The original purchaser of the insurance for the goods for importation may also transfer the insurance in favour of the new buyer on the high seas. The import invoice reflects the initial agreement between the recipient and the seller in the country of origin of export or origin. This differs from the invoice for sale on the high seas (sales or sale invoice above), because the intermediate seller on the high seas can change the prices of the goods. It is important to note that the import bill is confirmed by the high seas seller for the benefit of the buyer. When a buyer intends to sell his shipment to a third party before the goods arrive, but after the sailboat, such a sale is called a high seas sale. With simple words, the property is transferred to goods when were in transit. In this article, we have made available the importance and procedure of offshore sales, valuation, taxation and other aspects related to offshore sales under the GST. Meaning: Transactions that take place prior to the filing of the entry bulletin are, in normal business practices, called « high seas sales » when the original importer sells the goods to a third party before the goods are brought into customs. This supply is covered by the definition of intergovernmental supply. How do I check the duration of the contract for high-seas sales transactions? After the sale of the goods on the high seas, customs declarations, i.e. the entry invoice, etc., are filed by the person who purchases the goods from the original importer during that sale. In the past, CBEC has issued various instructions for sales on the high seas, which incorporate into the customs assessment the price of the contract paid by the last deep-sea buyer.
The information provided here is part of the online export import training documentation process on sales on the high seas. What documents are needed and a sale on the high seas? I wrote a few articles about High Sea Sale on this web blog. You can also go through the same thing to get a clear idea of the documentary formalities under High Sea Sale – HSS. Documentation procedure for sale on the high seas. All documents must be listed as « on the ground of high seas sales. » Car letters, invoices, packing lists, etc., should be taken into account « on a high sea sales basis. » The value of the invoice can be either an existing book value or a new high selling value depends on the communication between the buyer and the seller on the high seas. If the seller does not wish to disclose the existing sales rate of the initial sales, he may issue a new invoice indicating the high selling value on the high seas. Approval of the bill of lading and other necessary procedures on the bill of lading must be concluded with the carrier before the goods arrive. The title of the goods is transferred to the purchaser of the sale on the high seas as soon as the lading procedures are completed. ]]] > You can click here to read more articles on High Sea Sales: A simple tutorial on offshore sales procedures and formalities in India Important documents required under High Sea Sales, How to hide The account value of the initial contract under high seas sales transactions, Can sales on the high seas be made under air cargo? , Can the high seas sale be done more than twice? , does the revenue tax apply to shipments made on sales on the high seas? How do I check the duration of the contract for high-seas sales transactions? Documentation procedure for sale on the high seas.