Service Tax (Determination of Value) Amendment Rules, 2011 - valuation of purchase or sale of foreign currency, including money changing and valuation of telecom services

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f 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 into force on the 1st day o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nce 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 70, thereby giving GBP 1000. RBI ref .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f 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 Government of India Note.- The principal rules were no .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X