Text
The text below is the rule as served by the CBIC tax information portal on 17 September 2026, with the portal's own amendment footnote markers (shown as small numerals before a bracket) and its footnotes.[1] The Rules as published in the Gazette of India is the legal source.
Rule 34, verbatim (show)
1[Rule 34. Rate of exchange of currency, other than Indian rupees, for determination of value. -
(1) The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.
(2) The rate of exchange for determination of value of taxable services shall be the applicable rate of exchange determined as per the generally accepted accounting principles for the date of time of supply of such services in terms of section 13 of the Act.]
1. Substituted vide Notification No. 17/2017-CT dated 27.07.2017. Till then, the rule read as follows -" 34. Rate of exchange of currency, other than Indian rupees, for determination of value.- The rate of exchange for the determination of the value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date of time of supply in respect of such supply in terms of section 12 or, as the case may be, section 13 of the Act."
Questions to answer on the file
Questions a reviewer answers from the engagement file, grouped by the part of the rule they come from. They describe what the rule asks; they do not decide it.
Goods exchange-rate selection 34(1)
Questions to answer on the file7 questions
Services exchange-rate selection 34(2)
Questions to answer on the file7 questions
Amendment history
The CBIC text carries 1 footnote. The table gives each in the source's own terms. Effective dates are as the footnotes state them.[1]
| Note | Change |
|---|---|
| 1 | Substituted vide Notification No. 17/2017-CT dated 27.07.2017. Till then, the rule read as follows -" 34. Rate of exchange of currency, other than Indian rupees, for determination of value.- The rate of exchange for the determination of the value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date of time of supply in respect of such supply in terms of section 12 or, as the case may be, section 13 of the Act."[2][3] |
Relationship with other provisions
| Provision | Connection | Words that tie them |
|---|---|---|
| Section 12 of the CGST Act, 2017 | this provision requires Section 12 of the CGST Act, 2017 | 34(1) "in terms of section 12 of the Act" |
| Section 13 of the CGST Act, 2017 | this provision requires Section 13 of the CGST Act, 2017 | 34(2) "in terms of section 13 of the Act" |
Circulars and notifications
Circulars and notifications in the CBIC repository that cite this rule, newest first, by number, date and subject. A listing here does not say what an instrument decides; read the instrument.
Notifications (1)
| Number | Date | Subject |
|---|---|---|
| Notification No. 17/2017-Central Tax | 27 July 2017 | Seeks to amend the CGST Rules, 2017. |
Unsettled questions
The words of Rule 34 do not answer this question. Where one decides a matter on the file, the answer depends on the position taken on it.
- No additional silent question identified; unresolved evidence remains open and legal classification is reserved to the auditor where specified
See also
- Section 12 of the CGST Act, 2017: time of Supply of Goods
- Section 13 of the CGST Act, 2017: time of Supply of Services
References
- Central Board of Indirect Taxes and Customs. "Rule 34. Rate of exchange of currency, other than Indian rupees, for determination of value". Central Goods and Services Tax Rules, 2017, CBIC tax information portal, with amendment footnotes 1 to 1. Retrieved 17 September 2026.
- The Act. Cited in CBIC footnote 1.
- Notification No. 17/2017-Central Tax, dated 27 July 2017: Seeks to amend the CGST Rules, 2017. Cited in CBIC footnote 1.
External links
- CGST Rules, 2017, Rule 34 on the CBIC tax information portal