Mudit (Article) 25 March 2020
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
Pankaj Rawat (GST Practitioner) 26 March 2020
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"