Exchange rate rules for GST valuation distinguish between goods and services by reference to the time of supply.

Rate of exchange for determining the value of taxable goods and services supplied in currency other than Indian rupees is fixed by reference to the relevant time of supply. For taxable goods, the applicable exchange rate is the rate notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply under section 12 of the Act. For taxable services, the applicable exchange rate is the rate determined in accordance with generally accepted accounting principles for the date of time of supply under section 13 of the Act.

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