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OCEAN FREIGHT GST
From $300 to $8,500 freight: West Asia war squeezes UP MSMEs, delays stretch to 60 daysExporters report shipment delays of up to 60 days, 20-30% cost escalation, and growing order uncertainty due to the West Asia conflict.- Shipping companies stress on delays, taxation & liquidity challengesGovernment officials and industry stakeholders addressed liquidity challenges, taxation issues for Indian seafarers, and the need to shift ...
- Government exempts IGST on ocean freight from October 1KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit M...
- Govt won't seek review of SC verdict in Mohit Minerals CaseIn its ruling, the SC bench also said that union and state governments have simultaneous powers to legislate on GST and the GST Council mus...
- Exporters may have great festive season amid withdrawal of GST exemption on outbound international freightThe pandemic resulted in severe supply disruption across the globe, and as result the freight rates are much higher today than it was durin...
- Exporters flag EU withdrawal of GSP and ocean freight taxIndia's goods exports growth has slowed to low single digits in the second quarter of FY23 and a contraction is expected in October and Nov...
- Commerce and Industry Minister Piyush Goyal to meet export promotion councils on October 7The meeting assumes significance as India's exports contracted by 3.52 per cent to USD 32.62 billion in September against USD 33.81 billion...
- Traders want GST exemption extended on export freightThe exemption from GST on export freight, introduced in 2018, ended on September 30 after being extended twice. Exporters now have to pay 1...
- Exporters seek GST extension on export ocean freightIn a letter to finance minister Nirmala Sitharaman on Sunday, the Federation of Indian Export Organisations (FIEO) said that overseas freig...
- IGST on ocean freight likely to be scrappedExperts said the move is likely to bring much needed relief to the importers, whose refund claims worth over ₹1,000 crore are stuck. "The i...
- Gujarat High Court Orders IGST Refund on Ocean Freight Within 6 WeeksMany importers had filed the refund claims after the Supreme Court order, but their claims are still stuck. "It is directed that if any IGS...
- Gujarat High Court directs CBIC to refund IGST on ocean freight within six weeksMany importers had filed the refund claims after the Supreme Court order, but their claims are stuck. “It is directed that if any IGST amou...
- 5 years of GST: For shipping and logistics, some key matters addressed, but still not smooth sailingUnder GST, the registrations got decentralised at the state level as against the earlier centralized service tax registration – thus increa...
- Centre working on GST dispute resolution systemPlan includes setting up a dispute redressal bench with representation from states, the Centre, and independent law and tax experts
- Taxpayers can now claim refund of IGST on ocean freight: Experts on SC judgementTax Connect Advisory Services Partner Vivek Jalan said this is a big relief for importers and GST taxpayers. "In fact those taxpayers who h...
- SC verdict on GST Council upholds federal rights of States: Kerala FMSC held that the Centre and State governments have simultaneous powers to legislate on GST but the Council must work in a harmonious manner...
- SC ruling unlikely to alter GST regime; power to reject Council's recos never used: Revenue SecyThe recommendations of the GST Council, as per the Constitutional amendment, were always a guidance and never a mandatory compliance, Reven...
- Supreme Court’s observation in Ocean Freight ruling could change landscape of GST framework: ExpertsThe Supreme Court on Thursday, ruling has held that GST on ocean freight paid in case of import of goods is unconstitutional. Also, the Ind...
- Companies, exporters cry foul as taxman raise fresh GST demands on ocean freight even as issue is pending in SCThe government and many companies, mainly importers, are fighting a battle in the Supreme Court over the imposition of integrated GST (IGST...
- Two years of GST: The past, present and expectationsHiccups are expected in anything new, but after two years there has to be a climate of certainty with smooth GSTN network and minimum chang...
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