we have purchased goods from foreign country ( original supplier is in abroad , and actual seller is in India ) on high seas basis .The said bill of entry shows IGST .The goods is under chapter 29.
But in recent gst 48th council meeting it is decided that - Transaction of high seas sales & merchant trading sales to be deemed to be a part of schedule III
w.r.e.f.July 1, 2017
what is the effect of changes in our business.
Yes its correct .High Sea sale being Inserted by amendment Act 2018 under schedule III & effective from 01.2.19.
So if you are the seller then can report such sale under table 8 of GSTR-1.
Note : The purchaser of High Sea sale will be Deposit the IGST on the same.
CAclubindia
