Rule 34 of CGST Rules -Rate of exchange of currency, other than Indian rupees, for determination of value

Rule 34 of CGST Rules -Rate of exchange of currency, other than Indian rupees, for determination of value

(updated as on 15.11.2017)

(1) The rate of exchange for determination of value of taxable goods shall be theapplicable 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 theapplicable rate of exchange determined as per the generally accepted accounting principlesfor the date of time of supply of such services in terms of section 13 of the Act.] (Amended with effect from 27th July, 2017 vide Notification No. 17/2017-Central Tax. Till then, the rule read as follows34. Rate of exchange of currency, other than Indian rupees, for determination of value.-The rate of exchange for thedetermination of the value of taxable goods or services or both shall be the applicable reference rate for that currency asdetermined 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.)

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CHAPTER IV

DETERMINATION OF VALUE OF SUPPLY

Chapter IV of CGST Rules, 2017 consists of nine rules relating toDETERMINATION OF VALUE OF SUPPLY rulesunder the GST regime. Both these rules are available for your ready reference. Rule 27 :Value of supply of goods or services where the consideration is not wholly in money Rule 28 :Value of supply of goods or services or both between distinct or related persons, other than through an agent Rule 29 :Value of supply of goods made or received through an agent Rule 30 :Value of supply of goods or services or both based on cost Rule 31 :Residual method for determination of value of supply of goods or services or both Rule 32 :Determination of value in respect of certain supplies Rule 33 :Value of supply of services in case of pure agent Rule 34 :Rate of exchange of currency, other than Indian rupees, for determination of value Rule 35 :Value of supply inclusive of integrated tax, central tax, State tax, Union territory tax