Retention on ITC for ocean freight

[Mohammadhanif Pirjade]

What is ocean freight and how ITC to reverse on it?

AI Summary

Understanding Ocean Freight and Input Tax Credit Reversal Under GST: Key Insights and Notifications A discussion on a forum addresses the topic of ocean freight and the reversal of Input Tax Credit (ITC) under the Goods and Services Tax (GST) framework. A user inquires about the nature of ocean freight and its implications for ITC reversal. Responses clarify that ocean freight involves transporting large quantities of goods via sea, typically using shipping containers. It is a crucial component of international trade, managed by freight forwarders who handle logistics from the exporter to the final destination. One reply references specific GST notifications and sections, indicating that ITC may be available for ocean freight.