GST taxable rate on purchase or sale of Transport service of goods in a vessel
What is the present GST rate tariff on Transport service of goods in a vessel? How much GST tax payable on Transport service of goods in a vessel? Present Indian GST charges on Transport service of goods in a vessel?
Here let us discuss about GST taxable rate on Transport service of goods in a vessel
GST Council decide 4 main GST Rates Slabs for India. Now GST Rates are finalised i.e. GST Rates in India is 5%, 12%, 18% & 28%. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
The rate of GST on 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 place outside India up to the customs station of clearance in India fixed by GST council at the introduction of GST in July, 2017 is 5% with ITC of input services
Amendment on 18thjune 2017 service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and GST paid on ships, vessels including bulk carriers and tankers.
These details about GST rate tariff on Transport service of goods in a vessel is only for information.
The validity of above information and amendments about GST rate on Transport service of goods in a vessel may be verified before any business dealing.
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