TMI Blog2017 (9) TMI 750X X X X Extracts X X X X X X X X Extracts X X X X ..... the Petitioner. Post the IGST Act, the export services provided by the Petitioner are covered under ‘zero rated supply’ under Section 16(1)(a) of the IGST Act - In order to avail of the input tax credit, the Petitioner, being a new entrepreneur with an export turnover of less than ₹ 1 crore per annum, has to necessarily furnish a bond with a bank guarantee - Such a condition does not apply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Harpreet Singh, Sr. Standing Counsel with Ms. Namrata Bharti, Advocate ORDER C.M. No. 30757/2017 (exemption) 1. Allowed subject to all just exceptions W.P. (C) No. 7460/2017 2. Notice. Mr. Rajesh Gogna, learned CGSC, accepts notice for the Union of India. Mr. Harpreet Singh, learned Senior Standing Counsel, accepts notice for the Respondents No. 3 and 4. 3. The ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xport). It is observed consignment wise bond would be a significant compliance burden on the exporters. It is directed that the exporters shall furnish a running bond, in case he is required to furnish a bond, in FORM GST RFD -11. The bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. The exporter shall ensure that the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew entrepreneur with an export turnover of less than ₹ 1 crore per annum, has to necessarily furnish a bond with a bank guarantee. Such a condition does not apply to an exporter with an annual turnover exceeding ₹ 1 crore. This is the Petitioner s understanding. 5. However, para 4 of the above Circular envisages that the bond has to be for a sum equal to the export tax liability. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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