High sea sale of imports
This query is : Resolved
Pankaj K Gupta
(Querist)
22 March 2012
Is it legally permissible to make Dollar denominated High Sea sale by an Indian Entity to another Indian Entity of goods being imported into India.
If question is answered in affirmateive, Can a Indian Entity make Dollar payment to another Indian entity and how ?
Thanks in advance
If question is answered in affirmateive, Can a Indian Entity make Dollar payment to another Indian entity and how ?
Thanks in advance
23 March 2012
Yes it is permitted as because in this type of dealing it is only change of hands and nothing else. The margin which is gained is taxable in India
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