19 July 2013
With regard to High seas Sales, import bill will be raised to a party and in turn the same will be endorsed to the other party on a Rs.100 stamp paper. Further to that a bill will be raised from the 1st party to 2nd customer without any tax component.
Now my question is that CST bill or VAT bill will be filed in Monthly VAT return likewise is there any procedure for high seas sales bill.
19 July 2013
High Sea Sales are not subjected to CST & VAT as they have sold outside India. So, they are not part of the turnover and no specific statute like CST Act/VAT Act. For statistical purposes most of the states ask to give these figures in the monthly returns. This number is mainly used to co-relate the sales number given in financials.
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