19 January 2013
Conversion of forex will not attract service tax.As the amount of remittance comprises money, the activity does not comprise a ‘service’ and thus not subjected to service tax. In case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India. Please refer the complete details in CIRCULAR NO. 163/14/2012-ST, DATED 10-7-2012
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