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Rate of exchange of currency, other than Indian rupees (Rule 34 of CGST Rules) - GST Ready Reckoner - GSTExtract Rate of exchange of currency, other than Indian rupees, for determination of value of supply (Rule 34 of CGST Rules) G oo ds : The relevant rate of exchange for determining the value of taxable goods is the rate notified by CBIC under section 14 of the Customs Act, 1962 , prevalent on the date of time of supply of said goods. S e rv i ce s : The relevant rate of exchange for determining the value of taxable service is the rate determined as per GAAP, prevalent on the date of time of supply of said service. Case Laws:- IN RE: M/S. BHARAT HEAVY ELECTRICAL LIMITED ( 2020 (4) TMI 66 - AUTHORITY FOR ADVANCE RULING, UTTARAKHAND ) The value of goods, supplied within India and billing done in foreign currency, shall be determine under Rule 34 of CGST Rules, 2017 and rate of exchange for imported goods as notified by the Board under section 14 of the Customs Act, 1962 shall be applicable to the present case.
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