Requirements - ' sale on high seas' of goods

[wig sinbad]

please inform regarding the requirements to be met for ' sale on high seas' of goods meant for import into India

AI Summary

Clarification on 'sale on high seas' for imports: must occur before entering India, with 2% value addition. Refer CBEC Circular No. 32/2004. A discussion on the requirements for 'sale on high seas' of goods intended for import into India received three replies. One response highlighted that the sale must occur before the goods enter Indian territory, with a minimum of 2% value addition, and the high sea sale contract should be dated between the Bill of Lading/Air Waybill and the landing date in India. Another reply suggested referring to CBEC Circular No. 32/2004 for further guidance. Additionally, it was recommended to prepare an agreement on stamp paper as proof of the sale, acceptable to sales tax and VAT authorities.