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Ocean freight RCM applicability
Dear all, Right now RCM applicable for Ocean freight or not.
Replies (4)
Quick Summary
No. RCM is not applicable
Applicability of GST ocean freight under RCM_ in case of goods imported on CIF basis-pay tax under reverse charge mechanism and take the credit of it.
applicability of GST ocean freight under RCM_ in case of goods imported on CIF basis-pay tax under reverse charge mechanism and take the credit of it.
- IGST Notification No.8/2017 - In page no.5 & 6, under S.No.9(ii) - GST @ 5% payable is specified under RCM on ocean freight.
Corrigendum to IGST Not No.8/2017, specifies that wherever the taxable value is not available i.e when Freight amount is not known to the Importer, then 10% of the CIF value of Invoice should be taken as Taxable value. The GST payable will be @ 5% on 10% of CIF value or @ 0.5% on CIF value of Goods.
Corrigendum to IGST Not No.8/2017, specifies that wherever the taxable value is not available i.e when Freight amount is not known to the Importer, then 10% of the CIF value of Invoice should be taken as Taxable value. The GST payable will be @ 5% on 10% of CIF value or @ 0.5% on CIF value of Goods.
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