IGST on High Seas Sales transactions applicable once, during customs clearance, clarifies CBEC

CBEC issues clarification on leviability of IGST on High Sea Sales of imported goods and point of collection thereof; Reiterates GST Council’s decision that IGST on high seas sale(s) transactions, 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 clearance purposes for the first time; Value addition accruing in each such high sea sale shall form part of the va...