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Relaxed procedure for submission of Letter of Undertaking / Bond for export

Goods and Services Tax - GST - By: - CA.VINOD CHAURASIA - Dated:- 6-10-2017 - Introduction: In this article we shall be discussing about revised & consolidated procedure for submission of letter of undertaking / Bond for export without payment of IGST. Central Govt. vide its circular no. 8/2017 dated 04/10/2017 has revised, relaxed and consolidated the procedure for submission of letter of undertaking / Bond for export without payment of IGST which is enumerated below: 1. Due to the difficul .....

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ion of Notification No. 16/2017 - Central Tax dated 7th July, 2017 except as respects things done or omitted to be done before such supersession. 2. In the light of the new notification, three circulars in this matter, namely Circular No. 2/2/2017 - GST dated 5th July, 2017, Circular No. 4/4/2017 - GST dated 7th July, 2017 and Circular No. 5/5/2017 - GST dated 11th August, 2017, which were issued for providing clarity on the procedure to be followed for export under bond/LUT, now require revisio .....

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Integrated Goods and Services Tax Act, 2017 or any of the existing laws and the amount of tax evaded in such cases exceeds two hundred and fifty lakh rupees unlike Notification No. 16/2017-Central Tax dated 7th July, 2017 which extended the facility of export under LUT to status holder as specified in paragraph 5 of the Foreign Trade Policy 2015-2020 and to persons receiving a minimum foreign inward remittance of 10% of the export turnover in the preceding financial year which was not less than .....

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s a result, exports, during the period from when the facility to export under LUT is withdrawn till the time the same is restored, shall be either on payment of the applicable integrated tax or under bond with bankguarantee. Form for bond/LUT: Till the time FORM GST RFD-11 is available on the common portal, the registered person (exporters) may download the FORM GST RFD-11 from the website of the Central Board of Excise and Customs (www.cbec.gov.in) and furnish the duly filled form to the jurisd .....

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pplicable in the State in which the bond is being furnished. Documents for LUT: Self-declaration to the effect that the conditions of LUT have been fulfilled shall be accepted unless there is specific information otherwise. That is, self- declaration by the exporter to the effect that he has not been prosecuted should suffice for the purposes of Notification No. 37/2017- Central Tax dated 4th October, 2017. Verification, if any, may be done on post-facto basis. Time for acceptance of LUT/Bond: A .....

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y of export under LUT has been extended to all registered persons, bond will be required to be furnished by those persons who have been prosecuted for cases involving an amount exceeding Rupees two hundred and fifty lakhs. A bond, in all cases, shall be accompanied by a bank guarantee of 15% of the bond amount. Clarification regarding running bond: The exporters shall furnish a running bond where the bond amount would cover the amount of self-assessed estimated tax liability on the export. The e .....

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s: Till mandatory self-sealing is operationalized, sealing of containers, wherever required to be carried out under the supervision of the officer, shall be done under the supervision of the central excise officer having jurisdiction over the place of business where the sealing is required to be done. A copy of the sealing report would be forwarded to the Deputy/Assistant Commissioner having jurisdiction over the principal place of business. Purchases from manufacturer and Form CT-1: It is clari .....

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le supplies. EOUs, to the extent of exports, are eligible for zero rating like any other exporter. Realization of export proceeds in Indian Rupee: Attention is invited to para A (v) Part- I of RBI Master Circular No. 14/2015-16 dated 01st July, 2015 (updated as on 05th November, 2015), which states that there is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions framed under the Foreign Exchange Management Act, 1999. .....

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