Gst on ocean freight
This query is : Resolved
14 December 2018
One of our client is Importing Goods from Various countries, on that he has paid custom as well as igst on CIF basis, Now my question is whether he is liable to Pay Gst on Ocean Freight?
If the transport exp is not bear by us(Importer) then what will be situtation?
As he has not Paid Any gst on it where to disclose and discharge it and can itc be claim on it?
what are interest and penalty implication.
If the transport exp is not bear by us(Importer) then what will be situtation?
As he has not Paid Any gst on it where to disclose and discharge it and can itc be claim on it?
what are interest and penalty implication.
CA R SEETHARAMAN
(Expert)
15 December 2018
GST under RCM payable on ocean freight as he is paying customs duty and igst. ITC can be claimed on it. Only interest for late payment applicable no penalty.
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05 January 2019
sir, if in freight bill igst is already charged... then still RCM is applicable ??
and what about igst on insurance for movement from foreign to india.
and what about igst on insurance for movement from foreign to india.
CA R SEETHARAMAN
(Expert)
05 January 2019
Yes RCM is applicable.
Claim ITC on insurance GST.
Claim ITC on insurance GST.
05 January 2019
IF AMOUNT IS NOT DETERMINABLE THEN WHAT CAN BE THE TAXABLE VALUE AND RATE OF GST THEREON/?
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