Example
22
US$1000 are sold by a Mr.A to
the authorized dealer at the rate of Rupees 45 per US$. RBI reference rate for
US$ is Rupees 45.50 for that day. Determine the option available to money
changer for calculating value of supply?
Ans. According to Rule 32(2)(a) (Determination of value in respect of certain supplies) , where currency is changed to/from INR then Value of Supply in GST = [RBI Ref. rate for US$ -selling rate For US$]* Total units of US$ or according to clause (b) at the option of supplier of service
IF Gross amount of currency exchanges (GAE)= upto 1 lakh
Value =1% GAE or Rs 250 (Which
ever higher)
IF
GAE = Exceeding 1 lakh and up to 10 lakh
Value=
½ % (GAE-1 lakh) + 1000 Rs
IF GAE = > 10 lakh
Value
= 1/10 % (GAE-10lakh) +5500 Rs (Subject
to maximum of Rs 60000)