Shipping Bill - IGST Value

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14 Points Posted on 04 September 2022
How IGST value derived in Shipping Bill ???
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On 04 September 2022 at 16:23 Report
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This discussion clarifies how the IGST value is determined for a Shipping Bill. It explains that the transaction value, used for IGST calculation, is derived from the exchange rate multiplied by the dollar amount paid. The post also confirms that for CIF contracts, the cost of freight and insurance should be added to the FOB value to arrive at the correct transaction value for IGST purposes.

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GST Practitioner & Accounts
15140 Points Posted on 04 September 2022
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On 04 September 2022 at 18:00
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GST Practitioner
55067 Points Posted on 06 September 2022
Exchange Rate x No.Dollar paid = transaction value
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On 06 September 2022 at 23:52
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GST Practitioner & Accounts
15140 Points Posted on 07 September 2022

I think  if  supply is  Under CIF contract , then  that  value also should be added  in transaction  Value  for  calculation  of   IGST , 

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On 07 September 2022 at 10:32
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GST Practitioner
55067 Points Posted on 07 September 2022
Yes can be FOB value + Freight + Insurance or
Exchange Rate (on shipping bill) × Dollars Paid (Mentioned in shipping bill)
In above both value will be same .
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On 07 September 2022 at 23:46

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