TMI BlogGST on exchange rate flutuation gainX X X X Extracts X X X X X X X X Extracts X X X X ..... Against supply of services for export, the amount is received by the supplier in foreign currency. There is a gain in this transaction to the supplier due to exchange rate fluctuation. Is the supplier liable to pay GST on the gain due to exchange fluctuation? If no under which provisions? - Reply By SANJAY JAIN - The Reply = As per CGST Rule 34 , the exchange rate prevailing at the time of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pply will be used for tax invoice purpose. There is no liability to pay the GST on any gain due to exchange rate fluctuation. Such exchange rate gain/loss will be a reconciliation items in Form 9C - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = I endorse the views of Shri Sanjay. - Reply By Ganeshan Kalyani - The Reply = GST is not applicable on exchange rate fluctuation. - Reply By AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PITHA SS - The Reply = Sir Rule 34 states only about the valuation of the supply related to export which is related to foreign currency transaction. but this case is excess of the collection out of the supply made due to currency rate fluctuation. As per income tax its other income or indirect income and we pay tax for the same. where as in GST also it will be the income only know? we need not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay tax on that?? - GST on exchange rate flutuation gain - Query Started By: - Kaustubh Karandikar Dated:- 11-2-2019 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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