High Seas Sales

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..... I am importing an item and want to sell the same on High seas sales basis , to a customer based in India which is 100% Export oriented unit. Can I raise my High seas sales Invoice to the customer in USD, and collect the proceeds from him in USD ? - Reply By PAWAN KUMAR - The Reply = Yes, invoice can be raised in USD as this High Seas Sales is outside the territorial jurisdiction of India but you .....

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..... will have to provide the same in hss agreement with your buyer. - Reply By Shiv Bansal - The Reply = in case of HSS, only the goods are outside the Indian territory on international sea but the HSS agreement has to be executed on stamp paper in India. It is a transaction between the two indian residents hence no foreign currency transaction is allowed between the two Indian redients within Indi .....

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..... a. The agreement shall be deemed to be in rupee only but for payment/amount purpose you may give reference to a dollar like " for a consideration of rupees equal to ____ US$ to be converted as per the SBI card rate on a particular date or at a fixed conversion rate etc. The custom duty shall be levied based upon the high sale value in ruppes if it is more than 2% + the import value. If referenc .....

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..... e to US$ has been given in HSS then the Custom department shall convert the US$ by applying the rates on BE date with reference to the rate declared by customs from time to time. Thanks S.R. Bansal - Reply By Sanjay Agarwal - The Reply = Thanks Mr Bansal. Regards Sanjay Agarwal - High Seas Sales - Query Started By: - Sanjay Agarwal Dated:- 20-7-2013 Customs - Impor .....

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..... t - Export - Customs - SEZ - Got 3 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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