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) 

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.

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 Central Tax Notification 17/2017 dt. 27/07/2017.

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Note: The CGST Rules 2017 along with the prescribed Forms were initially notified vide Central Tax Notifications 3/2017 dt. 19/06/2017 (Rule 1 to 26), 10/2017 dt. 28/06/2017 (Rules 27 to 138) and 15/2017 dt. 01/07/2017 (Rules 139 to 162). These Rules/ Forms were subsequently amended by CBIC through various Notifications issued from time to time. Information on this page is a Rule-wise compilation of Amendments made by all such Notifications upto 29/12/2021, with best possible efforts for accuracy. In any case, E&OE. For official/ updated information, please visit CBIC website.