No GST RCM from 1 October 2023 (Must Watch)
GST (Goods and Services Tax) rules can be quite complex and often seem unfavorable for taxpayers. However, on September 26, 2023, there was a significant development that brought some relief to importers in terms of GST on ocean freight.
This positive change was prompted by a landmark judgment from the Gujarat High Court in a case involving Mohit Minerals Pvt. Ltd. & Ors. vs. Union of India & Ors. The court's decision influenced a subsequent ruling by the Supreme Court, which favored the taxpayers.
As a result, the GST Council, during its 50th meeting, made important amendments to the Reverse Charge Mechanism (RCM) on ocean freight for imported goods. They decided to reduce the tax rate from 5% to zero, effectively eliminating the tax on ocean freight for imports.
This change was also accompanied by adjustments to the exemption notification, aligning it with these new developments. Importers no longer have to pay a 5% GST on ocean freight starting from October 1, 2023.
In essence, these changes mark a rare instance where the GST system becomes more favorable for taxpayers, particularly importers who were burdened by the previous tax on ocean freight. It's a welcome relief for businesses and individuals involved in importing goods through sea transport.
You can find more detailed information about these changes in the provided link: https://taxupdates.cagurujiclasses.co...
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