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. For Rate of Exchange applicable from 17th May, 2013 please refer Annexure-A.
Annexure-A
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
|
55.05
|
53.55
|
|
|
2.
|
Bahrain Dinar
|
149.75
|
141.35
|
|
|
3.
|
Canadian Dollar
|
54.50
|
53.15
|
|
|
4.
|
Danish Kroner
|
9.65
|
9.35
|
|
|
5.
|
EURO
|
71.80
|
70.00
|
|
|
6.
|
Hong Kong Dollar
|
7.15
|
7.00
|
|
|
7.
|
Kenya Shilling
|
67.60
|
63.50
|
|
|
8.
|
Kuwait Dinar
|
197.70
|
185.95
|
|
|
9.
|
New Zealand Dollar
|
45.65
|
44.45
|
|
|
10.
|
Norwegian Kroner
|
9.55
|
9.25
|
|
|
11.
|
Pound Sterling
|
84.50
|
82.50
|
|
|
12.
|
Singapore Dollar
|
44.70
|
43.55
|
|
|
13.
|
South African Rand
|
6.10
|
5.75
|
|
|
14.
|
Saudi Arabian Riyal
|
15.05
|
14.20
|
|
|
15.
|
Swedish Kroner
|
8.35
|
8.10
|
|
|
16.
|
Swiss Franc
|
57.50
|
56.05
|
|
|
17.
|
UAE Dirham
|
15.35
|
14.50
|
|
|
18.
|
US Dollar
|
55.30
|
54.35
|
|
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
|
54.40
|
53.00
|
||
