Dissecting SC's Judgment Striking Down Levy of IGST on Ocean Freight

Episode Duration:
60 minutes

Episode Background:
The Hon’ble Supreme Court in its landmark ruling has dismissed the Department's SLP challenging the Hon’ble Gujarat High Court decision in Mohit Minerals Pvt. Ltd. and thereby, struck down the levy of IGST on ocean freight on transportation of goods from a place outside India to a place in India on CIF basis. As per the open court pronouncement, the decision was passed primarily because a CIF contract forms a composite supply and a separate levy of IGST on ocean freight would be unconstitutional. The ruling will rest a long-standing tax controversy and comes as a respite to the industry, particularly the importers not eligible to claim the credit. A detailed analysis of the findings of the Hon’ble Supreme Court’s order shall help businesses to evaluate the way forward for past payments and pending refund proceedings before any authority / Court.

What shall the episode cover?
Against this backdrop, Taxsutra and Economic Laws Practice (ELP) present an episode on “Detailed analysis of Supreme Court judgment striking down levy of IGST on ocean freight”. In this episode, ELP Partners Mr. Rohit Jain and Mr. Gopal Mundhra have done a threadbare analysis of the findings of this judgment and its practical impact. They havel also discussed the opportunities available and steps to be taken by the importers.