What value is to be mentioned in export invoices?

Hi Reena! Great question about reporting export invoice values under GST. Here’s the detailed clarification:

1. Value to be Mentioned in Export Invoice for GST (GSTR-1 & IFF)

• Invoice value for GST purposes should be the gross value of supply, i.e., the amount charged to the buyer before any deductions like bank charges or transaction fees.

• So, if your invoice is for $1000, the INR value you report should be the converted value of $1000, not the net amount you received after deductions.

2. Exchange Rate to be Used

• As per GST rules, export invoice value should be converted to INR at the RBI’s Reference Rate on the date of invoice (not the date of receipt).

• You can check the RBI’s daily reference rates here.

• For example:

  • Invoice date = Jan 1

  • Invoice amount = $1000

  • RBI Reference rate on Jan 1 = ₹69 per USD

  • Reported INR value = ₹69,000 (regardless of deductions)

3. Reporting in GSTR-1 vs. IFF

• Export invoice details must be reported in both GSTR-1 and the Invoice Furnishing Facility (IFF) if you are filing monthly returns.

• For quarterly filers, details must be reported in GSTR-1 for the quarter.

• IFF is just an optional facility for monthly filers to upload invoices before GSTR-1 due date. Ultimately, the invoice details appear in GSTR-1.

4. Summary