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of <h1>New Rules for Service Tax Valuation on Foreign Currency and Telecom Services Effective April 1, 2011</h1> The Service Tax (Determination of Value) Amendment Rules, 2011, effective from April 1, 2011, amend the 2006 rules to address the valuation of services related to the purchase or sale of foreign currency, including money changing, and telecom services. For currency exchanges involving Indian Rupees, the taxable value is calculated based on the difference between the transaction rate and the Reserve Bank of India reference rate. If the RBI rate is unavailable, the value is 1% of the gross Indian Rupees exchanged. For telecom services, the taxable value is the gross amount paid by the service recipient.
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