Rate of exchange determination by GAAP on the point of taxation date; administrative power to issue supplementary instructions enabled. The amendment inserts rules providing that the rate of exchange for valuing taxable services shall be the applicable rate as per generally accepted accounting principles on the date when the point of taxation arises, and that the Board or Chief Commissioners of Central Excise may issue instructions for incidental or supplemental matters for implementation of the Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rate of exchange determination by GAAP on the point of taxation date; administrative power to issue supplementary instructions enabled.
The amendment inserts rules providing that the rate of exchange for valuing taxable services shall be the applicable rate as per generally accepted accounting principles on the date when the point of taxation arises, and that the Board or Chief Commissioners of Central Excise may issue instructions for incidental or supplemental matters for implementation of the Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
