Rate of exchange for calculation of gross value of taxable service tax By CA Bimal Jain

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it.

In this context, please find below herewith the Notification No. 105/2013 dated October 17, 2013 containing the Rates of Exchange applicable from October 18, 2013.

Rate of exchange of conversion of each of the foreign currency with effect from October 18, 2013 - 105/2013 - Dated 17-10-2013 - Customs - Non Tariff

 

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 [TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3,

SUB-SECTION (ii), EXTRAORDINARY]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

CENTRAL BOARD OF EXCISE AND CUSTOMS

Notification No. 105/2013-Customs (N.T.)

Dated the 17th October, 2013

25 Asvina, 1935(SAKA)

S. O. (E) - In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.103/2013-CUSTOMS (N.T.), dated the 3rd October, 2013 vide number S.O.2997 (E), dated the 3rd October, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs (CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 18th October, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

S. No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)		(b)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	59.55	58.10
2.	Bahrain Dinar	168.30	159.10
3.	Canadian Dollar	60.50	58.95
4.	Danish Kroner	11.40	11.00
5.	EURO	84.55	82.60
6.	Hong Kong Dollar	8.00	7.90
7.	Kuwait Dinar	224.75	212.15
8.	New Zealand Dollar	52.70	51.25
9.	Norwegian Kroner	10.45	10.15
10.	Pound Sterling	99.65	97.45
11.	Singapore Dollar	50.15	49.05
12.	South African Rand	6.45	6.05
13.	Saudi Arabian Riyal	16.90	16.00
14.	Swedish Kroner	9.65	9.40
15.	Swiss Franc	68.50	66.70
16.	UAE Dirham	17.25	16.35
17.	US Dollar	62.20	61.20

 SCHEDULE-II

S. No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)		(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	63.30	61.75
2.	Kenya Shilling	74.90	70.40

 [F.No.468/03/2013-Cus.V]

(M. SATISH KUMAR REDDY)

DIRECTOR (ICD)

TELE: 2309 3380