Where the value of supply of goodsor services or both cannot be determined under rules 27 to 30, the same shall be determined using reasonable means consistent with the principles and the general provisions ofsection 15 and the provisionsofthis Chapter:
Provided that in the case of supply of services, the supplier may opt for this rule, ignoring rule 30.
_. 32. Determination of value in respectof certain supplies.- (1) Notwithstandinganything _ contained in the provisions of this Chapter, the value in respect of supplies specified below shall, at the option ofthe supplier, be determined in the manner provided hereinafter.
(2) The value of supply of services in relation to the purchase or sale of foreign currency, including money changing, shall be determined by the supplier of services in the following manner, namely:-
(a) for a currency, when exchanged from, orto, Indian Rupees, the value shall be equal to the difference in the buying rate or the selling rate, as the case may be, and the Reserve Bank of India reference rate for that currency at that time, multiplied by the total units ofcurrency:
Provided that in case where the Reserve Bank of India reference rate for a currency is not available, the value shall be one per cent. of the gross amount of Indian Rupees provided or received by the person changing the money:
Provided further that in case where neither of the currencies exchanged is Indian Rupees, the value shall be cqual to one per cent. of the lesscr of the two amounts the person changing the money would have received by converting any of 634 (4) Fee usa, feats 30 YF 2017 4 the two currencies into Indian Rupee on that day at the reference rate provided by the -..:
Reserve BankofIndia.
Provided also that a person supplying the services may exercise the option to ascertain the value in terms of clause (b) for a financial year and such option shall not be withdrawn during the remaining part ofthat financial year.
(b) at the option of the supplier of services, the value in relation to the supply of foreign currency, including money changing,shall be deemedto be-
(i) one per cent. of the gross amount of currency exchanged for an amount up to one lakh rupees, subject to a minimum amount of two hundred and fifty rupees;
(ii) one thousand rupees and half of a per cent..of the gross amount of currency exchanged for an amount exceeding one lakh rupees and upto ten lakh rupees; and
(iii) five thousand and five hundred rupees and. one tenth of a per cent. of the gross amount of currency exchanged for an amount exceeding ten lakh rupees, subject to a maximum amountofsixty thousand rupees.
(3) The value of the supply of services in relation to booking of tickets for travel by air provided by an air travel agent shall be deemed to be an amountcalculated at the rate of five per cent. of the basic fare in the case of domestic bookings andat the rate of ten per cent. of the basic fare in the case of international bookings of passagefortravel byair.
Explanation.- For the purposesofthis sub-rule, the expression “basic fare” meansthat part of the air fare on which commissionis normally paid to the air travel agent by the airlines.
(4) The value of supply of services in relation to life insurance businessshall be,-
(a) the gross premium chargedfrom a policy holder reduced by the amountallocated for investment or savings on behalf of the policy holder, if such an amount is intimated to the policyholderat the time of supply ofservice;
(b) in case of single premium annuity policies otherthan (a), tenper cent. of single premium charged from the policy holder; or
(c) in all other cases, twenty five per cent. of the premium charged from the policy holder in the first year and twelve and a half per cent. of the premium charged from the policy holder in subsequentyears:
Provided that nothing contained in this sub-rule shall apply where the entire premium paid by the policy holder is only towardsthe risk coverin life insurance.
(5) Where a taxable supply is provided by a person dealing in buying and selling of second hand goodsi.e., used goodsas such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored:
HeareR wsetaa, fet 30 FA 2017
Provided that the purchase value of goods repossessed from a defaulting borrower, who is not registered, for the purpose of recovery of a loan or debt shall be deemed to be the purchase price of such goodsby the defaulting borrower reduced by five percentage points _ for every quarter or part thereof, between the date of purchase and the date of disposal by the person making such repossession.
(6) The value of a token, or a voucher, or a coupon,or a stamp (other than postage stamp) which is redeemable against a supply of goodsor services or both shall be equalto the money value of the goods or services or both redeemable against such token, voucher, coupon, or stamp. :
(7) The value of taxable services provided by such class of service providers as may be notified by the Government, on the recommendations of the Council, as referred to in paragraph 2 of Schedule 1 of the said Act between distinct persons as referred to in section 25, where input tax credit is available, shall be deemed to be NIL.. .