Notification No. 19/2014-ST- dated 25th August, 2014 – Seeks to amend the Service Tax Rules, 1994 to insert rule of determination of rate of exchange and power to issue supplementary instruction
With effect from 01.10.2014 Rate of exchange for determination of value of taxable service shall be as per the generally accepted accounting principles instead of Rates Notified by custom authorities from time to time.
NOTIFICATION NO. 19/2014-Service Tax,
Dated: August 25, 2014Online GST Certification Course by TaxGuru & MSME- Click here to Join
In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely:-
1. (1) These rules may be called the Service Tax (Second Amendment) Rules, 2014.
(2) They shall come into force on the 1st day of October, 2014.
2. In the Service Tax Rules, 1994, after rule 10, the following rules shall be inserted, namely:-
“11. Determination of rate of exchange.– The rate of exchange for determination of value of taxable service shall be the applicable rate of exchange as per the generally accepted accounting principles on the date when point of taxation arises in terms of the Point of Taxation Rules, 2011.
12. Power to issue supplementary instructions.– The Board or the Chief Commissioners of Central Excise may issue instructions for any incidental or supplemental matters for the implementation of the provisions of the Act.”.
[F. No. 334 /15 /2014-TRU]
Under Secretary to the Government of India
Note.- The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification No. 2/94-SERVICE TAX, dated the 28th June, 1994 vide number G.S.R. 546 (E), dated the 28th June, 1994 and last amended vide notification No.9/2014-Service Tax, dated the 11th July, 2014 vide number G.S.R. 478 (E), dated the 11th July, 2014.
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