We are issuing export invoices and receiving import invoices from Foreign country. kindly tell from where exchange rate or currency conversion rate has to be taken to convert and book the invoice in INR. CBIC exchange rate is only for goods ? or services also ? Do we have to take that or some other procedure?
2 Replies
CA Sorav Gupta
(Chartered Accountant)
(1005 Points)
Replied 01 September 2022
You can use the SBI TTBR rate on the date of the invoice. The difference, if any, will be treated as exchange gain/ loss.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)
Miss Riya
(working)
(27 Points)
Replied 01 September 2022
okay but out of given buy sell tables...what exchange rate to see in case of import of services from US ?
Attached File : 3514079 20220901154439 exc rate.pdf downloaded: 183 times
Recent Topics
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
- Two GSTN under different PAN in same address
Related Threads
CAclubindia
