The INCOTERM CIF (Cost, Insurance & Freight)
Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
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.
Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
Learn Exports Imports Free, Click here
Click here to know GST rate of your goods or service
The Role of the International Chamber of Commerce (ICC)
Negotiation procedures and formalities of export bills
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)