This Query has 1 replies
When the Customs duty is calculated, should we consider GST on Insurance premium also to arrive at Assessable value ?
Example 1 :
Insurance sum assured - Rs 30 Crores
Premium paid - Rs 10 lakhs
GST paid @ 18% - Rs 1.8 Lakhs
% of insurance - (Rs 10 lakhs / Rs 30 crores) X 100
- 0.0033 %
C & F price - USD 100
Insurance - 0.0033 ( 0.0033 % of USD 100)
CIF price / Assessable value - USD 100.0033
Example 2 :
Insurance sum assured - Rs 30 Crores
Premium paid - Rs 10 lakhs
GST paid @ 18% - Rs 1.8 Lakhs
Premium paid and GST - Rs 11.8 Lakhs
% of insurance - (Rs 11.8 lakhs / Rs 30 crores) X 100
- 0.0039 %
C & F price - USD 100
Insurance - 0.0039 ( 0.0039 % of USD 100)
CIF price / Assessable value - USD 100.0039
My opinion :
Since the Input tax credit is availed for GST portion of Insurance premium, it need not be considered for arriving Assessable value. So, Example 1 is correct.
Kindly advise.
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Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Considering GST on Insurance in the Calculation of Customs Duty