GST Tip – 211

As per the Draft Determination of Value of Supply in the case of exchange of foreign currency notes into INR, the value shall be equal to the difference in the buying rate or the selling rate, as the case may be by the Reserve Bank of India (RBI) reference rate for that currency at that time, multiplied by the total units of currency to derive the value of supply.

GST Tip – 208

As per the draft Determination of Value of Supply, for a supply if the open market value is not available then the consideration received in cash or in kind or sum of both is to be considered for the transaction value and taxes are applicable on the transaction value.