Retention on ITC for ocean freight

[Mohammadhanif Pirjade]

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

AI Summary

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.