What Is the Meaning of High Seas Sale Agreement

You can also read other articles about selling on the high seas on this site to get a clear idea of the ocean sales sector. A deep-sea sale transaction (also known as HSS) is a transaction that is made while the shipment is still somewhere at sea. These transactions are usually carried out after the products have been loaded at the port of departure and before they arrive at the port of arrival. Traders who work according to this model are usually in business with buying and selling goods in large quantities. The HSS model ensures that local buyers have almost instant access to the quantity or goods they need. It should be noted that the seller does not have to find a buyer for the entire shipment. It can sell parts of the shipment to any number of buyers. However, working with this model usually only works if there is a high demand in a region for a particular product that a reseller sells, because the seller literally starts from the origin without knowing exactly which customer the product is for. What does ECGC do in case of late payment by a foreign buyer? Gd evening.

.do you have the answer? Can different countries be involved in offshore sales? In this article, I will discuss the audit considerations of maritime sales. 9. There is nothing to prevent the same goods from being sold more than once on the high seas. In this case, the last HSS value shall be used by the customs authorities for the purposes of customs collection. The last HSS agreement was intended to provide proof of previous transfers of ownership. The last buyer of SHS should also receive copies of the previous HSS agreement, as these documents may be requested by customs. I am Parveen Yadav from Haryana, I work in the company my problem is that our company does sales on the high seas. Can we increase the bill in sales invoice series or other series Then the buyer in India delivers or sells the products or items to another buyer in India (suppose Mumbai) as part of the offshore sale. The agreement will be concluded once the goods have been shipped from the foreign border and have not yet reached the Indian border. In India, one can also like its transfer of documents sale in transit. Suppose that in Chennai, place the order with the seller in Bangalore and the buyer in Chennai wants to resell as is A few years ago, HST was used more often and accepted as normal practice. The big traders regularly took goods from certain remote places, had their own sources or a long-term supplier under contract, and they had the power to bring these goods to the markets, knowing that they would sell the goods very often before they even landed.

Most of the time, all sea trips were very long, so the buyer could take goods on board, had about 30-40 days to sell them, had enough time to arrange all the papers and payments. Now all trips are much shorter, everyone buys everywhere and few use HSS. In addition, some authorities question such operations, almost as if they were some kind of smuggling. As far as I know, the date of the agreement is the same date on which you agreed to sell. Also, HB/L should have a date that the seller specifies, most likely the same or a day later. 3. The HSS contract/agreement must be signed after the goods have been dispatched from the place of origin and before they arrive at the place of destination. The agreement should be concluded on stamp paper. Name of the buyer in India. These are ocean sales according to Act Yes! We can also do offshore sales for air freight.

What happens if foreign buyers have not paid the export invoices? First, let`s understand the meaning of ocean sales and other related definitions to familiarize ourselves with these terms. 4. When concluding the HSS agreement, the B/L must be approved in favor of the new buyer. With respect to air transportation, the HSS Seller must write to the Consol Airline/Agent to inform them that an HSS agreement has been entered into with the HSS Buyer and that the Carrier`s document should therefore be considered confirmed in favor of the HSS Buyer and that the IGM must be submitted by the Carrier on behalf of the HSS Buyer. After the transaction of sale of goods on the high seas, customs declarations, i.e. receipt, etc., are presented by the person who purchases the goods from the original importer during the sale. In this case, we need to use stamp paper of 200 rs for the agreement. Hi Sir, we can sell goods to another country on the basis of sale on the high seas and the commission on the high seas will be any right. 13. The HSS also applies to goods imported by air. The sea appearing in the SHS should not be constructed by its grammatical meaning. As long as the sale is formalized after shipment from the airport/port of origin and before arrival at the first port of unloading/airport at destination, this sale is considered HSS.

The GST Board`s decision on GST sales on the high seas is similar to that of the provisions of the Customs Tariff Act, 1975. According to the Customs Tariff Act, with respect to imported goods, all customs duties, taxes, duties, etc. are levied at the time of importation, i.e. when import declarations are submitted to the customs authorities for customs clearance purposes. Please confirm whether the date of the purchase contract can be at destination after landing the flight It should be noted that the same shipment or products can be sold to more than one buyer on the high seas, but the agreement or contract must include all the necessary details, as the customs officer could call the previous buyer of maritime sales, to obtain copies of the prior agreement or these documents. Let`s try to understand the process of selling on the high seas with the help of a simple example. When an Indian buyer buys an item from a seller in the United States and makes a sale to another buyer in India while the item or product is still in transit, it is referred to as marine sales. There is no prohibition on the same goods sold to more than one buyer on the high seas. As a buyer, you should understand that ownership of the goods must be transferred after the purchase agreement and before the shipment enters the jurisdiction of India and therefore the buyer bears the costs of customs clearance.. .