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

GST - States - 03/2017-2018-GST - Dated:- 7-2-2018 - Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/26-4/2017-2018/5140 Dated: 07th February, 2018 CIRCULAR (No. 03/2017-2018-GST) Subject: Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports In view of the difficulties being faced by the exporters in submission of bonds/Letter of Undertaking (LUT) for exporting goods or services or both without payment of integrated t .....

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8 (1) of the Goa Goods and Services Tax Act, 2017, the following issues are clarified: 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 have been prosecuted for any offence under the Goa GST Act or the Integrated Goods and Services Tax Act, 2017 or any of the existing laws and the amount of tax evaded in such cases exceeds two hu .....

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hall be restored. As a result, exports, during the period from when the facility to export under LUT is withdrawn till the time the same is restored, shall be either on payment of the applicable integrated tax or under bond with bank guarantee. c) 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 Departments official website of the Goa Goods and Service Tax (www.goagst.gov.in) or Central .....

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wherever required, shall be furnished on non-judicial stamp paper of the value as applicable in the State in which the bond is being furnished. d) 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. CCT/26-2/2017-18/13/3048 dated 12th October, 2017. .....

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om the date of submission, it shall deemed to be accepted. f) Bank guarantee: Since the facility 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. g) Clarification regarding running bond: The exporters shall furnish a running bond where th .....

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uch entries shall be furnished to the State Tax officer as and when required. h) Sealing by officers: 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 Commissioner having jurisdiction ove .....

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ensation for them under GST regime. Therefore, supplies to EOUs are taxable like any other taxable supplies. EOUs, to the extent of exports, are eligible for zero rating like any other exporter. k) 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, .....

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