export sales valus calculation
This query is : Resolved
03 October 2008
an individual is an exporter of fancy items.it is registered under Delhi VAT/CST Act
it has following export sales transaction
A. bill no. 1 for $5000 dtd. 15/6/08 payment recd. Rs. 222313 on 8/9/08
B bill no. 2 for $ 3100 dtd. 2/7/08 payment recd. Rs. 143310 on 20/9/08
C. bill no. 3 for $ 4200 dtd. 20/7/08 payment recd. Rs 184300 on 1/10/08
D. bill no. 4 for $ 3950 dtd. 10/8/08 payment not recd. Till 3/10/08 the date of filing Sales tax return
what will be the correct export sales for Delhi VAT/CST Return. Kindly explain the basis of calculation also
it has following export sales transaction
A. bill no. 1 for $5000 dtd. 15/6/08 payment recd. Rs. 222313 on 8/9/08
B bill no. 2 for $ 3100 dtd. 2/7/08 payment recd. Rs. 143310 on 20/9/08
C. bill no. 3 for $ 4200 dtd. 20/7/08 payment recd. Rs 184300 on 1/10/08
D. bill no. 4 for $ 3950 dtd. 10/8/08 payment not recd. Till 3/10/08 the date of filing Sales tax return
what will be the correct export sales for Delhi VAT/CST Return. Kindly explain the basis of calculation also
03 October 2008
The value of export turnover should be the total of USD value of all the invoices raised multiplied by the exchange rate (so as to convert into INR) on the date of raising the invoice. This has nothing to do with the payment received.
04 October 2008
thanks for reply.It mean that actual sales realisation will be different than sales return figure.which will than be adjusted with exchange rate fluctuations while finalising accounts .does it need revising sales tax returns .can you suggest me some good study material on this topic
04 October 2008
Your understanding is right. No need for revision of salestax return by including exchange fluctuation gain if the receipt is at a latter date. But how can there be sales tax on export?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
