What is difference between FOB and for?

What is difference between FOB and for?

FOB – free on board: The seller’s obligations are fulfilled when the goods have passed over the ship’s rail at the port of shipment. For contracts FOT (free on truck) and FOR (free on rail) this occurs when the goods have passed over the truck’s tailgate or the railcar’s loading gate.

What do you mean by FOB?

Free on Board

What is the difference between FOB and CIF?

In CIF, the seller is responsible for transporting goods to the nearest port, loading the goods on the ship and paying freight for the goods to be delivered to a port chosen by the buyer. In FOB trading, the seller is only responsible for taking the goods to the nearest port on his or her end.

What is the meaning of FOB in import?

How is FOB calculated?

FOB Value = Ex-Factory Price + Other Costs (b) Other Costs in the calculation of the FOB value shall refer to the costs incurred in placing the goods in the ship for export, including but not limited to, domestic transport costs, storage and warehousing, port handling, brokerage fees, service charges, et cetera.

What is Free On Board price?

Free On Board, in short FOB, is a term frequently used in shipping terms where the seller quotes a price including the cost of delivering goods to the nearest port. The buyer bears all the shipping expenses and is responsible to get the products from that port to its final destination.

What is FOB price?

The Meaning Of FOB Pricing FOB stands for “Freight on Board”. Another term sometimes used for this is “Free on Board” depending on who you are talking to. These terms indicate who pays the cost of transportation. Any shipping cost (to wherever it’s delivering to) is the responsibility of the buyer to pay for it.

What is DBK amount?

DBK is the rebate of any duty that is chargeable on imported or excisable materials that you use to manufacture or process goods that you then export from India. Duty drawback is the sum of the following amounts: Customs duty that is paid on imported input goods.

How do I claim DBK amount?

The below following are the documents required for processing drawback claim.

1. Triplicate copy of the Shipping Bill.
2. Copy of the Bill of entry.
3. Import Invoice.
4. Proof of payment of duty paid on the importation of goods.
5. Approval from the Reserve Bank of India for re-exports of goods.
6. Copy of the Bill of Lading or Airway bill.

What is EPCG scheme?

The objective of the Export Promotion Capital Goods (EPCG) Scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness.

What is the duty drawback?

Overview. The Duty Drawback Scheme allows exporters to get a refund on customs duty paid on imported goods, where those goods are: to be treated, processed, or incorporated in other goods for export, or. are exported unused since importation.

What is the difference between drawback and refund?

As nouns the difference between refund and drawback is that refund is an amount of money returned while drawback is a disadvantage; something that detracts or takes away.

What is drawback in GST?

GST will not be levied on export of any kind of goods or services. Under GST, the duty drawback would only be available for the customs duty paid on imported inputs or central excise paid on certain petroleum or tobacco products used as inputs or fuel for captive power generation.

Is GST a good thing?

Being the Biggest tax reform in India, GST will allow the real GDP growth of the Indian economy to hit 6.75 per cent in this fiscal year with expectations of 7 to 7.5 per cent real GDP growth in 2018-19. SMEs and small taxpayers have benefitted from the GST system with a number of relaxations.

Is GST good for common man?

Pros: Positive impact of GST on the common man -GST or Goods & Services tax removes cascading effect of taxes i.e. removes tax on tax. -Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will be reduced. Hence, prices of consumer goods likely to come down.

What is GST its advantages and disadvantages?

Companies with a turnover up to Rs.75 lakh under the GST taxation process can benefit from composition schemes and pay only 1% tax on their turnover. GST is aimed at reducing corruption and sales without receipts. GST reduces the need for small companies to comply with excise, service tax and VAT.

How do I receive GST benefits?

Credit can be claimed only if the following conditions are met:

1. You are in possession of a tax invoice or debit note issued by a registered supplier;
2. You have received the goods or services or both;
3. You have furnished the GST return;
4. Tax charged in respect of such supply has been actually paid by the supplier;

What is importance of GST?

GST aims to replace all indirect levied on goods and services by the Indian Central and State governments. GST would subsume with a single comprehensive tax, bringing it all under a single umbrella, eliminating the cascading effect of taxes on the production and distribution prices of goods and services.