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) |
*The applicable GST will be levied on the converted currency in accordance with the provisions of the GST Act. Applicable CGST/SGST or IGST will be basis the Recipient’s GST number or address registered with ICICI Bank.