Commercial prudence should dictate the precautions to be taken, as the laws do not prescribe any precautions. However, please note that the transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019.
Our Customs Tariff is aligned with the HSN developed by the World Customs Organisation at the four digit level. So, there could be differences between the HSN used in the importing and exporting countries at the six or eight digit levels. Each importer or exporter is bound by the laws of his country. So, when there is a difference, it is better to mention on the documents the HSN of both the importing and exporting country.
The standard practice is to book the sales when an invoice is raised on the buyer, and book the purchase when the invoice is received from the seller.
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