Hello
GST treatment for the goods purchased outside India and sale of same goods outside India by Indian company without entering or crossing the Indian Territory.
Thanks
It is High Sea Sale
Earlier the reversal of ITC was required in respect of such supply as it was treated as non-taxable supply, also the AAR, Maharashtra in the case of BASF India Limited held the same view. However amendment in Schedule III notified with effect from 01 Feb 2019 High Sea Sale is not to be treated as supply and accordingly should not be treated as exempt supply and thereby require reversal of ITC of inputs.
CAclubindia
