Gst circular on ocean freight

Author: hgrd

August undefined, 2024

WebMay 24, 2024 · Ocean freight – Levy of GST in CIF contract – Composite supply – Double taxation – Whether levy of IGST on ocean freight in CIF contracts amounts to double taxation when customs duty on imported goods is paid on value inclusive of such freight HELD: CIF transaction is a composite supply and principal supply is supply of goods – … WebService tax assessment fy 2015-16 Department person served Notice to us to pay the Service tax on Export Ocean freight. Requesting you to provide the rules. Regards, Kiran Kumar. 3 Dated: 14-9-2024. By:- Rajagopalan Ranganathan. Sir, As per para 2 of Circular No. 197/7/2016-S.T., dated 12-8-2016 issued from F.No. 137/54/2016-Service Tax-Part-I.

Taxability of Ocean freight under GST - TaxGuru

WebAug 27, 2024 · The GST Council, in its next meeting, is expected to take up a proposal to implement Supreme Court ruling regarding IGST (Integrated Goods & Service Tax) on ocean freight. WebAug 27, 2024 · The tax liability of Ocean freight can be divided into two types per the destination of cargo-. 1. Ocean freight on Exports of goods : As per entry number 19B of Notification No 21/2024 of CGST Act, 2024, “Services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India” exempt from … minimum age to open cdp account

GST on International outbound freight (Ocean and Air …

WebMay 21, 2024 · The Hon’ble Supreme Court affirmed the judgement of the Gujarat High Court whilst dismissing the Revenue’s Special Leave Petition (SLP). The Supreme Court … WebNov 20, 2024 · Legal provisions. 1. Service specific exemption relating to Ocean freight relating to Exports. As per entry number 19B of Notification No 21/2024 of CGST Act, … http://vsrca.in/service-tax-posts/import-sea-freight/ minimum age to open bank account in uae

Advisory on Applicability of GST on Export Ocean Freight W.E.F.

Circular No. 172/04/2024-GST F. No. CBIC-20001/2/2024 …

WebJan 10, 2024 · So w.e.f. 1.10.22, GST @5% is applicable on export ocean freight and related freight components. Transport by aircraft 18%. Where an exempt supply has … WebOct 1, 2024 · CBIC extends Exemption on Ocean / Air Export Freight Services [Read Notification] By Taxscan Team - On October 1, 2024 3:15 pm - 2 mins read. The Central Board of Indirect Taxes and Customs (CBIC) extended the exemption on 2 types of transportation Services. The CBIC extended the exemptions on supply Services by way … most t20 wins in a rowWebHere you can find list of sea ports of United States on the map and read information about their size, coordinates, restrictions, water depth etc. ... Real ocean freight transit time. Get to know the time in transit of cargo on popular container shipping lines between ports of loading and port of discharge. minimum age to open bank account in usa

"WebArihant Tater. A humble critique of the judgment of the Supreme Court on the ocean freight issue, even though favourable to the assessee: 1. The Gujarat High Court had struck down the levy ... " - Gst circular on ocean freight

Gst circular on ocean freight

Traders want GST exemption extended on export …

WebSep 20, 2024 · As per N/No. 8/ 2024, GST is payable on the value of transportation of goods by a vessel from a place outside India to a customs station of India at @5%. As per … WebMar 19, 2024 · The GST law specifically provides that the importers are required to discharge IGST at 5% on ocean freight charges under the reverse charge mechanism. However, at the same time, customs duty on the CIF value (which includes the freight component as well) of the goods imported into India is also paid by the importer.

Did you know?

WebCIF imports and ST/GST liability on ocean freight (G. Natarajan, Advocate, Swamy Associates) 1.0 Import pricing is of two types, viz., FOB (Free on board) or CIF (Cost, Insurance and Freight). Under FOB pricing, the foreign suppliers bears all the cost upto loading the goods into the vessel and the importer has to bear the cost of freight. WebDec 28, 2024 · Any mis-declaration of freight paid or payable which results in loss of revenue by way of excess drawback payment, is liable to be proceeded against under the Customs Act. On our exports on CIF basis, we are required to declare the freight and insurance on the shipping bill so that the correct FOB amount is available to work out the …

WebJun 20, 2012 · Prior to the enforcement of the Goods and Services Tax ("GST") regime, service tax on ocean freight was exempted by Notification No. 25/2012-ST (Serial No. 34) dated 20 June 2012. This exemption was withdrawn by Notification No. 01/2024-ST dated 12 January 2024 which levied service tax on the importer, by a reverse charge mechanism.

WebJun 23, 2024 · Import of Services. As per Section 2 (11) of IGST Act 2024, It is the supply of any service where-. (i) The supplier of service is located outside the taxable area. (ii) The … WebAn exemplary Chartered Accountant, a Law Graduate and a First Class Commerce Graduate from University of Delhi practicing in the field of …

WebDec 21, 2024 · Service tax is payable by the service provider (i.e., the Indian ship liner) under the forward charge mechanism. It is payable at an abated value of 30% by virtue of clause 10 in Notification No.26/2012-ST dated June 20, 2012, as amended. Hence, the effective service tax rate is 4.5% (i.e., 15% * 30%). Either the Indian importer or freight ...

WebTherefore, the para 41 of Circular No. 125/44/2024-GST dated 18.11.2024 is modified to remove the restriction of non-availment of ITC by the recipient of deemed export supplies on the invoices, for which refund has been claimed by such recipient. The amended para 41 of Circular no. 125/44/2.019-GST dated 18.11.2024 would read as under: “41. minimum age to open bank account for kidsWebMay 23, 2024 · The Department ("the Appellant") filed this appeal against the judgement of Gujarat High Court in Special Civil Application No.726 of 2024 dated January 23, 2024 wherein it was held that no tax is leviable under the Integrated Goods and Services Tax Act, 2007 ("the IGST Act"), on the ocean freight for the services provided by a person … most t20 wickets for bangladeshWebPacking Material Cannot Decide The Liability Under GST S.V.S. Raghavendra Rao,S.V.S.N. Sasidhar Rao ; Striking down of Circular on Taxability of Annuities — HAM Projects — Karnataka High Court in DPJ Bidar — Chincoholi & Others — Circular 150/06/2024-Gst CA Sri Harsha ; GST — INDIA’S EXPERIMENT WITH CO-OPERATIVE FEDERALISM — A ... minimum age to open bank account in indiaWebOcean Freight - Mohit Minerals - Supreme Court pronounces against Revenue Supreme Court pronounces judgment in Mohit Minerals case (Ocean Freight matter)… minimum age to open bank account in singaporeWebOct 3, 2024 · As per Notification No. 8/2024-Integrated Tax (Rat should be levied at 18% on Ocean freight on export of goods. dated 28 june 2024 under heading 9965 (v) Goods … most t20 international runsWebOct 3, 2024 · APPLICABILITY OF GST ON EXPORT OCEAN FREIGHT – w.e.f. 1st Oct 2024 Monday, October 3, 2024; Dear Valued Customer, This is to inform you that … most t20 matches played by a playerWebNOTIFICATION NO 03 TO 11/2024 9 NEW NOTIFICATIONS ISSUED IN GST RATE CHANGES wef 18.07.2024 most taboo topics