You may enter data for currency sale / purchase by creating a customised data
form. Currency sale data form should have the following columns: –
1. Sale Amount ( No GST class should be attached with this account. )
2.
Taxable Amount ( Relevant GST Class should be attached e.g. Sale Local @ 18%.
)
3. CGST Amount ( Relevant GST Class should be attached e.g. CGST Output
Tax. )
4. SGST Amount ( Relevant GST Class should be attached e.g. SGST
Output Tax. )
5. Taxable Service Contra (No GST class should be
attached)
Data Form will look like as shown in pic 1. You need to transfer amount from Taxable Service Contra to Taxable Service Account periodically by passing journal voucher with transaction type ‘T’ (transfer).
While calculating taxable amount, valuation rules under GST should be
considered. There are two methods available under the valuation rules. Click here to view article on valuation rules. One of the
method is as under: –
| S.No | Gross amount of currency exchanged | Value of Supply | ||
| (A) | (B) | Result | ||
| 1 | Amount up to 1,00,000 | 1% of the gross amount of currency exchanged | Rs. 250 | Whichever is Higher (A) or (B) |
| 2 | An amount exceeding 1,00,000 rupees and up to 10,00,000 rupees; | 0.50% of the (total amount of currency exchanged less 1,00,000) | Rs. 1,000 | A + B |
| 3 | Amount exceeding 10,00,000 | 0.10% of the (total amount of currency exchanged less 10,00,000) + Rs 5,500 | Rs. 60,000 | Whichever is Lower (A) or (B) |
