‘High Sea Sales’ to be frank, this is something that many exporters or importers don’t know about. I am Very Sure this is something really interesting to know about as it contains many interesting high Sea Sales Rules as well. Let’s Check Out What is This High Sea Sales? What are the benefits of High Sea Sales & Much More.
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In very simple words, when an original importer sells goods to a third party before the goods are entered for custom clearance. Sale of Goods which is made after the goods cross the custom barriers of the Foreign Nation but before entering the custom frontiers of India by way of transfer of document of title. Enough of Technical Talks? This blog is all about that only. Similar with third country sales where importers import goods & exports the same directly to a third country.
Procedure of High Sea Sales
- Example, a foreign exporter will sale to an Indian entity & exports the goods to India. The goods can be sent through ship or air as well. The definition has nothing to do with the literal world much. The transaction is formalised after the dispatch from airport/ port or before the arrival of discharge/ airport at destination, such sale can be called ‘High Sea Sales’.
- The High Sea Sales is to be entered into after commencement of goods from territorial borders of the country of the exporter but before arrival of goods at territorial border of India.
- HSS Buyer files bill of entry along with other import documents with custom authorities. HSS makes the payment of all necessary import customs clearance charges along with import duty, if any.
> According to Article 286 (1) (b) of the constitutional Law which states that no Law of state shall impose or authorize the imposition of, a tax on sales or purchase of goods where such sale or purchase takes place in the course of import of goods into, or export of the goods out of, the territory of India.
High Sea Sales Benefits:
> High Sea Sales goods are entitled to classification, rates of duty & all the notification benefits.
> The High sea sales shortens transportation leads time for buyers who are looking to purchase on an urgent basis.
> Buyers who are looking for short quantity products as much as those who are looking for large ones.
> There are many such other benefits of HSS
Documents that needs to be submitted
> Proper High Sea Sales Contract should be signed by both buyer & seller legally sound.
> Non Negotiable Copy of respective invoice of lading in original.
> Authority letter from HSS Buyer or Custom Broker, addressed to deputy/ Assistant commissioner of customs, import noting, Jawaharlal Nehru Custom House
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