Exports related query

Sir, in case of export, we will consider the custom exchange rate or we will consider the real time exchange rate.
Replies (8)
Quick Summary
This discussion explores the discrepancy between customs exchange rates and real-time exchange rates for export transactions. Participants are seeking clarification on which rate to use when recording sales in their books of accounts and for tax returns, especially when the shipping invoice reflects the customs rate. The conversation touches upon relevant CBIC circulars and the accounting treatment for such scenarios, including potential implications for imported assets and tax liabilities.

CBIC issue Circular as per the Customs Act , time & again regarding exchange rate for export & Import , so you have refer that circular.

Confirm with Others as well.

Which circular 

/The custom exchange rate are different.

Sir for example 135388 Saudi Riyal hai uska exchange rate custom mein 21.50 hai aur jo real time exchange rate chal raha wo 22 ke around hai ab mujhe books of account mein 21.50 se sale book karni hai ya sir 22 se books karni accounts and return mein kyunki shipping inv mein 21.50 hai exchange rate

What is the date of export ?.

Jo inv bni hai wo 29.01.24 ko bani hai aur shipping inv 31.01.24 ka 

Just for laughs and gags: let me give you the accounting treatment for that

Cost of imported asset 100 usd

Customes duty 10%

Customes fx rate 0.90

Real fx rate 1.1

USD-INR

Customs cost of asset 100/0.90=111

Real fx cost of asset 100*1.1=110

Customs tax payable=111*10%=11

Real rate of translated asset 110+11=111

DTL arises? No I guess cause no one knows whats a tax base lol

Then reconised at 111

Simple!!

I went through the circular and whats the meaning of it? Does it mean only custom rate must be used to translate the asset?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details