Determination of value of supply - purchase or sale of foreign currency including money changing [Rule 32(2) of CGST Rules]

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.... or to Indian Rupees Taxable value is difference between buying rate or selling rate of currency and RBI reference rate for that currency at the time of exchange multiplied by total units of foreign currency. However if RBI reference rate for a currency is not available then taxable value is 1% of the gross amount of Indian Rupees provided/received by the person changing the money. In other wo....

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....urrency 2 with RBI Rate in Indian Rupees Option-2 as per rule 32(2)(b) The person supplying the service may also exercise the following option to ascertain the taxable value, however once opted then he cannot withdraw the during the remaining part of the financial year: - S. No. Currency exchanged Value of supply 1 Upto ₹ 1,00,000 1% of the gross amount of currency exchanged ....

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....e of supply under 32(2)(a) i) When RBI reference rate available then value of supply (RBI reference for rate $ - Buying rate of $) * total number of unit of $ bought [(74.6-74) * $1000] i.e. ₹ 600/- ii) when RBI reference rate not available 1% of the gross amount of Indian ₹ received 1% of (74.50 * $ 2000) i.e. ₹ 1490/- Example 2:- X Pvt. Ltd., a money changer, ha....