GST Implications on Freight in case of Import & Export in current scenario as on 05th Dec, 2021
MEANING OF FREIGHT: - F reight charges is the cost of transportation services. According to the Busi ness Dictionar y , freight costs include packaging, palletizing, loading or unloading charges, carrier fees, and insurance costs. TYPES OF FREIGHT: - · Ocean Freight in respect of Import & Export of Goods. (Transport of Goods or Cargo by ships) · Air Freight in respect of Import & Export of Goods. (Transport of Goods or Cargo by Air) OCEAN FREIGHT IN RESPECT OF IMPORT OF GOODS : - SAC Code & Rate of GST: - As per the Entry No. 9 of Notification No. 8/2017-Integrated Tax (Rate)_28.06.2017 GST Rate & SAC code are as under. Service: - Transport of goods in a vessel including services provided or agreed to be provided by a person located in non- taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India. SAC