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Goods and Services Tax (GST)

 

Amount of currency exchanged
Derived Value on which GST will be charged
GST on derived Value ( for rate@ 18%* )
Up to INR 100,000 1% of gross amount exchanged, subject to minimum amount of INR 250 INR 180 ( For exchange amount of INR 1,00,000)
From INR 100,001 to INR 10,00,000 INR 1000 for Exchange amount of INR 1,00,000 plus 0.5% on remaining amount exchanged INR 990 (For exchange amount of INR 10,00,000)
Above INR 10,00,000 INR 5500 for Exchange amount of INR 10,00,000 plus 0.1% on remaining amount exchanged, subject to maximum of INR 60,000 INR 1170 (For exchange amount of INR 20,00,000)

 

* 18% considered for the purposes of numeric understanding only. Applicable rate of CGST / SGST or IGST will be basis the Recipient’s GST no or address registered with M2I.