WebJan 29, 2024 · GST on Freight Charges. Freight charges, in simple terms, can be said to be a charge paid for carriage / transportation of goods. Goods can be transported through any mode i.e. air, land or sea. Under the present article we would see the GST rates as applicable to freight charges, exemption list and fixing of the GST liability on freight … WebOct 20, 2024 · GST Council in its 37th GST Council meeting held at goa on 20.09.2024 has decided to Extend the GST exemption granted on outward transportation of all goods …
GST on Ocean Freight in Relation to Import of Goods
WebJun 24, 2024 · Import of Services. As per Section 2 (11) of IGST Act 2024, It is the supply of any service where-. (i) The supplier of service is located outside the taxable area. (ii) The recipient of service is located in India, and. (iii) The place of supply of service is in India. Note that Ocean Freight expense is an "Import of Service". WebThis Tax Alert summarizes a recent notification[1] issued by Central Board of Indirect Taxes and Customs (CBIC) under Goods and Services Tax (GST). Services by way of … toddy reed
Withdrawal of Exemption on Export Freight - irisgst.com
WebOct 11, 2024 · The government has decided to discontinue GST exemption on ocean freight at 5 percent and air freight at 18 percent from October 1, 2024. Exporters, … WebOct 2, 2024 · Exporters will have to pay GST of 18 percent on export ocean freight if the exemption is not extended for a further period which would raise the logistics costs for Indian goods in the global market, says exporters. Advt WebThe 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 notifies the supplies which are taxable to GST under the reverse charge mechanism. Under the reverse charge mechanism, a recipient of goods/service is liable to pay GST instead of the supplier. toddy reis