Rule 34 of CGST Rules 2017: Foreign Exchange Rate for Determination of Value

Provisions under Rule 34 of the Central Goods and Services Tax (CGST) Rules, 2017 relating to “Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value”, are as under:

CGST Rule 34: Rate of Exchange of Currency, other than Indian Rupees, for Determination of Value (Chapter-IV: Determination of Value of Supply) 

(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.

Amendments History:

1, CGST Rule 34 substituted vide Notification No. 17/2017 Central Tax dt 27 July 2017.

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It may be noted that the above information is based on Updated CGST Rules 2017 (amended upto 5th May 2020), as compiled/ shared by CBIC (i.e. as notified/ amended upto 5th May 2020 by the CBIC). However, for detailed/ official information and/ or subsequent updates, please refer relevant Notifications. E&OE

Further, it may be noted that Rules 27 to 138 (pertaining to various Chapters) of the Central Goods and Services Tax (CGST) Rules, 2017 were initially notified by CBIC vide CGST (2nd Amendment) Rules, 2017 Notification No. 10/2017 Central Tax dt. 28 June 2017, applicable w.e.f. 1 July 2017 (or as may be specified in respective Rules).

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IGST Act/ DefinitionsIGST Rules
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