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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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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 | Dt: 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 | Dt: Aug 24, 2022


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GST News (Updates)


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20 Apr

☑ Monthly | GSTR-3B

GSTR-3B for the m/o Mar 2024 (Monthly Taxpayer - Rule 61) - Either Compulsory taxpayer > 5 cr. or Voluntary taxpayer < 5 cr.

☑ Monthly | GSTR-5A

GSTR-5A for the m/o Mar 2024 [Return by OIDAR Service Providers - Rule 64.]

22 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayer < 5 Cr - Rule 61) - Category I States.

* State Category I - Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

24 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayers < 5 Cr - Rule 61) - Category II States.

* State Category II - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.

25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)