The Supreme Court in its judgment said the impugned levy imposed on the "service" aspect of the transaction is in violation of the principle of "composite supply" enshrined under Section 2(30) read with Section 8 of the CGST Act.
"Since the Indian importers are liable to pay IGST on the "composite supply", comprising supply of goods and supply of services of transportation, insurance, etc, in a CIF (cost, insurance, freight) contract, a separate levy on the Indian importer for the "supply of services" by the shipping line would be in violation of Section 8 of the CGST Act," it added.
This story is from the May 20, 2022 edition of Business Standard.
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This story is from the May 20, 2022 edition of Business Standard.
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