1.please clarify that RCM on ocean frieght will be paid unger GST(IGST) or not.
2.if paid then ITC will be availed by dealer or not.
3.in case of import of exempted good, ITC under RCM on ocean frieght will allow or not?
Menu
RCM ON TRANSPORTATION CHARGE WHILE IMPORTING GOOD.(OCEAN FRIEGHT)
Replies (3)
1. Yes applicatable
2. yes available
3. Yes allowed
2. yes available
3. Yes allowed
pankaj ji Any circular/notification regarding this
Dear Vikram
IGST Not No.8/2017 - In page no.5 & 6, under S.No.9(ii) - GST @ 5% payable is specified.
- IGST Not No.10/2017 - In page No.3, under S.No.10 - Importer is made liable to pay GST.
- 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.
IGST Not No.8/2017 - In page no.5 & 6, under S.No.9(ii) - GST @ 5% payable is specified.
- IGST Not No.10/2017 - In page No.3, under S.No.10 - Importer is made liable to pay GST.
- 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.
Recent Topics :
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
- Claiming business re-imbursements while filing GST
- E-waybill 14 Digit Numbring
- Non filing of MGT-14 for MD appointment
- HUF AFFIDAVIT vs HUF DEED - REQUIREMENTS & STA
- Free Pre-Filing Tool to Match GSTR-3B vs GSTR-2B (
- MR AASHOK KUMAR SHARMA
- NIC codes for FIRMS registration of entity
Related Topics :
CAclubindia
