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GST on ocean freight likely to be scrapped

The government is considering scrapping IGST on ocean freight and a proposal is likely to be taken up by the GST Council next month. The move comes after the Supreme Court struck down the IGST on ocean freight. This is likely to bring relief to importers awaiting clarity and tax refunds post the judgement.

People familiar with the deliberations told ET that the legal review post the Mohit Mineral case verdict is over and a proposal to remove the tax would be taken to the council. "Both the law ministry and law committee of the GST Council is of the view that the IGST on ocean freight must be scrapped as per the Supreme Court verdict," an official quoted above said.

The official added that this would be part of the GST Council's agenda for the upcoming meeting.

"The proposal is ready and it will be discussed at the next GST Council meeting as the decision to levy IGST was taken by the council," another senior official confirmed.

The GST Council is the apex decision making body for the indirect tax. A draft circular will also be presented to the council and circulated once cleared. The council meeting is scheduled to take place in Madurai next month.

In May, a bench of justices DY Chandrachud, Surya Kant, and Vikram Nath dismissed the appeal by the central government against an earlier Gujarat High Court judgement that said that IGST on oc.......

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Author:

TaxReply

Aug 23, 2022

Comments

Kindly advice if bank are not providing the Tax Invoice for their charges debited to our bank account with GST amount. can we credit of such GST amount without tax invoice issued by bank, if any clarification for the above subject, kindly provide us. what is the valid documents for getting the credit of GST on bank charges if bank are not issuing their tax invoices.

By: Umesh Rohilla
Aug 24, 2022

GST on Input service for generate the Capital Items , like GST on Visit of service engineers for installation of Machinery etc :-

Can we covered in input services for calculating the Refund under inverted duty structure under the new formula or not.

By: Umesh Rohilla
Aug 24, 2022