WebApr 8, 2024 · So, in case of imports, the place of supply of services of. transportation of goods shall be in India and the same shall be liable to GST. And. RCM is applicable on … WebThey can now be assured that they are not liable to pay GST under RCM on the ocean freight charges paid to the shipping company. E.Impact on Shipping Companies: The ruling will …
Levy of Integrated GST on Ocean Freight under RCM,
WebAs a result of the above changes, ocean freight for import consignments upto Indian sea port has become taxable, from 01.06.2016 wile air freight for import ... The person liable … WebJun 22, 2024 · According to IGST Act, import of Goods or Services are liable to tax by treating them as inter-state supplies. ... Why RCM Liability on ocean freight, When IGST … how many calories in fresh coconut
RCM on Ocean freight- A contentious issue- CIF contracts …
WebMar 19, 2024 · Entry 10 of Notification 10/2024 under IGST Act, 2024 RCM will be levied on Ocean freight @ 5% for service provided or agreed to provide by a person located in a non … WebThe Ultra Vires RCM On Sea Freight 1. The coverage of Ocean freight under RCM: There are many dark places in Law. These dark areas scare the taxpayer and the lawmakers too. It … Ocean freight is a method of transport by which goods and cargo is transported by ships via shipping lines. Most of the world’s trade is carried out via sea. See more The CGST Act requires the importers to pay IGST at 5% on ocean freight under the Reverse Charge Mechanism (RCM). Section 5(3) of the IGST Act:This section … See more The freight expense in case of import of goods can be categorised into two types based on transaction value: 1. Based on CIF (Cash, Insurance and Freight) value 2. … See more Mohit Minerals vs Union of India (UOI) Facts- The importer was liable to make payment of IGST at 5% under RCM (vide notification no. 8/2024) on ocean freight … See more Both the notifications, 8/2024 and 10/2024, are subordinate to the GST Act. Such notifications making the taxpayer liable to IGST under reverse charge … See more high rise farming