My client has provided services to its Australian Client and payment has been received through Wise in Indian Rupees. One of the conditions for the export of services is the amount should be received in by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India.
Now my question is whether it will be considered an Export of Services if the amount has been received in Indian Rupees through wise As per Section 2(6).
Section 2(6) is as follows:-
"export of services" means the supply of any service when,—
(i) the supplier of service is located in India;
(ii) the recipient of service is located outside India;
(iii) the place of supply of service is outside India;
(iv) the payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India; and
(v) the supplier of service and the recipient of service are not merely establishments of a distinct person in accordance with Explanation 1 in section 8;
Thanks in Advance
CAclubindia
