High Sea Sale

[Guest]

Dear Sir / Madam

Can anyone explain me what is High Sea Sale and its procedure in India?

Also I wanted to know High Sea Sale procedure in case of purchase from outside india and sale therein only.

Prakash

9833308491

AI Summary

Understanding High Sea Sales: Procedures, Customs, and Tax Implications in India for Goods in Transit The discussion revolves around the concept and procedures of High Sea Sales (HSS) in India. High Sea Sales involve the sale of goods while they are still in transit, before entering the territorial jurisdiction of India. The process includes an agreement between the original consignee and the new buyer, with necessary endorsements on the Bill of Lading or Airway Bill. The sale must occur after the goods have been dispatched from the origin but before they arrive at the destination. The customs duty is calculated based on the HSS value, and no sales tax is levied on such transactions. Various participants in the forum discuss the legal intricacies, customs procedures, and tax implications associated with HSS, including challenges like customs' addition of value and disclosure of import values. The forum also addresses specific queries about the applicability of HSS to SEZ units and the role of documentation in facilitating these transactions.