AAR : High seas sale an 'exempt' inter-state supply; Requires reversal of ITC

Jun 30,2018

AAR rules on taxability of high seas supplies, holds that goods which are sold on high seas sale basis are ‘non-taxable supply’ as no tax is leviable on them till the time of Customs clearance in accordance with Section 12 of Customs Act r/w Section 3 of Customs Tariff Act; Notes that as per the arrangement, applicant would be buying products from overseas related party at arm’s length pricing against purchase orders received from customers in India and before goods cro...

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