Rate of exchange of currency, other than Indian rupees, for determination of value
Rule 34 of the Central Goods and Services Tax Rules, 2017 deals with rate of exchange of currency, other than Indian rupees, for determination of value. The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act. The Act came into force on 22 Jun 2017.
(1) The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.
(2) The rate of exchange for determination of value of taxable services shall be the applicable rate of exchange determined as per the generally accepted accounting principles for the date of time of supply of such services in terms of section 13 of the Act.] 1 . Substituted vide Notification No. 17/2017 -CT dated 27.07.2017. Till then, the rule read as follows -" 34. Rate of exchange of currency, other than Indian rupees, for determination of value.- 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 the Reserve Bank of India on the date of time of supply in respect of such supply in terms of section 12 or, as the case may be, section 13 of the Act."
Rule 34, The Central Goods and Services Tax Rules, 2017 (Act G.S.R. 610(E) of 2017).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Rule 34
What does Rule 34 of the Central Goods and Services Tax Rules deal with?
Rule 34 of the Central Goods and Services Tax Rules is headed "Rate of exchange of currency, other than Indian rupees, for determination of value". The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.
How do I find court cases under Rule 34 of the Central Goods and Services Tax Rules?
In judgments and charge sheets this rule is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: CGST Rules 2017 34, rule 34 CGST Rules 2017, rule 34 of the Central Goods and Services Tax Rules. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Rule 34 of the Central Goods and Services Tax Rules, and has it changed?
Its own text turns on rule 12 (Grant of registration to persons required to deduct tax at source or to collect tax at source), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When did Rule 34 of the Central Goods and Services Tax Rules come into force?
Rule 34 of the Central Goods and Services Tax Rules, cited as CGST Rules 2017 34, came into force on 22 Jun 2017, having been enacted on 19 Jun 2017. It is in force as at the date shown on this page.
Other rules of this Act
- 89. Application for refund of tax, interest, penalty, fees or any other amount3731 words
- 43. Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases3015 words
- 138. Information to be furnished prior to commencement of movement of goods and generation of e-way bill2970 words
- 42. Manner of determination of input tax credit in respect of inputs or input services and reversal thereof2706 words
- 164. Procedure and conditions for closure of proceedings under section 128A in respect of demands issued under section2150 words
- 8. Application for registration2144 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Parsed from the consolidated PDF published by CBIC at taxinformation.cbic.gov.in. The provision list against which this parse was checked comes from the same portal, so a rule the document omits is still recorded. This page is not a substitute for legal advice.