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rate of GST
On ocean freight paid by our forwarder rate gst for RCM payment????
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Ocean freight
Transport of goods in a vessel GST is payable @ 5% with ITC of input services
GST on Reverse Charge basis @ 5% to be paid by the importer in case services supplied by a person located in non- taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
If value of ocean freight is not available with the importer then value shall be deemed to be 10% of CIF value of imported Goods. In other Words, GST shall be 5% of Freight or 0.5% of CIF Value.
Transport of goods in a vessel GST is payable @ 5% with ITC of input services
GST on Reverse Charge basis @ 5% to be paid by the importer in case services supplied by a person located in non- taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
If value of ocean freight is not available with the importer then value shall be deemed to be 10% of CIF value of imported Goods. In other Words, GST shall be 5% of Freight or 0.5% of CIF Value.
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