WebThe Central Government in 2024 had imposed service tax on a reverse charge basis on ocean freight incurred by an importer. This tax was payable (on a nominal basis) even if … WebMay 23, 2024 · This Tax Alert summarizes a recent ruling of the Supreme Court (SC). The issue involved was whether Integrated Goods and Services Tax (IGST) can be separately …
RCM on Ocean freight- A contentious issue- CIF contracts …
WebJul 11, 2024 · Recently, the issue of levibility of IGST on ocean freight for CIF- based imports came before the Authority of Advance Ruling of Madhya Pradesh, wherein it was held that … WebCreate profitable strategy to export Baby diaper cover from ... iona lake commonwealth games
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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 WebMake 4 interest-free payments of $133.75 fortnightly and receive your order now. The Focke-Wulf Fw 190 Würger (English: Shrike) was a German single-seat, single-engine fighter … Web12.2 In the event that non-commercial cargo must be shipped due to reasons attributable to Seller, including the Seller’s errors in preparation of transport documents, or incorrect negotiation against the transport documents, Seller shall deliver such cargo to the Site and shall pay all costs including the ocean freight, premium, expenses for inland … iona iverson\\u0027s rules for commuting