CA Final
231 Points
Joined January 2013
Dear Ravi
Gst is payable on the difference between RBI Rate and the actual rate. I give an example for better clarification
Suppose a Foreign Exchanger sells 100 US $ at the rate of 1 US $ = Rs.75 where the RBI Reference rate is Rs.74.
Then, Gst is payable @ 18% on the following value;
(75-74)*100 = 100
So, Taxable value is Rs.100 and the Invoice value is Rs.118/- (inclusive of gst)