Prabhakar Reddy 27 September 2020
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
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.