11 January 2022
1) Export is under Letter of Undertaking without payment of IGST 2) Export invoice includes: a) taxable value of goods(separately) b) CIF amount (charged and shown separately in export invoice)
Query: I read somewhere that in case of CIF export, amount of CIF charges forms part of value of goods and export of goods becomes composite supply. As per my understanding, (1) as export is under LUT (without payment of IGST) and (2) CIF charges (though charged and shown separately in export invoice) form part of taxable value (as it becomes composite supply), GST is not payable on CIF charges.
Kindly advise whether my understanding is correct. If it is not, kindly guide.
11 January 2022
How shall I show that in GSTR1? Will HSN code be same for both? or Will it be different for both? Shall I report export of goods in Table 6A Exports along with CIF charges? or Shall I report export of goods in Table 6A Exports and CIF charges in Table 8D as exempted inter-state supply to unregistered persons?
CAclubindia
