Sage-Tips

Is IGST applicable on high sea sales?

The council has decided that IGST on high sea sale (s) transactions of imported goods, whether one or multiple, shall be levied and collected only at the time of importation i.e. when the import declarations are filed before the Customs authorities for the customs clearance purposes for the first time.

How do I show high sea sale in GST return?

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.

Is high sea sales exempted or nil rated?

A question arises whether high seas sales would be considered ‘non-taxable supply’. Consequently, such transactions would also fall outside of the ambit of ‘exempt supply. ‘ Thus, since it is not covered under ‘exempt supply’, there would be no ITC reversal requirement as per Section 17 of the CGST Act.

Is IGST applicable on customs duty?

All inter-state supplies attract IGST. So import of goods and services into India will attract IGST. Basic custom duty and all applicable customs levy will continue to be charged. IGST on import of goods will be levied and collected under the Customs Act, 1962.

What is high seas sale 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.

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.

What is high sea sales transaction?

Which items are not GST applicable?

Fresh fruits, Fresh milk, Curd, Bread, etc. Exports and Supplies made to SEZ or SEZ Developers, of both goods and services. Grains, salt, Jaggery, etc. Alcohol used for human consumption, Natural gas, Petrol and its products, electricity, etc.

Is GST charged on export sales?

The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services. An export manifest or report has to be filed under the Customs Act prior to filing an application for refund.

Do I pay GST on overseas purchases?

For goods with a value of AUD1000 or less, there are generally no duties, taxes or charges to pay at the border. However, From 1 July 2018, the Goods and Services Tax (GST) may be collected by overseas vendors of such low value goods when imported from overseas by consumers in Australia.