TMI BlogDetermination of value in respect of certain suppliesX X X X Extracts X X X X X X X X Extracts X X X X ..... determined in the manner provided hereinafter. (2) The value of supply of services in relation to purchase or sale of foreign currency, including money changing, shall be determined by the supplier of service in the following manner:- (a) For a currency, when exchanged from, or to, Indian Rupees (INR), the value shall be equal to the difference in the buying rate or the selling rate, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial year and such option shall not be withdrawn during the remaining part of that financial year. (b) At the option of supplier of services, the value in relation to supply of foreign currency, including money changing, shall be deemed to be (i) one per cent. of the gross amount of currency exchanged for an amount up to one lakh rupees, subject to a minimum amount of two hundred and fift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this sub-rule, the expression basic fare means that part of the air fare on which commission is normally paid to the air travel agent by the airline. (4) The value of supply of services in relation to life insurance business shall be: (a) the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of the policy holder, if such amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere no input tax credit has been availed on purchase of such goods the value of supply shall be the difference between the selling price and purchase price and where the value of such supply is negative it shall be ignored: Provided that the purchase value of goods repossessed from a defaulting borrower, who is not registered, for the purpose of recovery of a loan or debt shall be deemed to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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