PATMENT OF INTEGRATED GOODS AND SERVICE TAX

[NITIN DESAI]

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 VALUE.

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

AI Summary

Transaction value determines IGST on exports, payable on the invoice value (FOB or CFR/CIF) and refundable.
IGST on exports is payable on the transaction value declared in the supplier's invoice, which is the price actually paid or payable and may be FOB or CFR/CIF according to the contract. CGST valuation principles apply to IGST, and referencing the invoice in the shipping bill enables refund claims of IGST paid.