High seas sale

This query is : Resolved

divita agarwal (Querist)
Follow

31 October 2013 what would be the assessable value of the imported goods which are sold by the original importer to another importer before bill of entry is filed for home consumption?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

09 November 2013 In a high sea sale business, while assessing value of goods at import customs, the authorities may demand to disclose the actual value of goods at each high sea sale transactions from first high sea sale transactions to last transactions. The customs clearance procedures are undertaken at the destination customs location where in last high sea sale transaction effected.

So the party who files import customs clearance at final port of destination requires the details of invoice value of previous transaction (s) where in previous parties may not like to disclose the selling price of each transaction.

In such cases, normally the first buyer of goods who originally contracted sale undertakes the responsibility of import customs clearance and procedures and delivers cargo to the final buyer under ‘high sea sales‘. Although the first buyer undertakes and customs clears the cargo, all required documents are filed in the name of final buyer under high sea sales, who is responsible to the authorities, as he holds the title of goods under high sea sales.

documentation procedure on high sea sale
****************************************

All documents to be mentioned as ‘on high sea sale basis’. Bill of Lading, Invoice, packing list etc. should be reflected ‘ on high sea sale basis’. The value of invoice can be eithdocumentation under high sea sale 1er existing invoice value or new high sea sale value depends up on the understanding between high sea sale buyer and seller. If the seller need not want to disclose the existing selling rate of original sales, he can issue a new invoice mentioning the high sea sale value.

Bill of lading endorsement and other required procedures on bill of lading has to be completed with carrier before arrival of goods. Title of goods is transferred to high sea sale buyer, once Bill of lading endorsement procedures completes.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aakash Kumar

Sivashankary Sivaramakrishnan

Sasidhar B

ASIM ATREY AND ASSOCIATES

SANJAY GOSALIA

Subscribe Now

High seas sale

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA