CIF, Responsibility to bear costs to Buyer and Seller

The INCOTERM CIF (Cost, Insurance & Freight)  

The costs distribution to Buyer and Seller under CIF inco term

 

Q) Under the INCOTERM CIF, who should bear all cost related with Export customs declaration?

 

Answer

 The Seller has to bear all cost related with Export customs declaration if contract is under the INCOTERM CIF.

 

Q) Who has to pay the Carriage to port of export under CIF terms?

 

Answer

The Seller is responsible for paying carriage to port of export under CIF terms.

 

Q) Who is responsible for all the cost for unloading of truck in port of export, in CIF terms?

 

Answer

All the cost for unloading of truck in port of export should be given by the Seller under the INCOTERM CIF.

 

Q) Who is obliged to bear all cost for loading the cargo on vessel/airplane in port of export under CIF terms?

 

Answer

The Seller should pay all cost for loading the cargo on vessel/airplane in port of export under CIF terms.

 

Q) In INCOTERM CIF, who should give money to Carriage (sea/air) to port of import?

 

Answer

In INCOTERM CIF, the Seller should give money to Carriage (sea/air) to port of import.

 

Q) Who should arrange Insurance for the shipment under CIF term?

 

Answer

The Seller has to arrange Insurance for the shipment under CIF term.

 

Q) According to the INCOTERM CIF, all the expenses for unloading the cargo in port of import are whose responsibility?

 

Answer

According to the INCOTERM CIF, the expenses for unloading the cargo in port of import is met as per mutually agreed terms between buyer and seller

 

Q) Under CIF INCOTERM, who should pay for Loading on truck in port of import?

 

Answer

If the contract is under CIF INCOTERM, then the buyer should pay for Loading on truck in port of import.

 

Q) Who is responsible for arranging Carriage to place of destination under CIF terms?

 

Answer

The Buyer is responsible for arranging Carriage to place of destination if the term of delivery is under CIF terms.

 

Q)  Who is obliged to settle all cost for Import customs clearance in CIF terms?

 

Answer

All payment settlement for Import customs clearance in CIF terms is obliged with the Buyer.

 

Q) Import duties and taxes should be paid by whom under the CIF INCOTERM.

 

Answer

Import duties and taxes should be paid by the buyer under the CIF INCOTERM.

 

 

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The Role of the International Chamber of Commerce (ICC)

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Non receipt of Cargo Arrival Notice, Can importer sue against shipping company

OBJECTIVES OF CUSTOMS CONTROL for EXPORT GOODS

OBL not released OBL not surrendered no telex release

Payment procedures in Triangular exports

Who is Stevedores

Who receives the amount of auctioned / resold imported unclaimed/un-cleared goods?

How to import to India from Kazakhstan?

How to export from India to Kazakhstan?

Documents required for Export from Kazakhstan

Customs procedures for Kazakhstan Export

Registration required to export from Kazakhstan

Documents needed for Kazakhstan import

Section 74 Determination of tax not paid, CGST Act, 2017             

Officers to assist proper officers, Sec 72 of CGST Act, 2017           

Inspection of goods in movement, Sec 68 of CGST Act, 2017

Section 67 of CGST Act, 2017 Power of inspection, search and seizure    

Section 20 of IGST Act,2017 Application of provisions      

Tax wrongfully collected and paid to Central Government or State Government, IGST Act,2017 

Zero rated supply, section 16 of IGST Act,2017   

section 14 of IGST Act,2017, Special provision for payment of tax by a supplier                                            

Section 59 of CGST Act, 2017 Self-assessment    

Who is liable to deduct TDS under GST Law

When TDS is not required under GST

Tax Collection at Source (TCS) under GST

How can actual suppliers claim credit of Tax Collection at Source (TCS) under GST

Frequently Asked Questions on TCS under GST

GST Registration - Frequently Asked Questions (FAQ)


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D RAJA: iam one of the leading engineering industry in India to like to have a business tie up in Ireland

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