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THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017
Yes,
As per section 2(6) (iv) of the IGST Act, 2017 it is mandatory to receive the amount in convertible foreign exchange.
2(6)(iv) - the payment for such service has been received by the supplier of service in convertible foreign exchange; and
Convertible foreign exchange requirement necessary to qualify services as zero-rated exports under GST, where payment is received in foreign currency. The operative requirement for classifying cross-border services as zero-rated is mandatory receipt of payment in convertible foreign exchange; absence of such receipt prevents claiming exemption or zero-rated treatment for export of services.
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