GstTak

MEANING OF FREIGHT: - F reight charges is the cost of transportation services. According to the  Busi ness Dictionar y , freight costs include packaging, palletizing, loading or unloading charges, carrier fees, and insurance costs.   TYPES OF FREIGHT: - ·        Ocean Freight in respect of Import & Export of Goods. (Transport of Goods or Cargo by ships) ·        Air Freight in respect of Import & Export of Goods. (Transport of Goods or Cargo by Air)   OCEAN FREIGHT IN RESPECT OF IMPORT OF GOODS : - SAC Code & Rate of GST: - As per the Entry No. 9 of Notification No. 8/2017-Integrated Tax (Rate)_28.06.2017 GST Rate & SAC code are as under. Service: - Transport of goods in a vessel including services provided or agreed to be provided by a person located in non- taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a p...

  A) Background:-       1) The GST Council, at its 37th meeting held at Goa on 20th September, 2019 approved the introduction of E Invoicing System. Accordingly the government has issued Notification No 68/2019 – CT to 72/2019 – CT to make applicable all the provisions relating to E Invoicing w.e.f. 1st April, 2020. (Now it extended till 1st Oct, 2020 in 39th Meeting held on 14th March, 2020)       2) E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as non-standardized formats used in invoice generation. The main objective is to enable an E-invoice generated by one software should be capable of being read by any other software. Basically, through machine readability, an invoice can be uniformly-interpreted.        3) In addition to the above, this new system of e-invoicing aims to make invoice reporting an integral part of a business proc...