CGST Rule 34 of Central Goods and Services Tax Rules, 2017 – Rate of exchange of currency, other than Indian rupees, for determination of value

The Central Goods and Services Tax Act, 2017

The Central Goods and Services Tax Rules, 2017

Chapter-IV Determination of Value of Supply

Rule 34: Rate of exchange of currency, other than Indian rupees, for determination of value

¹[34. (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.]

References

Enforcement:

Enforced w.e.f. July 01, 2017 [Notification No. G.S.R. 663(E) dated 28.06.2017].

Amendments:

1. Substituted by Central Goods and Services Tax (Fourth Amendment) Rules, 2017 vide Notification No. 17/2017-Central Tax dated 27th July, 2017, w.e.f. 27.07.2017, for the Rule:

“34. 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.”.