the revenue recorded as per RBI rate/Reference rate available on that date

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On 27 January 2020 at 17:00

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