Covid19 Alert : Keep Social distance and utilize your time by joining CA CS CMA online classes at 30% disc Coupon: SAFE30 Call : 1800-3000-0505

Which exchange rate to be taken


Mudit (Article)     25 March 2020

Mudit
Article 
 26 points

| My Other Post

we have purchased several items from US for $25000 and paid gst as well on there import... now please guide whether to record these items in india as per cbic exchange rate or accounting rate.
state relevant law and accounting standard for reference....
also if your answer is to take accounting rate while recording in books and cbic rate for gst purposes... then please guide how can we incorporate this difference in books

avater

RAJA P M ("Do the Right Thing...!!!")     25 March 2020

RAJA P M
"Do the Right Thing...!!!" 
 8093 likes  110807 points

View Profile | My Other Post

Rate should be accountable as per customs clearance rate (at the time of clearance)...

avater

Mudit (Article)     25 March 2020

Mudit
Article 
 26 points

View Profile | My Other Post

But what about as 11 which requires to record foreign transaction as per the ongoing exchange rates on that date

avater

RAJA P M ("Do the Right Thing...!!!")     26 March 2020

RAJA P M
"Do the Right Thing...!!!" 
 8093 likes  110807 points

View Profile | My Other Post

Can't understand...

avater

Pankaj Rawat (GST Practitioner)     26 March 2020

Pankaj Rawat
GST Practitioner 
 3220 likes  43302 points

View Profile | My Other Post

For GST purpose goods rate of exchange shall be the same as notified by Board under Section 14 of the Customs Act (i.e. CBIC Rate) & In books of accounts the difference shall be reconciled & difference need to transfer under "Exchange Rate Difference"


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »