Supply of money is neither goods nor services :
Money has been specifically excluded from definition of ‘goods’ and ‘service’ – see section 2(102) of CGST qAct which defines ‘service’ and section 2(52) of CGST Act which defines ‘goods’.
Section 2(102) of CGST Act defines ‘services’ as follows – “Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.
Thus, service of conversion of foreign exchange into Rupees and vice versa would be subject to GST.