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gst on ocean freight for import cif contracts
Is gst payable on import CIf contracts on ocean freight on rcm basis. what are the present provisions under get rules
Replies (2)
As per Notification 10 IGST (r) , RCM is applicable & As per Notification 8IGST (R) It's 5% GST rate
Hence You are liable
to pay IGST @ 5 % on 10 % of the CIF value of goods being imported.
Hence You are liable
to pay IGST @ 5 % on 10 % of the CIF value of goods being imported.
agree with pankaj sir
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