reverse charge taxation does not make two independent
contracts as a composite contract. The contract between the foreign shipping
16
PART B
line ... specified in the
contract. The essence of the contract is that a seller having shipped the
goods in accordance with the contract, can fulfil
nature of CIF contracts i.e. price included costs,
insurance and freight charges. These contracts normally
provide CIF price for the port of discharge ... dispute that under a CIF contract the price which was paid
included not only the cost of the goods but also the
insurance and freight
Section 4 in Shipping Bill and Bill of Export (Form) Regulations, 1991
4. Specifications of
hence the
importers under the Cost, Insurance and Freight (CIF) Contract were not liable to
pay service tax on ocean freight under the RCM. Further ... goods and supply of service of transportation, insurance, etc. in CIF
Contract, a separate levy on them for supply of services by shipping line would
from an Indian importer in respect of goods (in
respect of CIF contracts), on service rendered outside India, in a non-taxable
territory, is unconstitutional ... Finance Act, 1994. It was held that importers in CIF contracts were neither
service providers nor service receivers in respect of transport of goods
Petitioners have challenged such provisions only in respect of the CIF
contracts, it is necessary to consider what ... ocean freight", what is
"CIF", and how the CIF is different from the FOB contracts.
5.5 In the international trade, the goods
service tax from them as importers on sea
transportation service in CIF contracts are hereby
quashed and set aside with all consequential reliefs and
benefits ... Finance Act, 1994. It was
held that importers in CIF contracts were neither service
providers nor service receivers in respect of transport of
goods
ocean freight", what is "CIF", and
how the CIF is different from the FOB contracts.
In the international trade, the goods ... 50736 OF 2021
CIF and what are the obligations upon a seller under a
CIF contract.
(2) The Parliament had put service of transportation
contained in Indian Contract Act, 1872 A sale is an executed contract, whereas an agreement to sale is an executory contract. In a sale ... Coming to CIF contracts, the word "CIF" stands for Cost, Insurance and Freight. A CIF contract is a type of contract wherein
The Chennai And Ennore Ports vs Union Of India on 28 March, 2023
Author: S
