What type of services has the Indian government exempted from Integrated Goods and Services Tax (IGST) from October 1, 2023?
Air freight services
Ocean freight services
Road freight services
Rail freight services
Correct Answer :
B. Ocean freight services
The Indian government has exempted the payment of Integrated Goods and Services Tax (IGST) on ocean freight services from October 1, 2023. This means that importers will no longer need to pay IGST on the cost of shipping goods from overseas. The exemption is expected to reduce the cost of imports for businesses, making Indian products more competitive in the global market. It is also expected to boost trade and investment in the country.
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