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of <h1>Foreign Currency Remittances to India Exempt from Service Tax Under Finance Act, 1994 and Provision Rules, 2012.</h1> Concerns have been raised about the applicability of Service Tax on foreign currency remittances to India. It is clarified that such remittances are not subject to Service Tax as they are considered transactions in money, which are excluded from the definition of 'service' under the Finance Act, 1994. Fees or conversion charges for remittances are also exempt since both the sender and remittance company are outside India, as per the Place of Provision of Services Rules, 2012. Additionally, Indian banks or financial institutions charging foreign entities are not liable for Service Tax, as the service provision location is deemed to be outside India. Trade associations are urged to disseminate this information widely.
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