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of <h1>Rule 34: Exchange Rate for Taxable Goods and Services Set by Board, Not RBI, as per 2017 Amendment.</h1> Rule 34 of the Central Goods and Services Tax Rules, 2017, outlines the rate of exchange for determining the value of taxable goods and services in currencies other than Indian rupees. For goods, the applicable exchange rate is as notified by the Board under section 14 of the Customs Act, 1962, on the date of supply as per section 12 of the Act. For services, the rate is determined according to generally accepted accounting principles on the date of supply as per section 13 of the Act. This rule was amended in 2017, replacing the previous reference to the Reserve Bank of India's rates.
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