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Addendum to Trade Circular No. 07/2017 dated 19/07/2017 regarding Export

GST - States - 07/2017-Addendum - Dated:- 28-8-2017 - GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 ADDENDUM TO TRADE CIRCULAR NO. 07/2017 DATED 19.07.2017 DATED: 28.08.2017 Subject: Clarification on issues related to furnishing of Bond/Letter of Undertaking for Exports Ref: (a) West Bengal Goods and Services Tax Act, 2017; (b) The Integrated Goods and Services Tax Act, 2017; (c) West Bengal Goods and Services Tax Rules, 2017; (d) Notification No. .....

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19th July, 2017 issued by the Commissioner of State tax, West Bengal. A large number of communications have been received from the exporters and various stakeholders citing variation in the interpretation of above referred notification and circulars. 2. Therefore, in exercise of powers conferred under section 168 (1) of the West Bengal Goods and Services Tax Act, 2017, for the purpose of uniformity in the implementation of the Act, following issues are being clarified hereunder: a. Eligibility .....

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mum foreign inward remittance of 10% of export turnover in the preceding financial year is eligible for availing the facility of LUT provided that the amount received as foreign inward remittance is not less than Rupees one crore. This means that only such exporters are eligible to LUT facilities who have received a remittance of Rupees one crore or 10% of export turnover, whichever is a higher amount, in the previous financial year. A few illustrations are as follows: i. An exporter had a turno .....

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nover of ₹ 2 crore. He has received ₹ 80 lakh as foreign inward remittances in FY 2016-17 which is 40% of the export turnover. He will not be eligible for LUT facility as remittance received is less than ₹ 1 crore. iv. An exporter has export turnover of ₹ 40 crore. He has received ₹ 2 crore as foreign inward remittances in FY 2016-17 which is 5% of the export turnover. He will not be eligible for LUT facility as remittance received is less than 10% of export turnove .....

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al stamp paper, while LUTs are generally submitted on the letterhead containing signature and seal of the person or the person authorized in this behalf as provided in the said Notification. c. Time for acceptance of LUT/Bond: As LUT/bond is a priori requirement for export, including supplies to a SEZ developer or a SEZ unit, the LUT/bond should be processed on top most priority and should be accepted within a period of three working days from the date of submission of LUT/bond along with comple .....

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supplies would be subject to GST. The zero rating of exports, including supplies to SEZ, is allowed only with respect to supply by the actual exporter under LUT/bond or payment of IGST. e. Transactions with EOUs: Zero rating is not applicable to supplies to EOUs and there is no special dispensation for them. Therefore, supplies to EOUs are taxable under GST just like any other taxable supplies. The EOUs, to the extent of exports, are eligible for zero rating like any other exporter. f. Forward .....

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rections framed under the Foreign Exchange Management Act 1999. Further, in terms of Para 2.52 of the Foreign Trade Policy (2015-2020), all export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible Vostro account of a non-resident bank situated in any coun .....

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ible on the same lines. The supply of services, however, to Nepal or Bhutan will be deemed to be export of services only if the payment for such services is received by the supplier in convertible foreign exchange. g. Bank guarantee: Trade Circular No. 07/2017 dated 19th July, 2017 issued by the Commissioner of State Tax, West Bengal provides that bank guarantee should normally not exceed 15% of the bond amount. However, the Commissioner may waive off the requirement to furnish bank guarantee ta .....

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ion ‘registered person’ used in the said notification may mean different registered persons (distinct persons in terms of sub-section (1) of section 25 of the Act) if a person having one Permanent Account Number is registered in more than one State. It may so happen that a registered person may not satisfy the condition regarding foreign inward remittances in respect of one particular registration, because of splitting and accountal of receipts and turnover across different registered person wit .....

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aving jurisdiction over the principal place of business of the exporter. The exporter is at liberty to furnish the bond/LUT before Central Tax Authority or State Tax Authority till the administrative mechanism for assigning of taxpayers to respective authority is implemented. i. Documents for LUT: Documents submitted as proof of fulfilling the conditions of LUT shall be accepted unless there is any evidence to the contrary. Self-declaration shall be accepted unless there is specific information .....

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