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Rule 34: Rate of exchange of currency, other than INR,for determination of value

Rule 34: Rate of exchange of currency, other than INR, for determination of value

 

1)  The rate of exchange for determination of value of taxable goods shall be:-

the applicable rate of exchange as notified by the Board under section 14 of the Customs   Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.

(2)  The rate of exchange for determination of value of taxable services shall be:-

the applicable rate of exchange determined as per the generally accepted accounting   principles   for the date of time of supply of such services in terms of section 13 of the   Act.