Hi
Nishant Rao
HIGH SEA SALES (HSS) IS A SALE CARRIED OUT BY THE CARRIER DOCUMENT CONSIGNEE TO ANOTHER BUYER WHILE THE GOODS ARE YET ON HIGH SEAS OR AFTER THEIR DISPATCH FROM THE PORT/ AIRPORT OF ORIGIN AND BEFORE THEIR ARRIVAL AT THE PORT / AIRPORT OF DESTINATION.
HSS CONTRACT/ AGREEMENT SHOULD BE SIGNED AFTER DISPATCH OF GOODS FROM ORIGIN & PRIOR TO THEIR ARRIVAL AT DESTINATION. THE AGREEMENT SHOULD BE ON STAMP PAPER.
THE B/L SHOULD BE ENDORSED IN FAVOR OF THE NEW BUYER.
HSS SELLER SHOULD WRITE TO THE AIRLINE / CONSOL AGENT INFORMING THAT A HSS AGREEMENT HAS BEEN ESTABLISHED WITH THE HSS BUYER AND THAT THE CARRIER DOCUMENT SHOULD THEREFORE BE CONSIDERED AS ENDORSED IN FAVOR OF THE HSS BUYER.
THE CIF VALUE FOR CALCULATION OF DUTY IS TAKEN TO BE THE HSS VALUE. THE CUSTOM WOULD ADD 4% OF CIF VALUE AS HSS LOADING FACTOR.
HSS IS CONSIDERED AS A SALE CARRIED OUT OUTSIDE THE TERRITORIAL JURISDICTION OF INDIA. ACCORDINGLY, NO SALES TAX IS LEVIED IN RESPECT OF HSS. THE CUSTOMS DOCUMENTS (B/E) IS EITHER FILED IN THE NAME OF HSS BUYER OR SUCH B/E HAS AN ENDORSEMENT INDICATING HSS BUYER'S NAME.
From the system point of view there will not be any tax tobe paid. Not require to create any excise invoice only commercial billing will be done. In yr pricing procedure only one condition will do ( base price ).
Thx.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.