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Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports

GST - States - 10/2017 - Dated:- 11-10-2017 - GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 TRADE CIRCULAR NO. 10/2017 DATED: 11.10.2017 Subject: 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) Notifications No. 16/2017 dated 07.07.2017 and No. 37/2017 dated 04/10/2017 of Department of Revenue (Central Board of Excise & Customs), .....

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this regard. In view of the difficulties being faced by the exporters in submission of bonds/Letter of Undertaking (LUT for short) for exporting goods or services or both without payment of integrated tax, Notification No. 37/2017 - Central Tax dated 4thOctober, 2017 has been issued which extends the facility of LUT to all exporters under rule 96A of the Central Goods and Services Tax Rules, 2017 (hereafter referred to as the CGST Rules ) subject to certain conditions and safeguards. This notif .....

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a consolidated circular on this matter is warranted. Accordingly, to ensure uniformity in the procedure in this regard, the Commissioner, in exercise of its powers conferred under section 168 (1) of the West Bengal Goods and Services Tax Act, 2017 clarifies the following issues: a) Eligibility to export under LUT: The facility of export under LUT has been now extended to all registered persons who intend to supply goods or services for export without payment of integrated tax except those who ha .....

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to persons receiving a minimum foreign inward remittance of 10% of the export turnover in the preceding financial year which was not less than Rupees one crore. b) Validity of LUT: The LUT shall be valid for the whole financial year in which it is tendered. However, in case the goods are not exported within the time specified in sub-rule (1) of rule 96A of the WBGST Rules and the registered person fails to pay the amount mentioned in the said sub-rule, the facility of export under LUT will be d .....

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download the FORM GST RFD-11 (adduced to Trade Circular No. 7/2017 dated 19/07/2017) from the website of the Directorate (www.wbcomtax.gov.in) and furnish the duly filled form to the jurisdictional officer not below the rank of State Tax Officer upto 15/10/2017 or not below the rank of Assistant Commissioner of State Tax, from 16/10/2017, having jurisdiction over their principal place of business. The LUT shall be furnished on the letter head of the registered person, in duplicate, and it shall .....

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, 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. e) Time for acceptance of LUT/Bond: As LUT/Bond is a priori requirement for export, including exports to a SEZ developer or a SEZ unit, the LUT/bond should be processed on top most priority. It is clarified that LUT/bond should be accepted within a period of three wo .....

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nd, in all cases, shall be accompanied by a bank guarantee of 15% of the bond amount. g) 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 exporter shall ensure that the outstanding integrated tax liability on exports is within the bond amount. In case the bond amount is insufficient to cover the said liability in yet to be completed exports, the exporter shall .....

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isdiction over the place of business where the sealing is required to be done. A copy of the sealing report would be forwarded to the officer not below the rank of State Tax Officer upto 15/10/2017 or not below the rank of Assistant Commissioner of State Tax, from 16/10/2017 having jurisdiction over the principal place of business. i) Purchases from manufacturer and Form CT-1: It is clarified that there is no provision for issuance of CT-1 form which enables merchant exporters to purchase goods .....

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ization 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. Further, in terms of Para 2.52 of the Foreign Trade Policy (2015-2020), all export contracts and invoice .....

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