As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged GST on the gross amount of currency exchanged as per the following slabs:
1% of the gross amount of currency exchanged for amount up to INR 100,000 subject to the minimum amount of INR 250 i.e. minimum GST payable is INR 45
INR 1000 plus 0.5% of the gross amount of currency exchanged for an amount of rupees exceeding INR 100,000 and upto INR 10,00,000 and
INR 5,500 plus 0.1% of the gross amount of currency exchanged for amount of rupees exceeding INR 10, 00,000, subject to maximum amount of INR 60,000 which caps GST Payable at Rs. 10,800