The service of currency exchange has a service charge on the gross amount of currency exchanged. The Service of supply of foreign exchange will get cheaper with the introduction of GST. This GST is applicable under 32(2) b of CGST & SGST rule of 2017.
|Value of Foreign Currency Exchange (In INR/Per Transaction)||GST|
|Upto Rs. 1,00,000||1% of the gross amount subject to minimum Rs.250/-|
|From Rs. 1,00,000 to 10,00,000||Rs.1000 plus 0.5% of the gross amount exceeding Rs.1,00,000 upto 10,00,000|
|Above Rs.10,00,000||Rs.5000 plus 0.10% of the gross amount exceeding Rs.10,00,000 subject to maximum amount of Rs. 6000.|