Dear Forum,
As per Rule 34 of CGST Act, exchange rate for the purpose of determination of value of export of services is the rate of exchange determined as per the generally accepted accounting principles for the date of time of supply in terms of Sec.13.
my query:
what is the rate that is generally accepted accounting principles..?
Which rates whether RBI declared rates or the rates applicable to goods as notified under Customs law, are to be considered..??
RBI rates are considered.
Actually the rule 34 has been Substituted by Notification 17/2017 CT (r) till then read as follows " The rate of Exchange for the determination of the value of taxable goods or services or both shall be the Applicable reference rate for that currency as determined by RBI on the date of time of supply in respect of such supply in term of Section 12 or as the case may be , section 13 of the Act"
CAclubindia
