High Seas Sale Transaction
Amit (Service) (457 Points)
14 January 2009Amit (Service) (457 Points)
14 January 2009
Rajeev Nair
(Finance Professional)
(510 Points)
Replied 14 January 2009
Dear Amit,
I can advice on the other part...with practical experience.
That the High-seas purchase does not require any Advance License from Customs. In fact a simples Bond [if not wrong 59A ] is issued by the importer and it indicateds the general term's like acceptance by both buyer and seller along with details of relavance complaiances.
On CVD & CUSTOMS my answer is NO.. there is no such provision i have ever came to know on Nil % - Customs & Excise duties will be charged accordingly on the COMMODITY...
Rajeev
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 14 January 2009
vamsi
(Student)
(36 Points)
Replied 29 December 2009
high sea sales made to indian companies and received in Indian Rupees... can it be considered as Export sales
prakash
(Managing Director)
(22 Points)
Replied 01 January 2010
Dear Amit,
First let me explain u the terminology of High seas sale, " the sale of the shipment is done at the time when the cargo is on high seas, that means high sea sale, it is actually selling of documents and not of cargo,"
It is mandatory that there has to be an aggreement for High seas sale , and the most important is the date, the date of the aggreement has to be after the cargo has sailed from port of loading ie (the bill of lading date) , and prior to shipment reaches the destination ie India, it hasto be done on stamp paper.
there is no relation of advance license procurement and high sea sale, regarding the duties , it remains the same and there is no change , but duty in case of high seas sale is charged also on addition value of aggreement or 2% whichwer is more. the bill of entry is filied in the name of the ultimate buyer.
Dharmendra Sharma
(Business Head)
(21 Points)
Replied 26 May 2012
Sir I am working in a co dealing in sapre parts of air craft i want to know that if we purchage 50 items in one shipment and buyer give HSSA and we cleared goods from customs on high sea sale agreement. after receiving goods party denied to take meterial , my quistion is whether i can sell those goods to another party without paying customs duety.
Sreenivas
(CEO)
(30 Points)
Replied 30 May 2012
Dear Dharmendra Sharma, Please note customs will impose the duty on the basis of the commodity/product only, If you import any material HSSA also duty must be paid if applicable., once you cleared cargo from the customs( after paying the duty), you can sell it any party, but customs duty must be paid at the time of clearance.
Sreenivas
(CEO)
(30 Points)
Replied 30 May 2012
Dear Dharmendra Sharma, Please note customs will impose the duty on the basis of the commodity/product only, If you import any material HSSA also duty must be paid if applicable., once you cleared cargo from the customs( after paying the duty), you can sell it any party, but customs duty must be paid at the time of clearance.
JENISH DIPAKKUMAR GANDHI
(JOB)
(21 Points)
Replied 03 June 2015
CVD PAID BY THE ORIGINAL IMPORTER WILL BE PASSED ON TO NEW BUYER IN CASE OF HIGH SEA TRANSACTION?
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