IGST on Export

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WORKING WITH CA FIRM
21 Points Posted on 10 April 2020

 

Please resolve my query related to export which are as follows:

 

Cost :USD100*70=Rs.7000

 

Freight: USD10*70=700

 

Total Invoice Value: USD 

110*70=Rs.7700

 

FOB Value : Rs.7000

 

IGST: Rs. 7000*12%= Rs.840

 

What is the taxable amount shown in GSTR-1 and GSTR-3B?

 

Thanks and Regards

 

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On 10 April 2020 at 21:00 Report
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Quick Summary
This discussion clarifies how to report IGST on exports in GSTR-1 and GSTR-3B. The consensus is that the FOB value (Rs. 7000 in this example) should be used as the taxable amount in GSTR-3B, as tax is paid on this. For GSTR-1, the taxable value is Rs. 7000, with an addition of Rs. 700 for freight, making the total invoice value Rs. 7700.

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132 Points Posted on 10 April 2020
Taxable amount 7000 and invoice value 7700
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On 10 April 2020 at 21:38
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Chartered Accountant
8022 Points Posted on 10 April 2020

FOB value shall be shown 

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On 10 April 2020 at 22:39
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296 Points Posted on 10 April 2020
FOB 7000 VALUE IN GSTR-3B AS WE ARE PAYING TAX ON IT AND INVOICE VALUE 7700 in gstr-1 as it is invoice value..IS this view correct?
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On 10 April 2020 at 22:53
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132 Points Posted on 11 April 2020
Yes!!
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On 11 April 2020 at 05:59
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Job
30 Points Posted on 11 April 2020
FOB value of 7000 should be shown in gstr3b, where as in gstr1 need to show taxable value as 7000rs and in additions as 700, put together Invoice value will be 7700...
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On 11 April 2020 at 09:04

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