Determination of rate of exchange for service tax

Service tax department issued a notification no. 19/2014 dated 25 August 2014 about determination of rate of exchange for service tax. Full notification is as under.

G.S.R..... (E). – In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:—

1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2014. 
 (2) They shall come into force on the 1st day of October, 2014. 
2. In the Service Tax Rules, 1994, after rule 10, the following rules shall be inserted, namely:-

―11. Determination of rate of exchange.– The rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.

12. Power to issue supplementary instructions.– The Board or the Chief Commissioners of Central Excise may issue instructions for any incidental or supplemental matters for the implementation of the provisions of the Act.‖.

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