As per Rule 32(2)(b) of the CGST Rules, 2017, the option to determine value in relation to supply of foreign currency, including Money Changing shall be deemed to be ............ for an amount exceeding ₹10,00,000.

CS Executive · Tax Laws · PYQS · December 2022
As per Rule 32(2)(b) of the CGST Rules, 2017, the option to determine value in relation to supply of foreign currency, including Money Changing shall be deemed to be ............ for an amount exceeding ₹10,00,000.
(A) ₹5,500 + 0.1% of the gross amount of currency exchanged
(B) ₹60,000
(C) Lower of (A) or (B)
(D) Higher of (A) or (B)

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: GST

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