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 Threads
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
- Choice of itr form
- DTAA with US - Interest & Dividend
- Last Year ITR Not Filed and Hence NO TDS was claim
- Does ITR2 take much longer for processing
- New GST Reforms 2025 Announced by PM Modi –
- Share capital Amount
- Fund claimed as nominee of deceased Parent
- ITC claim on cements and Steels
Related Threads
CAclubindia
