High Sea Sales - Value of Stamp Paper
REPRESENTATION has been received from trade regarding the amount of Stamp Paper required for executing High Sea Sales Contract to be reduced from Rs.500/- to Rs.100/-.
The Principal Commissioner of Customs (Imports), Air Cargo Complex Mumbai clarifies that 'High Seas Sale' Contract is an agreement of sale between two private entities for which the 'Maharashtra Stamp (Amendment) Act, 2015' has kept the prescribed stamp duty amount of Rs.100 only. It is different from a bond viz. Customs & Central Excise Bond, for which the minimum stamp duty has been raised from Rs. 100/- to Rs.500/- in the amended act.
He has therefore decided that High Sea Sales Contracts/ Agreements will be accepted on Rs. 100/- Stamp Paper only.