In case of export of goods on payment of GST, the value recorded in the GST invoice should normally be the transaction value as determined under section 15 of the CGST Act read with the rules made thereunder.
1) Whether the value should be FOB or CIF?
2) If FOB, whether freight charges from factory to Port and from Port to foreign customer should form part of value?
3) If CIF, whether freight charges from factory to Port and from Port to foreign customer should form part of value?
Debate on GST Invoice Value for Exports: Should It Be FOB or Include Freight Under Section 15 of CGST Act? In a discussion about the export of goods on payment of GST, participants debated whether the value on the GST invoice should be FOB or CIF. One participant argued that the value should be FOB, while another suggested that the value should be determined under section 15 of the CGST Act, 2017, including freight charges as part of the value. It was noted that FOB and CIF values under Customs do not affect the IGST liability. References were made to a recent notification, emphasizing differences in values under different acts. The views shared were personal and not professional advice. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
