Full eligible credit & there is no accumulation of credit
This query is : Open
20 May 2025
One article, I read recently on tax guru.
Summary / essence is below
Goods received by Indian Importer under CIF basis even though supreme court held that RCM is not applicable in import ocean freight,, but entry in the RCM notification, still present & not removed by the Govt.. If full credit is eligible & there is no accumulation of the credit. Then in the such case suggested to discharge under RCM to avoid future litigation.
In above summary " full eligible credit & no accumulation of credit " = This meaning I am not understand.
You are requested please explain exact meaning
Summary / essence is below
Goods received by Indian Importer under CIF basis even though supreme court held that RCM is not applicable in import ocean freight,, but entry in the RCM notification, still present & not removed by the Govt.. If full credit is eligible & there is no accumulation of the credit. Then in the such case suggested to discharge under RCM to avoid future litigation.
In above summary " full eligible credit & no accumulation of credit " = This meaning I am not understand.
You are requested please explain exact meaning
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