Value to be filled in return

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..... Value to be filled in return
Query (Issue) Started By: - BAL KRISHAN GARG Dated:- 20-5-2009 Last Reply Date:- 26-5-2009 VAT + CST
Got 3 Replies
VAT / Sales Tax
A HAS MADE SALE AS EXPORT FIRST TIME AND MENTIONED THE DOLLAR VALUE IN THE INVOICE . MY QUERRY IS WHETHER THE DOLLAR RATE ON THE DATE OF INVOICE FOR SALE PURPOSE WILL BE TAKEN IN THE SALES TAX RETURN ? BY MULTIPLING THE DOLLAR .....

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..... RATE ON THE INVOICE DATE IN TERMS OF RUPEES VALUE . Reply By Mukesh Kumar: The Reply: Yes, how can a person predict the future rate of a currency. The value of the invoice prepared in foreign currency should be converted in INR at the prevailing rate of foreign exchange (Dollar) as on the date of preparation of Invoice. Reply By Pradeep Khatri: The Reply: It is advisable to book your export in .....

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..... terms of notification issued by the Central Government for the purpose of Import and Export. The Central Government issue the monthly notification where the Exchange rate for the purpose of Import and Export has been fixed for a month. If you book your export on the basis exchange rates mentioned in these notification then the FOB value mentioned in the Shipping Bill will be equal to the value men .....

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..... tioned in your Books of accounts. Regards Pradeep Khatri [email protected] Consultant - Indirect Taxation Reply By Pradeep Khatri: The Reply: It is advisable to book your export in terms of notification issued by the Central Government for the purpose of Import and Export. The Central Government issue the monthly notification where the Exchange rate for the purpose of Import and Export has been fixed .....

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..... for a month. If you book your export on the basis exchange rates mentioned in these notification then the FOB value mentioned in the Shipping Bill will be equal to the value mentioned in your Books of accounts. Regards Pradeep Khatri [email protected] Consultant - Indirect Taxation
Discussion Forum - Knowledge Sharing .....

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