Valuation of foreign currency exchange under CGST Rule 32(2): taxable value by RBI rate difference or prescribed slab scale. Valuation under Rule 32(2) permits two methods: (a) compute taxable value as the difference between buying/selling rate and the RBI reference rate multiplied by foreign currency units when transacting with Indian rupees, or if RBI reference rate is unavailable, as one percent of the gross Indian-rupee amount; and for foreign to foreign exchanges, as one percent of the lesser of the two amounts obtained by converting either currency to Indian rupees at the RBI reference rate; (b) alternatively, elect a prescribed slabbed scale of valuation for the financial year.
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Valuation of foreign currency exchange under CGST Rule 32(2): taxable value by RBI rate difference or prescribed slab scale.
Valuation under Rule 32(2) permits two methods: (a) compute taxable value as the difference between buying/selling rate and the RBI reference rate multiplied by foreign currency units when transacting with Indian rupees, or if RBI reference rate is unavailable, as one percent of the gross Indian-rupee amount; and for foreign to foreign exchanges, as one percent of the lesser of the two amounts obtained by converting either currency to Indian rupees at the RBI reference rate; (b) alternatively, elect a prescribed slabbed scale of valuation for the financial year.
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