High Sea Sale treatment
This query is : Open
kumar reddy vs
(Querist)
21 June 2010
what is the high sea sale treatment in accounts as well as in filing VAT Returns.
CA Kamal Gangaramani
(Expert)
21 June 2010
High sea sale is sale by transfer of documents in case of import of goods, and such transfer take place before the goods cross coustomer frointer of india
I this taken as sale/purchase during the course of import in india and are exempted for sales tax as per Central Sales tax act
As regards treatment in vat return, will have to be shown as sale/purhase from out of state.
I this taken as sale/purchase during the course of import in india and are exempted for sales tax as per Central Sales tax act
As regards treatment in vat return, will have to be shown as sale/purhase from out of state.
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