We are issuing export invoices and receiving import invoices from Foreign country. kindly tell from where exchange rate or currency conversion rate has to be taken to convert and book the invoice in INR. CBIC exchange rate is only for goods ? or services also ? Do we have to take that or some other procedure?
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Foreign currency conversion - services
Replies (2)
You can use the SBI TTBR rate on the date of the invoice. The difference, if any, will be treated as exchange gain/ loss.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)
okay but out of given buy sell tables...what exchange rate to see in case of import of services from US ?
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