Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

High seas sales procedure

Save Share

This query is : Resolved

Nalini S (Querist)

19 July 2013 With regard to High seas Sales, import bill will be raised to a party and in turn the same will be endorsed to the other party on a Rs.100 stamp paper. Further to that a bill will be raised from the 1st party to 2nd customer without any tax component.

Now my question is that CST bill or VAT bill will be filed in Monthly VAT return likewise is there any procedure for high seas sales bill.

please clarify

Bindu Madhav

Bindu Madhav (Expert)

19 July 2013 High Sea Sales are not subjected to CST & VAT as they have sold outside India. So, they are not part of the turnover and no specific statute like CST Act/VAT Act. For statistical purposes most of the states ask to give these figures in the monthly returns. This number is mainly used to co-relate the sales number given in financials.

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