A previous decision of the High Court held that under the GST law, importers are required to pay IGST at a rate of 5 percent on ocean freight services under the Reverse Charge Mechanism (RCM), whereby the duty of the importer is responsible for paying the IGST on behalf of the foreign buyer.
Source: thelogicalindian.com
Latest Posts in "India"
- India Launches GST Appellate Tribunal for Uniform Dispute Resolution Across States
- GSTN Advisory 624: New Changes in Invoice Management System Effective October 2025
- CBIC Monitors Retailers to Ensure GST Rate Cut Benefits Reach Consumers
- CBIC Monitors GST Benefit Transfer to Consumers Amid Rate Cuts
- India Introduces GST 2.0 with Simplified Two-Slab Tax Structure
