TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Share on linkedin   Telegram

Home List Manuals GSTGST Ready ReckonerGST - Valuation / Value of Supply This

  • Login

Forgot password       New User/ Regiser

Register to get Live Demo



 

Determination of value of supply - purchase or sale of foreign currency including money changing [Rule 32(2) of CGST Rules] - GST Ready Reckoner - GST

Extract

..... nt of Indian Rupees provided/received by the person changing the money. Case 2: Transaction where neither of the currencies exchanged is Indian Rupees Taxable value will be 1% of the lesser of the two amounts the person changing the money would have received by converting (at RBI reference rate) any of the two currencies in Indian Rupees. Option-2 as per rule 32(2)(b) The person supplying the service may also exercise the following option to ascertain the taxable value, however once opted then h .....

x x x x x   Extracts   x x x x x

Determination of value of supply - purchase or sale of foreign currency including money changing Rule 32(2) of CGST Rules - GST Ready Reckoner - GST

x x x x x   Extracts   x x x x x

..... ce rate for $ for that day is not available. Determination of value of supply under 32(2)(a) i) When RBI reference rate available then value of supply (RBI reference for rate $ - Buying rate of $)* total number of unit of $ bought [ (74.6-74)* $1000 ] i.e ₹600/- ii) when RBI reference rate not available 1% of the gross amount of Indian ₹ received 1% of (74.50*2000) i.e. 1490 Example 2:- X pvt. Ltd., a money changer, has exchanged US $ 20,000 to Indian ₹ @ 74 per US$. X Pvt. Ltd .....

x x x x x   Extracts   x x x x x

Determination of value of supply - purchase or sale of foreign currency including money changing Rule 32(2) of CGST Rules - GST Ready Reckoner - GST

x x x x x   Extracts   x x x x x