Valuation of Indian Goods Billed in Foreign Currency: Use Import Exchange Rate per Rule 34 for Accurate Costing.

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Full Text of the Document

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....Valuation - Rate of Exchange - goods are supplied within India and billing is to be done in foreign currency - Rule 34 of the Rules is to be applied for valuation of supply - rate of exchange of imported goods shall be applicable in as much as the foreign currency price in the contract is to cover imported content of the material used for intended purpose.....