How do you record a high sea sale?
You can also record high seas sales using nature of transactions provided for deemed exports.
- Go to Gateway of Tally > Accounting Vouchers > F8: Sales .
- Select the deemed exporter in Party A/c name .
- Select the sales ledger.
- Select the stock item taxable marked for reverse charge applicability.
What is high sea sales transaction?
High sea sales is a sale carried out by the actual consignee (i.e. the consignee shown in the Bill of Lading) to another buyer while the goods are on high seas or after their dispatch from the port of loading and before their arrival at the port of discharge.
How do you declare high sea sales in Gstr 1?
High sea sales is covered in third schedule of CGST Act. It means that it is neither a supply of goods nor of a service. These is no need to disclose it anywhere in GSTR 3b or GSTR 1. It is not a supply.
Is GST applicable for high sea sales?
HSS is not exempt supply rather, HSS transaction is covered in Schedule III and is considered as NO SUPPLY. As there is no supply, GST cannot be charged on such sales, and hence there is no question of ITC relating to such transaction.
Is e way bill required for high sea sales?
Whether E-way bill is required for high sea sales? Ans. Since the transactions of high sea sales are outside levy of GST and it takes place outside the boundaries of India, the seller is not required to generate an E-way bill for high sea sale transaction.
Is high seas sale an export sale?
HSS is been considered as a sale carried out outside the territorial jurisdiction of India and so no sales tax is levied in respect of HSS. Sometime HSS buyers buy goods after their arrival. Such sale is not HSS.
Is e invoice required for high sea sales?
Whether for high sea sales and bonded warehouse sales e -invoicing is applicable? No. These activities/transactions are neither supply of goods nor a supply of services, as per Schedule III of CGST/SGST Act.
Which document acts as a proof of sale?
Sale deed has to be produced in original as it establishes the ownership of title of the property. You need to register the sale deed in the Sub- Registrar’s Office of the area where the property is located.
Is e-way bill required within 50 kms?
E-Way bill is complete only when Part-B is entered. Otherwise printout of EWB would be invalid for movement of goods. Filling up of Part-B of the e-way bill is a must for movement of the goods, except for within the same state movement between consignor place to transporter place, if distance is less than 50 Kms.
What happens if e-invoice not generated?
Non-issuance of e-invoice is an offence under GST and thus attracts penal provisions. Penalty for non-issuance of invoice- 100% of the tax due or Rs. 10,000, whichever is higher.
What is the definition of a high sea sale?
What is a high sea sale? High Sea Sales [HSS] is a common trade practice within four corners of law whereby the original importer of goods sells the subject goods to a third person before the goods are entered for customs clearance.
How does GST impact high seas sale transactions?
Impact of GST in case of “high sea sale” transactions: Levy of GST in case of “high seas sale” transactions has created a lot of confusion since such transactions or imports generally go through multiple buyers wherein the original importer sells the goods to a third party before the goods are entered for customs clearance.
How are customs declarations filed in high sea sales?
Therefore, after the transaction of High sea sale of goods has taken place, the Customs declarations i.e. Bill of Entry etc. is filed by the person who buys the goods from the original importer during the said sale.
When to recognize revenue from high seas sale?
As per AS 9, revenue should be recognized, when property, i.e., risks and rewards in goods is transferred and certainty of payment exists. In the case of high seas sales transaction, the company transfers bill of lading document to Customer, through which all the risks and rewards are transferred.
