31 October 2017
What are the taxes which will be applicable if i make a High Sea sale? If i make it outside territorial waters and if i make it within territorial waters? please help
31 October 2017
No tax applicable on high sea sale. Taxes payable only at the time of import clearance through bill of entry, on sale out side territorial waters or inside territorial waters.
31 October 2017
thanks for the reply sir, but i have some doubts- If we analyse Circular 33/2017-Cus which was issued by the government on august 1, 2017 it says that IGST on High sea sales shall be levied and collected at once.So from this circular can we say that IGST is levied on HIGH SEA SALES? and if the High Sea Sale is carried on in territorial waters then it does become an interstate transaction as per the provision of Sec 7(2) and 8(ii) of the IGST Act, so will it be subject to IGST?
31 October 2017
thanks for the reply sir, but i have some doubts- If we analyse Circular 33/2017-Cus which was issued by the government on august 1, 2017 it says that IGST on High sea sales shall be levied and collected at once.So from this circular can we say that IGST is levied on HIGH SEA SALES? and if the High Sea Sale is carried on in territorial waters then it does become an interstate transaction as per the provision of Sec 7(2) and 8(ii) of the IGST Act, so will it be subject to IGST?
31 October 2017
Yes only CVD paid at the time of bill of entry.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
31 October 2017
So what i conclude is that- If A imports goods from USA at RS 100 and sells it to B via High Sea Sale agreement at Rs 200. Then B shall pay IGST +BCD on Rs. 200, regardless of the fact that the transaction took place outside or inside the territorial waters of India?