Content

  1. High seas sales
  2. High Sea Sales- Procedure & Implications below GST & Customs
  3. Procedure for prime ocean sales
  4. Documents for modification in IGM

High seas sales

High Sea sales (HSS) could be a sale applied by the particular receiver (ie, the receiver shown within the Bill of Lading) to a different vendee whereas the products square measure however on high seas or once their dispatch from the port of loading (POL) and before their arrival at the port of discharge (POD).

High Sea Sales- Procedure & Implications below GST & Customs

The economy and therefore the trade have mature to a bigger extent as compared to the traditional amount and other people have accompany many varieties of dealings and transactions over an amount of your time to either attract the shoppers, to cut back their prices or to form things easier for conducting their business. One such dealing is international waters Sale. Let’s see, the means and procedure of international waters sales, valuation, taxation and alternative aspects concerning international waters sales below GST.

Procedure for prime ocean sales

  • The HSS trafficker buys merchandise from a remote provider against POs received from its client in Bharat i.e., HSS buyer. That is, it’ll be a back to back PO. As against the PO given by the HSS trafficker, the overseas provider can export the merchandise. The export documents like the bill of shipment can show the HSS trafficker because the vendee of the products.
  • After the products square measure sent from the port of the businessperson country and before the products reach/ cross the customs frontier of Bharat and is entered for customs clearance, the products are going to be oversubscribed by the HSS trafficker to its HSS client by stepping into HSS contract/ agreement.
  • HSS contract ought to be entered on stamp paper, signed by each the HSS vendee and HSS trafficker and may be punctually notarized. Within the cases wherever the HSS Contract isn’t notarized, constant is needed to be authenticated by the approved human of bankers. The notarization is needed so as to see the time of stepping into HSS agreement or contract.
  • The sale is to be established by endorsing the bill of shipment, invoice and packing list in favor of the HSS vendee. The endorsement ought to browse “Transferred on international waters Sales basis to M/S for a sales thought of Rupees“. Such endorsement ought to be sealed and signed by the HSS trafficker. Sale invoice indicating the worth at that merchandise square measure oversubscribed by the HSS trafficker to HSS vendee ought to be issued.
  • The Import General Manifest [IGM] is to be filed within the name of HSS vendee because the receiver of the products by the shipping line if such shipping line is conscious of the HSS contract before filing IGM. In such cases, IGM isn’t needed to be amended.
  • Where the IGM is already generated by the shipping line and has mentioned the HSS trafficker because the receiver of the products within the IGM, then the shipping line would be needed to amend the IGM so as to alter the receiver because the HSS vendee.

Documents for modification in IGM

The following documents square measure needed to be filed besides the applying for the modification within the IGM:

  • HSS contract signed by each the HSS vendee and HSS trafficker and punctually notarized. Within the cases wherever the HSS Contract isn’t notarized, constant is needed to be authenticated by the approved human of Bankers.
  • Non-negotiable copy of Bill of shipment within the original. If same isn’t obtainable, then a photocopy of such Bill of shipment duty etch by Shipping Line/ Steamer Agent/ Custom Broker;
  • HSS invoice and business invoice in original or a punctually authenticated Copy thereof;
  • Authority letter for custom broker appointed by the HSS vendee or application from HSS vendee (if CB isn’t appointed) in original,
  • IEC copy of each the client and therefore the trafficker.

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Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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