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

..... 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 .....

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

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..... 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 .....

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

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