RCM on Ocean Freight for transport of Agri Produce

[Balakrishnan Ramalingam]

Friends,

My clients regulary import agri produce from foreign countries by vessels.

Is there any exemption available, wrt to levy of RCM on ocean freight?

Regards

R.Balakrishnan FCA

AI Summary

GST and Reverse Charge Mechanism: No Exemption for Ocean Freight on Imported Agricultural Produce, Taxed at 5% RCM A discussion on the Goods and Services Tax (GST) and the applicability of Reverse Charge Mechanism (RCM) on ocean freight for imported agricultural produce. A user inquires about exemptions for RCM on ocean freight. Responses indicate that no exemption exists for agricultural produce, with ocean freight taxable at 5% under RCM. The Gujarat High Court had granted a stay on RCM for specific applicants, but this does not apply universally. The discussion also touches on double taxation issues and the applicability of certain notifications and legal clauses. Suggestions include filing a writ petition for specific relief.