TMI BlogService Tax (Determination of Value) Amendment Rules, 2011 - valuation of purchase or sale of foreign currency, including money changing and valuation of telecom servicesX X X X Extracts X X X X X X X X Extracts X X X X ..... d by clause (aa) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) , the Central Government hereby makes the following rules further to amend the Service Tax (Determination of Value) Rules, 2006 , namely :- 1. (1) These rules may be called the Service Tax (Determination of Value) Amendment Rules, 2011. (2) Save as otherwise provided under these rules, they shall come i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank of India (RBI) reference rate for that currency for that day, multiplied by the total units of currency. Example I: US$1000 are sold by a customer at the rate of Rupees 45 per US$. RBI reference rate for US$ is Rupees 45.50 for that day. The taxable value shall be Rupees 500. Example II: INR70000 is changed into Great Britain Pound (GBP) and the exchange rate offered is Rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y:- Explanation. - For the removal of doubts, it is hereby clarified that for the services specified in sub clause (zzzx) of clause (105) of section 65 of the Finance Act, 1994 , the value of the taxable service shall be the gross amount paid by the person to whom telecom service is provided by the telegraph authority. [F.No.334/3/2011-TRU] SAMAR NANDA Under Secretary to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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