Rule 34 of CGST Rules 2017: Foreign Exchange Rate for Determination of Value

Rule 34 of ‘Central Goods and Services Tax (CGST) Rules 2017’: Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value

Provisions under Rule 34 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value”, are as under:

CGST Rule 34: Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value (Chapter-IV: Determination of Value of Supply) 

(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.

Above information is based on CBEC’s compilation of Updated CGST Rules, 2017 as on 23 Mar. 2018 (i.e. as notified/ amended upto 23 Mar. 2018 by the CBEC). For detailed information/ subsequent updates, please refer relevant Notifications.

It may be noted that Rules 27 to 137 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were notified by CBEC vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017.

Related Posts:

Central Goods and Services Tax (CGST) Rules, 2017 (Chapter-wise/ Rule-wise)

CGST (4th Amendment) Rules 2017

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