GST Audit related query

279 views
User Avatar

6 Points Posted on 14 November 2020
Valuation rate for exports for GST audit??????

A. CBEC rate
B. RBI rate
C. rate on advance recipe date
D. rate on invoice date
1 Reply Share Follow
On 14 November 2020 at 23:31 Report
Replies (3)
Quick Summary
This discussion clarifies the correct valuation rate for exports during a GST audit. It explains that the exchange rate used for valuing exports under GST is the one specified on the shipping bill. While freight and insurance are generally part of turnover for GST, taxpayers have an option regarding their inclusion in revenue from operations for Income Tax purposes.

User Avatar

Accountant
3662 Points Posted on 14 November 2020
Your query is not clear
1 Reply
On 14 November 2020 at 23:53
User Avatar

Tax consultant
5895 Points Posted on 15 November 2020
RBI exchange rate is used for both export and import but the transaction is not in nri for valuation supply
2 Reply
On 15 November 2020 at 01:07
User Avatar

11 Points Posted on 15 November 2020
Exports under GST are valued at exchange rate mentioned in shipping bill for export
The freight and insurance amount charged forms part of turnover in GST, however the assessee has option to consider or not the freight and insurance amount as part of revenue from operation under Income tax
1 Reply
On 15 November 2020 at 10:44

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. IT Return Refund Status AY 2026-27
  2. Clarification Regarding Income Tax Demand Notice
  3. Online PAN Download: Check How?
  4. Demand of Late fee/Interest under section 75 of GS
  5. DSC registration on TRACES portal
  6. Can we get registered for MCA if we get a Virtual
  7. DONATION PAYMENT REG
  8. GST IDS Refund – Statement 01A: Invoice Not
  9. TDS deposit code & TDS return
  10. AIS VS GST Mismatch- FY 2025-26

More recent discussions | Post

Related Topics :

Loading