Reference rate timing changed to 'at that time' for service tax valuation, altering when exchange rates are applied. The amendment substitutes the phrase 'reference rate for that currency for that day' with 'reference rate for that currency at that time' in the Service Tax (Determination of Value) Rules, 2006, thereby specifying a moment-based reference rate for valuing taxable services under the valuation framework.
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Reference rate timing changed to 'at that time' for service tax valuation, altering when exchange rates are applied.
The amendment substitutes the phrase "reference rate for that currency for that day" with "reference rate for that currency at that time" in the Service Tax (Determination of Value) Rules, 2006, thereby specifying a moment-based reference rate for valuing taxable services under the valuation framework.
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