we have done export of cement charging IGST on value of goods and freight.
However Custom officer prepared shipping bill on value of goods only resulting IGST value is lower in shipping bill in comparison to our invoice .
This will result getting short refund of IGST as per shipping bill.
whether action of Custom officer is correct for preparing shipping bill without considering the freight amount shown in the invoice .
Menu
IGST REFUND UNDER EXPORT
Replies (1)
Sir. IGST declared on exports bill is a mechanism of claiming GST refund from the customs authority. As per gst law, in case where the contract is a FOB one with freight and insurance declared separately, the taxable value for calculation of IGST is the FOB value. Customs officer is correct.
So ideally, your tax invoice which would reported in gstr 1 would be like under.
total value 120
taxable value 100
igst value 18 ( say 18 % goods )
Rs.2 ( freight and Insurance would be reported in non gst supplies )
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
So ideally, your tax invoice which would reported in gstr 1 would be like under.
total value 120
taxable value 100
igst value 18 ( say 18 % goods )
Rs.2 ( freight and Insurance would be reported in non gst supplies )
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
