Valuation of Supply — Applicant is seeking advance ruling on the following questions: a. In case where goods are supplied within India and billing is to be done in foreign currency, which exchange rate to be applied rate prescribed for export of goods or for import of goods; b. Any other clarification regarding application of rate to convert foreign currency into Indian rupees to pay GST. Held that— Since the issue in hand is related to valuation of goods supplied within India and billing is being done in foreign currency, thus Rule 34 of the Rules is to be applied here. Now the question arises which rate of exchange (import or export) shall be applicable as notified by the Board under section 14 of the Customs Act, 1962, to determine the value of goods.
Bharat Heavy Electrical Limited, In Re…  20 TAXLOK.COM 141 (AAR-Uttarakhand)