Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Amount received in INR will treat export of services(plz reply)

329 views

Save Share

saurabh chawla

working

80 Points Posted on 26 July 2022

Hello members,

If I received fees in INR from a foreigner via forex dealer (located outside). can I show this transaction as export of services?
although in acknowledgement shared by client shows amount in pounds as well as INR.

thanks beforehand

Replies (2)

Quick Summary

This discussion explores whether receiving fees in Indian Rupees (INR) from a foreign client, facilitated by an overseas forex dealer, can be classified as an export of services. Key criteria for determining export status, such as place of supply, location of recipient and provider, and receipt of convertible foreign exchange, are highlighted. The conversation also touches upon whether a foreign account is mandatory or if a savings account can be used for such transactions.

CA Ankith Jain

Chartered Accountant

577 Points Posted on 26 July 2022

To determine, whether the trannsaction is export or not, there's checklist you need to tick. Need to look at place of supply, location of receipient and provider, amount receivable in convertible foreign exchange. Hence, in ur case, last point is ticked, determime the first 3. If all are eligible then its export of service.