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What is the purpose of high sea sales?
High sea sales is a sale carried out by the actual consignee (i.e. the consignee shown in the Bill of Lading) to another buyer while the goods are on high seas or after their dispatch from the port of loading and before their arrival at the port of discharge.
What is the process of high sea sales?
High Sea Sales [HSS] is a common trade practice within four corners of law whereby the original importer of goods sells the subject goods to a third person before the goods are entered for customs clearance.
How do custom value goods under high sea sales?
Thus in case of high seas sale, the actual high sea sale contract price paid by the last buyer would constitute the transaction value. It is, however, seen that in many Customs Houses including Mumbai, the practice of loading the original import price by 2% to arrive at assessable value is still continuing.
How do you check high sea sales?
Important document to be verified:
- High sea sale agreement between the party.
- Declaration by the buyer to bear the responsibility of custom on its letter head.
- Invoice of vendor and Invoice to customer is in line after adding appropriate margin.
What does high sea mean?
high seas, in maritime law, all parts of the mass of saltwater surrounding the globe that are not part of the territorial sea or internal waters of a state. For several centuries beginning in the European Middle Ages, a number of maritime states asserted sovereignty over large portions of the high seas.
What is high sea sale under GST?
What are ‘high sea sales’? A person places a purchase order on the foreign seller to purchase certain goods. The foreign seller dispatches such goods to the Indian buyer. If such person brings the goods from a foreign country and takes delivery after clearance, he is liable to pay IGST.
How do I show high sea sale in GST return?
Documents need to be submitted
- A high Seas Sales contract signed by both the buyer and seller, duly notarized.
- Non-negotiable copy of Bill of Lading in original, if same is not available, then photocopy of such Bill of Lading duly authenticated by Shipping Line/Steamer Agent;
Who is importer in high sea sale?
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Why do we say high seas?
high seas (n.) late 14c., from sea (n.) + high (adj.) Originally “open sea or ocean,” later “ocean area not within the territorial boundary of any nation.”
Why are seas high?
Why is it important to protect the high seas? The high seas – the vast open ocean and deep seabed areas found beyond any country’s national jurisdiction – cover about half of the Earth’s surface and 64% of global ocean area. They hold great biodiversity but also remain the least-protected areas on our blue planet.
Is high sea sale taxable under GST?
GST council has deliberated the levy of Integrated Goods and Services Tax on high sea sales in the case of imported goods. Further, value addition accruing in each such high sea sale shall form part of the value on which IGST is collected at the time of clearance.”
How do I show high sea sales in GST return?
High sea sales is covered in third schedule of CGST Act. It means that it is neither a supply of goods nor of a service. These is no need to disclose it anywhere in GSTR 3b or GSTR 1.