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Cross-border payments are transactions where the payee and the transaction recipient are based in separate countries. The transactions can be between individuals, companies or banking institutions who are looking to transfer funds across territories. When the two countries involved have different currencies, a cross-border payment is necessary to conclude the trade and therefore one or both parties will be subject to exchange rate risk.
The amended Section 12(8) is provided below:
The place of supply of services by way of transportation of goods, including by mail or courier to,”
a registered person, shall be the location of such person;
a person other than a registered person, shall be the location at which such goods are handed over for their transportation.
Provided that where the transportation of goods is to a place outside India, the place of supply shall be the place of destination of such goods.