Question ID :
38204
EXCHANGE RATE FOR EXPORT/ IMPORT OF SERVICES
WHAT EXCHANGE RATE SHOULD BE TAKEN FOR EXPORT/IMPORT OF SERVICES IN GST?
Posted by
SUMIT BANSAL
on
Jun 14, 2019
Filed Under
GST
Refer CBIC exchange rate notification issued time to time. Latest notification is notification no. 40/2019 dated 7 June, 2019.
Posted by
CA. chunauti dholakia on
Jun 14, 2019
Answer ID :
76849
u/s14 of the Customs Act, the CBIC periodically notifies the exchange rate for major currencies for conversion of foreign currency for export/ import valuation.
Posted by
CA. VENKITARAMAN K V on
Jun 14, 2019
Answer ID :
76856
It is linked to customs valuation provisions u/s 14 and hence the CBIC notified rates has to be taken.
Posted by
SIVADAS CHETTOOR on
Jun 15, 2019
Answer ID :
78910
As per Rule -34 of CGST Rules,
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. RBI Rate would be follows for the same.
Posted by
CA Mohit Singhal on
Jun 23, 2019
Answer ID :
78911
As per Rule -34 of CGST Rules,
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. RBI Rate would be follows for the same.
Posted by
CA Mohit Singhal on
Jun 23, 2019