TaxTMI 
TaxTMI 
What is ocean freight and how ITC to reverse on it?
Retention on ITC for ocean freight
24 Nov 2023 
4 Replies 
1156 Views Asked by
Input Tax Credit availability for ocean freight services affirmed, with entitlement governed by specified GST definitions and provisions.
Ocean freight refers to sea carriage of goods performed by freight forwarders and shipping vessels involving collection, packing, transport, customs clearance and delivery. Under GST, Input Tax Credit on such ocean freight services is indicated as available where the services meet the statutory definitions and entitlement provisions and comply with the relevant notification cited by respondents. (AI Summary)
Ocean freight refers to sea carriage of goods performed by freight forwarders and shipping vessels involving collection, packing, transport, customs clearance and delivery. Under GST, Input Tax Credit on such ocean freight services is indicated as available where the services meet the statutory definitions and entitlement provisions and comply with the relevant notification cited by respondents. (AI Summary)