Amulya KSV (Student / Job ) (54 Points)
03 June 2015could anyone please throw some light upon the concepts of 'imported goods in transit' & 'imported goods for transhipment' by stating an example.Thanks in advance.
Best Regards.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 03 June 2015
Transit goods:
A ship leaves US to India carrying goods for transportation to India (it also carries goods to be transported to Australia). When the ship arrives India first (assume), goods meant for India are unloaded from the ship and goods which r meant for Australia, remain on the ship for further transportation to Australia. Such goods (for Australia, in this case) are called transit goods.
Transshipment of goods:
Take the same eg, ship leaves US carrying goods for India and then to Australia. If after unloading the goods in India, the quantum of goods remaining on ship for Australia is very small to be transported to Australia in the same ship (or due to any other reason), then in such case, goods meant for Australia are loaded into another appropriate vessel for transportation. Such transfer of goods is known as transshipment of goods.
radha
(CA Final)
(26 Points)
Replied 05 June 2015
Basis of diference Goods in transit Goods in transhipment
1.No. of vessels Involved One Two.
2. Whether goods are unloaded
in between the Journey. No. Yes.
3. Example.- Say goods have to be transported from USA custom port to Kerela Custom Port via Mumbai Custom Port. If the vessel (say X) is carrying the goods from USA to Mumbai Custom Port and unloads the goods in Mumbai custom Port, and then the same goods are loaded in another vessel(say Y) to Kerela Custom port, it is called Goods in Transhipment.Here, the Port Manager has to keep adequate space for the goods to be unloaded.
But, if goods are not being unloaded in Mumbai Custom Port and the same vessel(X) is carrying the goods to Kerela custom port( i.e the goods are just passing by the Mumbai Port without touching the port grounds), then it is called Goods in Transit.Here, the Port Manager does not book a space for the goods to be unloaded.
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