Summary
- The Andhra Pradesh High Court has quashed the Goods and Services Tax (GST) on ocean freight under Free on Board (FOB) contracts, citing the principle of double taxation.
- The court ruled that GST cannot be levied separately when the transaction has already incurred tax, extending the anti-double taxation principle beyond Cost, Insurance, and Freight (CIF) contracts.
- This landmark decision could significantly impact how ocean freight transactions are taxed in India.
- Stakeholders in international trade are closely monitoring this ruling for its broader implications on tax liabilities.
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