Export shipment actual realisation could be sale.?

This query is : Resolved

PARDEEP SINGH (Querist)
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19 April 2011 Dear Sir

We are an exporter having a sale around 45 cores. My query is that.

On the time of Export we consider our sales as per Custom Dollar rate which remain same for each Month.

But when as per payment terms we actually we received a payment we got some difference called exchange fluctuation.
So I Want to ask Can I show this difference in exchange Fluctuation or not. If yes so please also tell me the Section No. which stands for it.

Some people says that you can’t Show exchange fluctuation so have to revised your sales tax return as per actual realization but we cant because we file monthly sales tax return. If we do same then how many returns we revise.

Please reply me soon, its too urgent for me.

Thanks in advance

R.KRISHNARAJ

R.KRISHNARAJ (Expert)
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20 April 2011 Go through AS-11.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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20 April 2011 you declare that at the time of Export you consider your sales as per Custom Dollar rate .

you are right way,as per current foreign trade policy.

for more information :-

http://www.icai.org/new_post.html?post_id=4275&c_id=240

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