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Automated Data Entry into Tally, Zoho Books, Quickbooks Certificate in Quantitative Finance

High sea sales :Exempted supply?

The Impulsive Shop

The Impulsive Shop (43 Points)

11 April 2019  
what is nature of high sea sales??


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 13 Replies

URVI

URVI (TAX CUNSULTANT) (214 Points)
Replied 11 April 2019

it's inter-state transaction ..clarified vide circular no- 33/2017 - costoms dated 1st August 2017
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prasad  Nilugal

prasad Nilugal ( GST Practitioner & Accounts )   (13208 Points)
Replied 11 April 2019

When Goods were sold  before  it reaches  Custom frontier  or  Indian territory  called high sea sales .   


The Impulsive Shop

The Impulsive Shop (43 Points)
Replied 11 April 2019

but is it exempted supply ???

Pratik Surve

Pratik Surve (ACCOUNTS EXECUTIVE) (569 Points)
Replied 11 April 2019

YES, IT COMES UNDER ZERO RATED SUPPLY

Pankaj Rawat

Pankaj Rawat (GST Practitioner) (55010 Points)
Replied 12 April 2019

As per New Amendment Act 31 of 2018 & the was Notified by Notification 2/2019 CT , the High Sea Sale has been brought Under Schedule III,
So it's neither treated as supply of Goods nor supply of services.

Note:
As per Amendment Act , the section 17(3) of CGST Act it is being clarified that "Value of Exempted Supply" for the purpose of reversal of ITC shall not include the value of activities specified in Schedule III , Except Entry No.5 of said schedule.
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The Impulsive Shop

The Impulsive Shop (43 Points)
Replied 12 April 2019

thanks a lot Mr pankaj your answers are precise thank you so much
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Pankaj Rawat

Pankaj Rawat (GST Practitioner) (55010 Points)
Replied 12 April 2019

You are always welcome dear
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The Impulsive Shop

The Impulsive Shop (43 Points)
Replied 12 April 2019

sir ,this mean that high sea sales is entry no 5 of schedule 111

Pankaj Rawat

Pankaj Rawat (GST Practitioner) (55010 Points)
Replied 12 April 2019

No..... It's sale of Land .(Reversal required) On High Sea sale No reversal is required

Pankaj Rawat

Pankaj Rawat (GST Practitioner) (55010 Points)
Replied 12 April 2019

Reversal is not required except for entry 5 means on reversal required only in sale of land (Subject to clause (b) of paragraph 5 of schedule II


The Impulsive Shop

The Impulsive Shop (43 Points)
Replied 12 April 2019

yes sir understood👍

smnti jain

smnti jain (39 Points)
Replied 16 April 2019

Originally posted by : prasad Nilugal
When Goods were sold  before  it reaches  Custom frontier  or  Indian territory  called high sea sales .   

 


akulbhati

akulbhati (ca) (22 Points)
Replied 18 June 2019

But from which circular/press release/notification it was confirmed that High sea sales will be transferred to schedule 3



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