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RCM on ocean freight

Prabhakar Reddy   27 September 2020

Prabhakar Reddy

 1 likes  17 points

| My Other Post

I had imported some goods and on which the ocean freight has not been mentioned in the import bill. whether i would have pay rcm on ocean freight which is unknown. If so how to calculate ocean freight in this regard.


Aditi Kaur (Practising CA)    28 September 2020

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Prabhat Kumar   28 September 2020

Prabhat Kumar

 1 likes  7 points

View Profile | My Other Post

When Import is on CIF basis, the Bill of does not show Freight amount separately. 10% of the CIF value is determined as freight amount. on that freight amount 5% IGST is payable as Ocean freight.
Inspector Prabhat

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