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High sea sales :Exempted supply?
what is nature of high sea sales??
Replies (13)
it's inter-state transaction ..clarified vide circular no- 33/2017 - costoms dated 1st August 2017
When Goods were sold before it reaches Custom frontier or Indian territory called high sea sales .
but is it exempted supply ???
YES, IT COMES UNDER ZERO RATED SUPPLY
As per New Amendment Act 31 of 2018 & the was Notified by Notification 2/2019 CT , the High Sea Sale has been brought Under Schedule III,
So it's neither treated as supply of Goods nor supply of services.
Note:
As per Amendment Act , the section 17(3) of CGST Act it is being clarified that "Value of Exempted Supply" for the purpose of reversal of ITC shall not include the value of activities specified in Schedule III , Except Entry No.5 of said schedule.
So it's neither treated as supply of Goods nor supply of services.
Note:
As per Amendment Act , the section 17(3) of CGST Act it is being clarified that "Value of Exempted Supply" for the purpose of reversal of ITC shall not include the value of activities specified in Schedule III , Except Entry No.5 of said schedule.
thanks a lot Mr pankaj your answers are precise thank you so much
You are always welcome dear
sir ,this mean that high sea sales is entry no 5 of schedule 111
No..... It's sale of Land .(Reversal required)
On High Sea sale No reversal is required
Reversal is not required except for entry 5 means on reversal required only in sale of land (Subject to clause (b) of paragraph 5 of schedule II
yes sir understood👍
| Originally posted by : prasad Nilugal | ||
 |
When Goods were sold before it reaches Custom frontier or Indian territory called high sea sales . |  |
But from which circular/press release/notification it was confirmed that High sea sales will be transferred to schedule 3
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