Freight
This query is : Resolved
Ayesha Bhatt
(Querist)
26 February 2014
Please give me guidance about freight inward And Freight Outward And Its Taxability regarding to exise and tds Please Reply Thanks.
Santosh Kalburgi
(Expert)
26 February 2014
Dear Ayesha,
Freight Inward refers to the freight/ Transportation charges you pay while purchasing the materials and it forms part of the material cost hence you would have paid excise and VAT even on the freight charges if the seller charged in the invoice(not separately). Hence you can avail the credit of Excise and VAT too, regarding TDS you need not deduct if u r reimbursing or if you have the PAN of the transporter.
Freight outward means collecting transportation from the buyer when you make a sale and again excise and VAT is applicable if not charged separately on freight charges.
Freight Inward refers to the freight/ Transportation charges you pay while purchasing the materials and it forms part of the material cost hence you would have paid excise and VAT even on the freight charges if the seller charged in the invoice(not separately). Hence you can avail the credit of Excise and VAT too, regarding TDS you need not deduct if u r reimbursing or if you have the PAN of the transporter.
Freight outward means collecting transportation from the buyer when you make a sale and again excise and VAT is applicable if not charged separately on freight charges.
Ayesha Bhatt
(Querist)
27 February 2014
Thank You Very Much, Sir I Have one more quetion Please guide me about service tax liability related to freight or how to check service tax liability as a auditor related freight when we pay freight(transportation is by air,by road, by sea) any service tax credit available ?
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