PATMENT OF INTEGRATED GOODS AND SERVICE TAX

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..... PATMENT OF INTEGRATED GOODS AND SERVICE TAX
Query (Issue) Started By: - NITIN DESAI Dated:- 28-8-2017 Last Reply Date:- 29-8-2017 Goods and Services Tax - GST
Got 4 Replies
GST
SIR, WE ARE MANUFACTURER AND EXPORTER. WE EXPORT OUR GOODS UNDER PAYMENT OF IGST. MY QUERY IS WHILE PREPARING INVOICE AND SHIPPING BILL ON WHICH VALUE IGST SHALL BE CALCULATED, IT IS ON FOB VALUE OR CFR/CFI V .....

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..... ALUE. FOR SUCH IGST WE HAVE TO CLAIM REFUND ON EXPORT UNDER GSTR-1. IN OTHER WORD HOW CUSTOM DEPARTMENT VERIFY OUR TAXABLE VALUE ON WHICH WE HAVE DEBITED IGST I.E. ON FOB OR CFR OR CFI. THANKS. N R DESAI Reply By KASTURI SETHI: The Reply: Whatever amount of IGST you pay on export of goods you will get refund or rebate. Reply By Rajagopalan Ranganathan: The Reply: Sir, According to Section .....

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..... 20 of IGST Act, 2017 provisions of CGST Act, 2017 regarding time and value of supply are made applicable to IGST Act, 2017. According to Section 15 (1) of CGST Act. 2017 the value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply a .....

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..... re not related and the price is the sole consideration for the supply. Therefore the amount charged by you for supply of goods or services provided by you will be the transaction value It may be FOB value or CFR/CFI value according to the terms and conditions of the supply agreed between you and your foreign customer. Reply By Himansu Sekhar: The Reply: What you declare in the invoice subject to .....

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..... sec 15 is the transaction value, igst will be paid on it. The references of the invoice in the shipping bill will enable you to take the refund. Fob value is different. Reply By KASTURI SETHI: The Reply: Thanks to both experts for comprehensive replies quoting Section.
Discussion Forum - Knowledge Sharing .....

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