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. |
Click Here to Download Calculation of GST on Purchase or Sale of Foreign Currency in Excel Format
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