What value is to be mentioned in export invoices?

We provided a service to an American company and issued an invoice under LUT. The invoice was issued in US dollars. The amount we received was minus a lot of charges. When we mention the invoice in GSTR-1, what INR value do we have to mention? Do we mention the actual amount we received in Indian rupees? Or do we have to use some form of exchange rate on the dollar amount on the invoice?

For example if the invoice was of $1000, and we received Rs 69,000 after deduction of all charges, do we mention Rs 69,000 in the GSTR-1 or do we have to use some exchange rate of USD to INR? If if we have to use an exchange rate, which one?

Also, is it required to mentioned in IFF or directly in GSTR-1?

Thanks in advance for you help.

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

Aspect	Details
Invoice value reported	Gross invoice value (before deductions)
Exchange rate used	RBI Reference Rate on invoice date
Amount received	Not relevant for GST reporting
Report in	Both IFF (if applicable) and GSTR-1

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What value is to be mentioned in export invoices?

Reena

Aashok Kumar Sharma