Dear Sir/ Mam, We have deposited GST under RCM Rs 90000 (approx) for Freight for Import on CIF basis for 18-19 in Dec’20. Query- Whether we can claim ITC of Rs 90000 ??
2) As per Gujarat HC ruling, imposition of GST under RCM on Freight in case of CIF valuation is unfair. Query- Whether we will be eligible for refund of GST paid ??
3) Whether we should pay GST on Freight on CIF valuation in future ??
Frah Saeed Answered question May 31, 2020
- Very debatable issue. There are two school of thoughts. In our view you can avail on the basis of self invoice raised in Dec, 20 and payment of tax. However matter may be litigative.
- You may file refund claim based upon Gujarat High Court judgement.
- This is a million dollar question. We suggest if you can avail full ITC, it is better to pay and avail credit. Otherwise may not pay but Deptt. will definitely raise demand till matter achieves finality at level of SC.
Team Clearmytax.in
Frah Saeed Answered question May 31, 2020