Stamp duty on High Seas Sales Contracts
IT seems the Import Noting Department of the Mumbai Customs has been insisting on ‘High Seas Sale' contracts to be made on stamp paper of Rs. 500/-. This is because recently the Maharashtra Government hiked the stamp duty on "Customs & Excise Bonds" from Rs. 100/- to Rs.500/-.
The Commissioner clarified that the 'High Seas Sale' is an agreement of sale between two private entities and not a customs & central excise Bond, as covered by the Maharashtra Stamp Act. He also informed that the Import Noting section is now not insisting on Rs. 500/- Stamp Paper for "High Seas Sale" agreement and is accepting Rs. 100/- Stamp Paper.