Freight Tax payment

Manoj Pandey (Finance Manager) (80 Points)

23 July 2024

I am an shipping agent, Please provide the way to payment of Freight Tax on behalf of foreign shipping companies

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5128 Points)
Replied 23 July 2024

Follow these steps:

Obtain necessary documents: Get the relevant documents from the shipping company, including the frieght invoice, bill of lading, and charter party agreement (if applicable),
Determine tax liability: Calculate the freight tax liability based on the gross freight amount, using the applicable tax rate.
Choose a payment method: Select a payment method accepted by the tax authorities, such as online payment, bank transfer, or deposit.
Pay the tax: Pay the freight tax on behalf of the shipping company, ensuring timely payment to avoid penalties.
Obtain a receipt : Get a receipt or acknowledgement from the tax authorities, confirming the payment.
Reclaim or adjust: Reclaim the tax paid from the shipping company or adjust it against future payments.