25 May 2012
Dear all, We import machines for resale in India. So far we have been quoting in INR, invoicing in INR and collecting in INR only. But now since the USD rates are going up, we want to quote in USD but invoice the customer in INR using the spot rate at the time of invoicing. Is this possible? Can i quote in USD and receive purchase orders from the customer in USD for sales to companies in India and invoice them in INR?
02 June 2012
You have not mentioned you are aa dealer or manufacture.
If you are dealer this will not be possible becuase for passing on Cenvat you have to mentioned assessable value , per unit duty and bill of entry ref /date to your import dealer invocie as the same is mandatory for issuing dealer invoice.
You have also not clarify what is the purpose of such clumsy work .
If you are in SEZ unit or EOU you may follow this practice subject to conditons and safe gurds as laid down in FEMA and Customs ACt.
CAclubindia
