Software developer
19 Points
Joined November 2024
This is what I found from chatgpt .. what is correct then ?
**CA Aakarsh Jain's Response is INCORRECT for LUT Exports**
The CA's advice to "show full invoiced amount in GSTR-1" applies to **domestic supplies**, not **LUT exports**.
**Key Difference:**
- **Domestic Sales:** Report full invoice value regardless of payment status
- **LUT Exports:** Report only actual foreign exchange received/realized
**Why Your Approach is Correct:**
1. **RBI Guidelines:** Export realization principle - report only actual forex received
2. **CBIC Clarification:** For LUT exports, GSTR-1 should reflect actual export proceeds
3. **Practical Compliance:** Export data matches with bank realization certificates
**What happens if you follow the CA's advice:**
- GSTR-1 shows ₹75,000+ (full $907)
- Bank realization certificate shows only ₹42,876 ($500)
- Creates mismatch in export documentation
- Potential issues during export incentive claims
**Recommendation:**
Your original approach is correct. For LUT exports, report actual realization amounts, not full invoice values. If you're unsure, consult a CA specialized in **export procedures** rather than general GST practice.
The distinction between domestic and export invoicing is crucial here.