High Sea Sale

[SARAVANAN RENGACHARY]

Based on firm order from our India customer, we are planning to import the goods and do HSS aggreement.  However, HSS agreement will be done after despatch and before landing at customs station.

Is it correct. Please confirm.

Or is there any condition that HSS buyer PO date should be later than supplier invoice date.

AI Summary

High sea sale: post-shipment transfer preserves non-domestic status until customs clearance and allows bonded-warehouse resale.
HSS transactions are valid while goods remain outside the territorial customs clearance regime; goods in a Customs Bonded Warehouse without duty payment are treated as on the high seas and may be sold on HSS terms. HSS agreements and buyer purchase orders are typically executed after shipment and dated after supplier invoice and bill of lading dates; bills of lading should be endorsed to record transfer on HSS basis. Customs duties apply at rates prevailing on clearance date, while the exchange rate for assessable value is fixed at the date of warehousing; the buyer may file the bill of entry and, after paying duty, remove goods from bond.