Indian shippers say they have to pay 5% levy while foreign cos operate tax-free

Indian shippers say they have to pay 5% levy while foreign cos operate tax-free

The Union ministry of road transport, highways and shipping in a recent communication to the finance ministry raised concerns of rising costs for Indian shipping companies under GST, which could drive them to move their business out of India through a subsidiary.
From July 1, a 5% GST (integrated GST or IGST) would be levied on Indian shipping companies that ferry cargo from or to India.Not just that, the 5% levy would also be applicable to Indian companies that buy or sell vessels. Read more…

 

 

 

Credit By: The Economic TImes

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