rate of GST
Anshul Gupta (Article clerk ) (131 Points)
07 July 2018
On ocean freight paid by our forwarder rate gst for RCM payment????
1 Replies
Vinod Babu
(24196 Points)
Replied 08 July 2018
Ocean freight
Transport of goods in a vessel GST is payable @ 5% with ITC of input services
GST on Reverse Charge basis @ 5% to be paid by the importer in case services supplied by a person located in non- taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
If value of ocean freight is not available with the importer then value shall be deemed to be 10% of CIF value of imported Goods. In other Words, GST shall be 5% of Freight or 0.5% of CIF Value.
Transport of goods in a vessel GST is payable @ 5% with ITC of input services
GST on Reverse Charge basis @ 5% to be paid by the importer in case services supplied by a person located in non- taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
If value of ocean freight is not available with the importer then value shall be deemed to be 10% of CIF value of imported Goods. In other Words, GST shall be 5% of Freight or 0.5% of CIF Value.
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CA Deepak Gupta26 April 2025
CAclubindia
