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TMI BlogDETERMINATION OF RATE OF EXCHANGEX X X X Extracts X X X X X X X X Extracts X X X X ..... DETERMINATION OF RATE OF EXCHANGE - By: - Dr. Sanjiv Agarwal - Service Tax - Dated:- 6-8-2014 - - Date of determination of rate of tax, value of taxable service and rate of exchange ( Section 67A ) W.e.f. 28.05.2012, section 67A has been inserted by the Finance Act, 2012 which provides as under: The rate of service tax, value of a taxable service and rate of exchange, if any, shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be the rate of service tax or value of a taxable service or rate of exchange, as the case may be, in force or as applicable at the time when the taxable service has been provided or agreed to be provided. Explanation For the purposes of this section, rate of exchange means the rate of exchange referred to in the explanation to section 14 of the Customs Act, 1962 . Section 67A pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vides for - date of determination of rate of tax, value of taxable service and rate of exchange. These shall be taken as in force or as applicable at the time when taxable service has been provided or agreed to be provided. Thus, rate of Service Tax, value of service and rate of exchange shall be considered as that rate or value as prevailing at the date when such services are pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided or agreed to be provided. What shall be rate of exchange has also been defined to mean the rate as in the explanation to section 14 of the Customs Act, 1962 . Accordingly, rate of exchange means the rate of exchange determined by the Board ascertained in such manner as the Board may direct for the conversion of Indian Currency into Foreign Currency of Foreign Currency into In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dian Currency. Finance Act, 2014 has substituted the explanation defining 'rate of exchange' as under: Explanation: For the purposes of this section, 'rate of exchange' means the rate of exchange determined in accordance with such rules as may be prescribed. Thus, Central Government shall prescribe the manner or rules for determining the rate of exchange for calculati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of taxable value in respect of certain services by way of notification. It is expected that on or after the enactment of Finance Act, 2014 Central Government shall prescribe the rules or manner in which rate of exchange (foreign exchange) shall be determined for the purposes of arriving at value of taxable services in Service Tax. - - Scholarly articles for knowledge sharing authors expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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