Provisions under Rule 34 of CGST Rules, 2017 relating to “Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value”:
CGST Rule 34: Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value (Chapter IV: Determination of Value of Supply) [*1&2]
(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.
Notes (History of Amendments in Bare Text):
1. CGST Rule 34 introduced vide Notification 10/2017, effective 01/07/2017.
2. Rule 34 substituted from 27/07/2017 vide Notification 17/2017. Please refer Notification 10/2017 for text thereof before substitution.
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