Kvat

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Hurma A.K. (Querist)
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22 May 2014 What is high sea sales. ? can output tax be availed for the same.? is this covered under karnataka vat only ?

CA DEEPAK S K

CA DEEPAK S K (Expert)
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23 May 2014 High sea sale are sale that happens in the course of import before the goods cross the custom frontier.
Example: Mr Y orders TV from US on May 1st and on the next day it self Mr Y makes a sale to Mr X on papers for these TV , and when the goods each India Mr X will be the person responsible for collecting goods and paying custom duty. This sale will be termed as High sea sale.

It is covered by CST Act 1956.