Rules Rule 34 of CGST Rules i.e. Rate of Exchange of Currency for Determination of Value

Financial Year: 2017

Rule 34 of CGST Rules

 

Rate of exchange of currency, other than Indian rupees, for determination of value

 

 

 

The rate of exchange for the determination of the value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date of time of supply in respect of such supply in terms of section 12 or, as the case may be, section 13 of the Act

 

 

Amended vide Notification No 17/2017 dated 27th July 2017 i.e. CGST 4th Amendment CGST Rules 2017

 

 (1) The rate of exchange for determination of value of taxable goods

 shall be the applicable rate of exchange

as notified by the Board under section 14 of the Customs Act, 1962

for the date of time of supply of such goods in terms of section 12 of the Act.

 

(2) The rate of exchange for determination of value of taxable services

shall be the applicable rate of exchange

determined as per the generally accepted accounting principles

for the date of time of supply of such services

in terms of section 13 of the Act.

 

Thanks

CA Rahul Gupta